Branch Insurance Exchange reports 2023 results

Branch Insurance Exchange, the reciprocal managed by insurance startup Branch, has ended 2023 with $158 million in written premiums, a 26% increase compared to 2022.

The reciprocal reported a net underwriting loss of $85.5 million, a significant increase compared to the $16.8 million loss in 2022. Loss ratio (losses + LAE) was 293%, compared to 164% in 2022. Combined ratio for the year was 347.8%, compared to 276% in 2022.

55% of the reciprocal’s written premiums originated from Texas in 2023, compared to 64% in 2022. We recently reported that Branch opened up agency appointments in 13 states and Texas is not one of them.