US specialty insurer's Q2 gross written premiums rose 13% yr/yr
Diluted operating EPS for Q2 increased 46% yr/yr
Company expanded share repurchase authorization to $100 mln and repurchased $9.7 mln in Q2
Result drivers
Premium growth mix - Premium growth driven by accident & health, global agriculture, and specialty programs, offset by declines in energy solutions and captives
Loss ratio shift - Higher loss ratio attributed to business mix shift from growth in accident & health and global agriculture divisions
Expense ratio improvement - Expense ratio improved due to business mix shift, operating efficiencies, and scale benefits as net earned premiums outpaced expense growth
Key details and analyst coverage
Metric
Actual
Q2 gross written premiums
$740.55 mln
Q2 combined ratio
89.50%
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 10 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the property & casualty insurance peer group is "hold"
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