Branch Insurance Exchange reports Q1 results

Branch Insurance Exchange, the reciprocal managed by insurance startup Branch, has released its Q1 2024 results, ending the period with $20.1 million in written premiums, a significant decrease compared to the $54.7 million in written premiums in Q1 2023.

The reciprocal significantly reduced business in the state of Texas, going from $27.4 million in written premiums in Q1 2023 to $8.5 million in the first quarter of 2024.

BIE ended the quarter with a net underwriting loss of $22.6 million, a 44% increase compared to the same period last year. In 2023, the reciprocal reported a net underwriting loss of $85.5 million.