ProSight Specialty Insurance Reports Excellent Start To 2018 With Strong 1Q Financial Results

MORRISTOWN, N.J., May 8, 2018 /PRNewswire/ -- ProSight, a leader in differentiated specialty insurance, today reported strong financial results for the first quarter ended March 31, 2018. The company established new records for premium written in the first quarter, produced an excellent loss ratio and generated a significant increase in net investment income.

"The momentum generated in the second half of 2017 has continued to expand in 2018," said Joe Beneducci, CEO of ProSight.

"The strength of our financial performance is the by-product of our continued push to launch new, innovative products to benefit our customers," Beneducci added. "Our recently launched insurtech platform, ProSight Direct, is the latest example of how our innovation continues to drive our financial results."

GAAP Highlights

• Annualized ROE of 15% improved 5.5 points from 9.5% in 2017.
• Gross Written Premium of $275.1 million grew 9.6% or $24.2 million more than 1Q 2017.
• Pre-tax profit of $17.7 million increased 102.6% or $8.9 million from 1Q 2017.
• The net combined ratio was 96.1%, an improvement of 6.3 points from 1Q 2017.
• The net loss ratio was 60.8%, an improvement of 4.9 points versus 1Q 2017.
• The improvement reflects a positive contribution from all lines of business along with a significant reduction in commercial auto loss activity.
• Underwriting results continued to reflect the intended resilience to catastrophes. The impact of winter storms and other first quarter catastrophic events was less than $1.0 million.
• Investment income increased 94.2% from 1Q 2017 due to the increase in invested assets in the US portfolio following the repatriation of the UK business and was further aided by rising interest rates in floating rate securities and new investments.

Statutory Highlights

• Net combined ratio was 92.1%, an improvement of 9.8 points from 1Q 2017.
• The timing of premium growth and the immediate recognition of commission expense required by statutory accounting standards decreased surplus slightly to $426.4 million as of March 31, 2018. This trend will reverse and surplus will continue to expand as premium revenue is earned throughout the remainder of the year.

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.

Media Contact: Rose Frullani-Bacon, [email protected], 212-931-6151

SOURCE ProSight Specialty Insurance

Related Links

http://www.prosightspecialty.com