2022-03-09 16:18:52 TIG Trean Insurance
03/09/22 03/0916:18 03/09/2216:18 | Trean Insurance reports Q4 EPS 4c , consensus 10cReports Q4 revenue $61.3M, one-estimate $134.49M. Reports Gross written premiums were $153.3 million in the fourth quarter, an increase of 14% compared to the same prior-year period. Full Year 2021 gross written premiums grew 31% to $634.2 million, compared to the prior year, strongly positioning the Company for profitable growth."Our elevated losses came primarily from three of our thirty programs. Ironically, these three programs were well established and had consistently produced positive results up to 2021, and as a result, we materially increased our retention in each of these programs during 2021. When the losses began to emerge, we carefully reviewed the operations of each program to see if there were any changes in rate levels, the claims environment, or underwriting practices that might be the cause for the elevated losses they were experiencing. Based upon that review, we believe these are good programs that will contribute to our future profitability despite the losses they experienced in 2021. We are very encouraged that prior years' claims for these programs developed favorably during 2021. We are also encouraged that the three programs have reported positive results through February of this year, and as a result, we are expecting a first quarter 2022 loss ratio between 61.5% and 62.5% of net earned premium." |
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