Branch’s underwriting loss widens
Branch has released the financial results of its carrier subsidiary for the third quarter of 2023. The carrier generated $130 million in written premiums in the first nine months, a 62.5% increase compared to the same period last year.
Branch Insurance Exchange reported a net underwriting loss of $70.6 million as of September 30, 2023, a significant increase compared to a $9 million loss for the first nine of months of 2022.
Based on our analysis, combined ratio was 384% for the first nine months of 2023. Overall, the company reported $189 million in underwriting losses (excluding LAE and other underwriting expenses) for the first nine months of the year with 57% attributed to its home insurance program.