Summary of Third Quarter 2024 Results, Continuing Operations(All comparisons vs. continuing operations for the third quarter of 2023, unless noted otherwise)
Direct written premiums of $67.7 million compared to $67.9 million. This slight reduction was driven by Non-Standard Auto (-35.8%) due to lower new business and retention, partially offset by Home and Farm (11.6%) driven by higher rate and insured values along with new business growth in North Dakota.
Net earned premiums of $83.3 million, up 9.0%.
Combined ratio of 111.0% versus 100.8%, driven by increased non-catastrophe weather-related losses in Home and Farm, partially offset by improved performance in Private Passenger Auto. The current period was also impacted by a one-time charge related to the CEO transition. Both periods were impacted by unfavorable prior year development in Non-Standard Auto.
Net investment income increased 32.5% to $2.8 million, driven by higher fixed income reinvestment rates.
Basic loss per share of ($0.13) compared to basic earnings per share of $0.03.
Three Months Ended September 30,
Nine Months Ended September 30,
Dollars in thousands, except per share data(unaudited)
2024
2023
Change
2024
2023
Change
Direct written premiums
$67,704
$67,917
(0.3%)
$269,217
$261,865
2.8%
Net earned premiums
$83,270
$76,418
9.0%
$238,323
$218,124
9.3%
Loss and LAE ratio
78.2%
69.6%
8.6 pts
