Q2 net income +58% to $263.5M on improved underwriting; California rate wins boost pricing power

Filed August 4, 2026 · Period ending June 30, 2026 · Compared to 10-Q Jul 29, 2025 · ~2 min read

Key Changes

• high

  Q2 combined ratio improved to 89.9% from 92.5%, driven by lower loss ratio (65.0% vs 68.8%) as California homeowners rate increases and lower auto frequency offset higher severity.

  MD&A: Underwriting Results verify on EDGAR →
• high

  California approved 6.9% homeowners rate increase (effective July 2026) and catastrophe modeling/reinsurance cost incorporation; company plans August 2026 filing for 6% auto rate increase (53% of premiums).

  MD&A: California Rate Applications verify on EDGAR →
• high

  Catastrophe reinsurance coverage increased 30% to $2,790M (from $2,140M) for treaty year ending June 2027, with annual premium declining to $229M from $237M on improved reinsurance market capacity.

  MD&A: Reinsurance Treaty verify on EDGAR →