Branch Insurance Exchange reports Q3 2024 results

Branch Insurance Exchange, the reciprocal managed by insurance startup Branch, has released its Q3 2024 results, ending the first nine months with $54 million in written premiums, a 58% decrease compared to the same period last year.

The reciprocal reported a net underwriting loss of $50.7 million for the first nine months of the year, compared to a $70.6 million loss for the same period last year. In 2023, the reciprocal reported a net underwriting loss of $85.5 million.

In the filing for December 31, 2023, the management of the reciprocal determined that there is substantial doubt about its ability to continue as a going concern due to the company’s recurring losses since inception. Last month, The Insurer reported that Branch raised $51 million, but according to the Q3 filing, the reciprocal’s future is still in doubt.