Third Quarter Net Income Increased 72.3% and Return on Equity of 16.6%
Third quarter highlights included:
- Return on equity of 16.6%.
- Net premiums written increased 23.7%.
- The current accident year combined ratio before catastrophe losses of 3.5 loss ratio points was 86.9%.
- The reported combined ratio was 90.4%, including catastrophe losses of $73.8 million.
- Average rate increases excluding workers’ compensation were approximately 10.1%.
- Net investment income increased 26.1% to $179.9 million.
- Operating income increased 103.6% to $246.7 million.
- Total capital returned to shareholders was $115.8 million, consisting of $92.7 million of share repurchases
and $23.1 million of dividends.