November 06, 2018

ProSight Specialty Insurance Reports Strong 3Q Financial Results

  • 14.8% RETURN ON EQUITY
  • 9.6% GROWTH IN GROSS WRITTEN PREMIUM
  • CONTINUED RESILIENCE TO CAT LOSSES

 

MORRISTOWN, N.J. – November 05, 2018–ProSight, a leader in differentiated specialty insurance, today reported strong financial results for the nine months ended September 30, 2018. The company again established new records for premium written through the third quarter and pre-tax income with strong loss ratio performance and further improving investment yield.

ProSight CEO Joe Beneducci said “We are pleased with our third quarter financial performance.  While our business model is producing strong financial returns, our momentum is expected to continue to grow as we proceed with our rollout of unique customer solutions and expand the use of our proprietary technology platform.

“Our current customer niches continue to generate growth well beyond published market norms and our recently released InsureTech platform, ProSight Direct®, continues to expand into new customer segments each quarter.”

Year-to-date highlights for the nine months ended September 30, 2018 and 2017:

GAAP

  • Annualized ROE of 14.8% improved 5.3 points from 9.5% in 2017.
  • Gross Written Premium of $704.8 million grew 9.6% or $61.8 million from 2017.
  • Pre-tax profit of $53.7 million increased 122.8% or $29.6 million from 2017.
  • The net combined ratio was 96.4%, an improvement of 1.6 points from 2017.
  • The net loss ratio was 59.8%, an improvement of 4.3 points from 2017.
    • The improvement reflects a positive contribution from all lines of business.
  • Underwriting results continued to reflect the intended resilience to catastrophes with year-to-date CAT loss impact of only $1.4 million.
  • Investment income of $43.7 million increased 72.6% or $18.4 million from 2017 due to the increase in invested assets in the US portfolio, rising interest rates in floating rate securities and new investments resulting from excellent operating cash flow.

Statutory

  • Net combined ratio was 92.8%, an improvement of 5.1 points from 2017.
  • Statutory surplus reached the highest level reported in ProSight’s history at $455.6 million as of September 30, 2018.

About ProSight Specialty Insurance

ProSight Specialty Insurance is an innovative property and casualty insurance company that designs solutions to help customers solve their business problems. Each solution is targeted to enhance customers’ operating performance. ProSight focuses on select niche industries, deploying differentiated underwriting and claims expertise and then works exclusively with specialized distributors to deliver value. ProSight is fueled by a cultural desire to succeed at uncommon challenges, making the business performance of its customers a top priority. The underwriting members of the ProSight Specialty Insurance (ProSight) group, New York Marine and General Insurance Company, Southwest Marine and General Insurance Company, and Gotham Insurance Company are rated “A-” (Excellent) by A.M. Best. Based in Morristown, NJ, ProSight has regional offices in Los Angeles, CA, Petaluma, CA, Alpharetta, GA and New York, NY. More information about ProSight and its member insurers can be found at www.prosightspecialty.com.

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