Branch Insurance Exchange reports 2024 results

Branch Insurance Exchange, the reciprocal managed by insurance startup Branch, has released its 2024 results, ending the year with $73 million in written premiums, a 54% decrease compared to 2023.

The reciprocal reported a net underwriting loss of $57 million for the year, compared to a loss of $86 million in 2023.

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. Management has provided an update that as of December 31, 2024, the reciprocal had met the capital requirement and required no capital support from Branch Financial. “The company continues to improve its operational results and has materially reduced its exposure to catastrophe losses such that it does not foresee the need for substantial capital support from Branch Financial, LLC into 2025”