ProSight Specialty Insurance saw a bumper profit for the third quarter, announcing a pre-tax profit of $24 million – a $30.1 million improvement over its Q3 2016 pre-tax loss of $6.1 million.
“We are pleased with our performance through the third quarter and feel it reflects the maturation of our seasoned, diversified and low CAT exposed business,” said Joe Beneducci, CEO of ProSight. “Our unique strategy of differentiated customer solutions coupled with exclusive distribution continued to gain momentum in the third quarter.”
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The company also reported gross premium of $642.9 million in the third quarter, a 4.6% increase from the same period last year. Excluding a planned 21.3% reduction in commercial auto premium, total premium growth was 8.6%.
The net loss ratio for the quarter, 64.1%, was an improvement over the 66.6% reported in Q3 of 2016. And the impact of third-quarter catastrophe losses for the recent hurricanes was estimated at less than $2 million of pre-tax profit.
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