Protective Insurance Swings to Fourth-Quarter Profit on Rate Increases, Reduced Loss Exposure
February 26, 2020 by David PIlla
CARMEL, Ind. – Protective Insurance Corp. posted fourth-quarter net income of $3.77 million, compared with a net loss of $24.57 million the previous year, helped by rate increases, reduced exposures and reinsurance coverage.
Fourth-quarter gross written premiums fell 7.2% to $141.7 million. The combined ratio improved to 105.8 from 112.2.
“During 2019 we achieved significant rate increases across our commercial automobile portfolio, nonrenewed unprofitable risks and reduced exposure to certain segments to accelerate loss ratio improvement,” said Chief Executive Officer Jeremy D. Johnson in a statement. “We reduced our exposure to higher limits through the use of facultative reinsurance and refocused our distribution strategy on fewer, more valuable relationships.
Click HERE to read the full story via AM Best
