Special Dividend Announcement
Board of Directors declared a special dividend of $3 for shareholders, in addition to a regular quarterly dividend of $0.37, reflecting long-term operational excellence.
Premium Growth
For policies written in the quarter, premium grew 8.8% over last year's third quarter, with a strong renewal retention rate of 93.6%.
Favorable Loss Development
The company saw $80.5 million in favorable development on prior accident years, stemming from favorable case development in accident years 2017 through 2022.
Decrease in Underwriting and Other Expenses
Total underwriting and other expenses decreased to $21.3 million from $22.4 million in the prior year, leading to an improved expense ratio of 31.7% versus 33.6%.
Strong Equity Market Returns
Net unrealized gains for the portfolio in equity securities were $3.9 million in the quarter due to strong equity market returns.