Property and casualty insurance holding company Protective Insurance Corporation has reported a net income of $12.9 million, a vast improvement compared to its net loss of $22.2 million, for the prior year’s first quarter.
Gross premiums written for the first quarter of 2021 increased 8.2% to $145.1 million compared to $134 million written during the prior year period.
This is primarily the result of rate increases achieved in most lines of business and existing business exposure growth in its commercial automobile line of business.
The insurer also reported a combined ratio of 97.4% during the first quarter of 2021; an improvement when compared to last years Q1 combined ratio of 104.2%, and reflects actions taken to improve underwriting results, including non-renewal of unprofitable business as well as significant rate increases in commercial automobile.
Jeremy Johnson, Protective’s Chief Executive Officer, said: “I’m pleased and proud of the continued improvements in our operating results. We are now well down the path to sustainable profitability and are focused on margin expansion while investing in technology and data to support our customers’ needs.
“We look forward to finalising our acquisition by The Progressive Corporation and fully anticipate creating further value and opportunity for our customers, distribution partners and employees. This is an exciting new era for Protective.”