Protective Insurance Swings Closer to Gains

(Image courtesy of Protective Insurance.)

Listen to this story

Subscriber Benefit

As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now

This audio file is brought to you by

0:00

0:00

Loading audio file, please wait.

Speed
1.00

• 0.25
• 0.50
• 0.75
• 1.00
• 1.25
• 1.50
• 1.75
• 2.00

Carmel-based Protective Insurance Corp. (Nasdaq: PTVCA, PTVCB) is reporting a third-quarter net loss of $0.7 million, compared to a loss of $12.4 million during the same period last year.

The company says its third-quarter results demonstrate progress towards “key pricing and risk selection initiatives.”

“Our third-quarter results demonstrate progress towards our key pricing and risk selection initiatives. The accident year loss ratio has decreased a further 1.9 pts from the 2nd quarter, and 3.9 pts from this time a year ago,” said Jeremy Johnson, Protective’s chief executive officer. “We’re achieving significant rate increases in our commercial auto portfolio while retaining our better-priced business, managing volatility and exercising expense discipline.”

For the first nine months of 2019, net income totaled $3.6 million, which compares to a net loss of $9.5 million, for the prior-year period.

Read the full report by clicking here.