Protective Insurance Swings Closer to Gains
CARMEL - 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.
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