Branch Insurance Exchange reports Q2 results

Branch Insurance Exchange, the reciprocal managed by insurance startup Branch, has released its Q2 2024 results, ending the first six months with $40 million in written premiums, a 60% decrease compared to the same period last year.

The reciprocal reported a net underwriting loss of $44 million for the first six months of the year, a slight decrease compared to the $46 million loss that was reported for the first six months of 2023. Despite ceding 82% of earned premiums, the reciprocal was on the hook for nearly 50% of the incurred losses. Loss ratio, excluding loss adjustment expenses, stood at 335% for the first six months of the year, and combined ratio reached 579%.

The reciprocal has been writing less business in nearly every state and Texas had the biggest drop – going from $50.6 million in written premiums to $16 million. With these latest results, Texas accounts for 40% of written premiums, a decrease of 10 percentage points compared to the first six months of 2023.

For 2023, the reciprocal reported a net underwriting loss of $85.5 million.