Branch ends 2022 with 143.3% loss ratio
Insurance startup Branch filed the 2022 annual results for its reciprocal exchange.
Branch Insurance Exchange ended the year with $125 million in direct premiums written, a roughly 5x increase compared to 2021.
Branch Insurance Exchange recorded $9.5 million in net premiums earned ($20.7 million in net premiums written) and $13.6 million in losses, which translates to a loss ratio of 143.3%. With the addition of $1.9 million in loss adjustment expenses, and $10.6 million in other underwriting expenses, combined ratio stands at ~276%. Overall, Branch Insurance Exchange reported a net loss of $17.2 million for the year.
As of 2022, Branch Insurance Exchange generated premiums in 23 states with Texas leading the way in terms of written premiums ($80 million).