The gross written premiums declined 4.6% for Q3
Infinity Property and Casualty Corporation, a provider of personal automobile insurance, has reported results for the three and nine months ended September 30, 2009.
The net and operating earnings increased during the third quarter of 2009 as compared with the same period in 2008 primarily as a result of favourable development on prior accident period loss and loss adjustment reserves.
The gross written premiums declined 4.6% and 7.7% during the three and nine months ended September 30, 2009, respectively, as compared with the same periods in 2008, but were up 1.3% during the month of September as compared with September 2008.
The earnings and underwriting income for the three and nine months ended September 30, 2009, include $13.2m, pre-tax ($0.62 per diluted share after-tax) and $33.4m, pre-tax ($1.56 per diluted share after-tax), respectively, of favourable development on prior accident period loss and loss adjustment expense reserves, primarily from accident years 2006 and 2007.
This compares with $1.3m, pre-tax ($0.05 per diluted share after-tax), and $13.5m, pre-tax ($0.55 per diluted share after-tax), respectively, of favorable development for the three and nine months ended September 30, 2008.