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Text: Joining us today are Jon Michael, Chairman and CEO; Craig Kliethermes, President and Chief Operating Officer; and Todd Bryant, Chief Financial Officer.
Pretty standard structure for today's call, with Todd running down the financial results for the quarter ended June 30th; Craig will add some commentary on current market conditions and our product portfolio; we will then open the call to questions, and Jon will close with some final thoughts.
Yesterday, we reported second quarter operating earnings of $1.09 per share.
Results reflect positive current year underwriting profit, supplemented by favorable benefits from prior year's loss reserves.
All in, we experienced 25% top-line growth and posted an 84.8 combined ratio.
Additionally, our core business was complemented by a strong quarter from Maui Jim and Prime.
While investment income was down modestly in the quarter, year-to-date operating cash flow of $165 million has supported growth in our invested asset base.
Realized gains for the quarter were elevated as we rebalanced our equity position, leaving a modest $4 million change in unrealized gains on equity securities.
As you know, large movements in equity prices in comparable periods can have a significant impact on net earnings, which you can see in both the quarterly and year-to-date comparisons to 2020.
Aggregate underwriting and investment results push book value per share to $27.46, up 11% from year end, inclusive of dividends.
Craig will talk more about market conditions in a minute, but from a high level, all three segments experienced growth.
Property led the way, up 33% as rates and market disruption continue to support growth.
Casualty gross writings improved 24%, with all major product lines contributing.
For Surety, premium was up 11% as our contract and transactional business grew nicely in the quarter.
From an underwriting income perspective, the quarter's combined ratio was 84.8 compared to 88.4 a year ago.
Our loss ratio declined 4.1 points to 44.4.
Storm losses booked in the quarter totaled $8 million, with $7 million impacting the Property segment and $1 million the Casualty segment.
On an overall basis, prior year's reserves continue to develop favorably, enhancing both the Casualty and Property loss ratios.
Surety, however, experienced adverse loss development in the quarter, as we further strengthen incurred, but not reported reserves, on the 2020 accident year for the energy portion of our commercial surety business.
Lastly, on the loss front, our current accident year loss ratio for Casualty continued to improve.
On an underlying basis, if you exclude prior year's reserve benefits and catastrophes, our Casualty loss ratio was down 7 points.
COVID-related impacts in 2020 account for about 4 points of that decline.
Excluding that, however, the loss ratio was still down 3 points.
An improving mix and modest reductions in loss booking ratios, similar to what we discussed on the last few calls, have driven the positive results.
With respect to COVID-specific reserves, amounts are largely unchanged from year end.
Our quarterly expense ratio increased 0.5 point to 40.4.
Similar to last quarter, the increase and the increase in general corporate expenses are largely driven by amounts accrued for performance-related incentive plans.
The combination of significantly higher operating earnings and improved combined ratio and growth in book value drove these metrics higher.
Apart from elevated incentive amounts and continued technology-related investments, other operating expenses were relatively flat.
On the asset side of the balance sheet, our investment portfolio had the major components pulling the same direction, with positive results from equities and fixed income.
Higher bond returns have come alongside lower reinvestment rates, as treasury yields have declined from the highs we saw earlier in the year.
Despite the return of lower yields, strong operating cash flow is accruing to the benefit of total invested assets.
A growing portfolio helped to flatten the curve of investment income, which was down just over 1% in the quarter.
Total return was 2.8% for the quarter, and we continue to put money to work in nearly all environments to stay fully invested.
Apart from the capital markets exposure, investee earnings were significant compared to 2020.
Maui Jim and Prime contributed $10.6 million and $3.6 million, respectively, both benefiting from robust markets and an improving macro economic environment.
All in all, a very good quarter and a strong first half of the year.
A very good quarter, as Todd mentioned, with 25% top-line growth and an outstanding 85 combined ratio.
We are very pleased with our results and our position in the marketplace.
We're seeing widespread growth across almost every product in our portfolio as a result of an improving economy, higher retention rates on renewal business, increased submission flow on new business and rising rate levels.
Although frequency of claims slowed during the pandemic, they have begun climbing back to previous levels, and we remain watchful of the long-term impact of social inflation.
We also continue to keep an eye on loss cost inflation associated with rising building, material and labor costs.
This could prove challenging as we enter the hurricane season, which will likely increase the cost of rebuilding, but also lengthen related business interruption claims.
We think there is more opportunity to get rate as the industry is still underperforming overall.
The industry much more broadly recognize the rising risk levels associated with inflation, the uncertain impact of the pandemic, the possibility of a rising number of severe weather catastrophes, and more unique exposures like the recent building collapse.
We anticipate that these factors will drive and sustain current rate levels and momentum.
We have the benefit of underwriting discipline and product diversification.
This permits us to navigate all market conditions, pushing for rate adequacy where needed, shrinking our position if necessary to maintain underwriting margins while growing shareholder value.
Now for some more detail by segment.
In Casualty, we grew top line 24% and reported an 83 combined ratio, as we benefited from significant favorable reserve development.
Rates, overall, are at or above loss cost, as we achieved 6% for the quarter and 7% year-to-date.
Rates are still up significantly in excess liability products and select auto markets where we compete.
Rates remained relatively flat in primary liability, small package business, and even in several auto niches where competition remains fierce.
We achieved growth in underwriting profit across all major products in our Casualty portfolio.
We have benefited from a quicker recovery in the public auto space as buses are coming back online faster, and we are also realizing goodwill earned with our customers and our producers last year when we reduced premium in recognition of exposure changes during the pandemic.
Casualty growth excluding our transportation unit was still up 18% for the quarter and 12% year-to-date.
In Property, we achieved top-line growth of 33% while reporting an 84 combined ratio.
All of our major products in this segment grew top line and reported underwriting profits.
The pace of rate changes flattening, but still positive across the board.
Overall, rates were up in Property 8% for the quarter and 9% year-to-date, with catastrophe win continuing to lead the way at plus 17% for the quarter and plus 21% year-to-date.
PMLs for wind are up about 15% for the year, but are still well contained at the 250-year level with reinsurance protection.
I don't want to move on from this segment without commenting on the recent collapse of the Champlain Tower in Surfside, Florida.
It was a very tragic event and our thoughts continue to be with the families of all those impacted.
We do write contractors, architects and engineers and properties in the area, but we do not target multi-unit high rises or condo associations in any of our businesses.
Although our loss exposures appear minimal at this time, we will continue to do our part by tightening our underwriting guidelines, and as a result, improve the risk management posture of contractors and those responsible for building maintenance in our chosen markets.
In Surety, we reported 11% top-line growth and a 96 combined ratio.
We were able to achieve an underwriting profit in this segment despite an elevated risk environment related to the number of bankruptcy filings in the energy sector of our commercial surety business.
We maintained significant reinsurance protection against large losses.
We also have strong partners who value our underwriting discipline and have mutually benefited from our relationship for over two decades.
Our underwriting team remains disciplined and continues to underwrite more profit in this space.
We have further tightened our restrictive standards, targeting the highest credit quality principles, insisted on more structured protection in collateral, raised rate levels and lowered tolerances for any delayed commissioning work by the principle.
Our commercial, contract and miscellaneous surety markets are growing and remain profitable year-to-date with an 87 combined ratio.
Overall, an excellent quarter and a very nice first half of the year.
Our disciplined underwriting, diversified portfolio of niche products, talent -- and talented team have delivered once again.
They enable us to provide a consistent underwriting appetite to our customers and producers and strong stable returns to our shareholders.

user
operating earnings for q2 of 2021 were $49.9 million ($1.09 per share).
qtrly book value per share of $27.46, an increase of 11% (inclusive of dividends) from year-end 2020.

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