{"id":869,"date":"2022-07-30T11:12:58","date_gmt":"2022-07-30T15:12:58","guid":{"rendered":"https:\/\/www.wikifri.com\/?p=869"},"modified":"2022-07-30T11:13:20","modified_gmt":"2022-07-30T15:13:20","slug":"3-things-07-29-2022","status":"publish","type":"post","link":"https:\/\/www.wikifri.com\/3-things-07-29-2022\/","title":{"rendered":"3 Things – Net Income Declines, Openly Carrier & Lemonade\/Root Hope"},"content":{"rendered":"

\"\"<\/p>\n

\n
\n
\n\n\n\n
\n
\n
\n

Hello Friends!\u00a0 Hard to believe July is almost in the rearview, the year is going fast.\u00a0 It was a busy week of earnings announcements and we are following the themes.\u00a0 Also, Openly launches an insurance carrier and Lemonade and Root have news ahead their earnings in a couple of weeks, here are the three things we learned:<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

\n
\n
\n\n\n\n
\n
\n
\n

\u00a0[1]<\/h2>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n
\n\n\n\n
\n
\n
\n

Earnings Theme Lower Profits<\/strong><\/p>\n

There was a slew of earnings announcements from many insurers including\u00a0Chubb<\/a>,\u00a0AXIS<\/a>,\u00a0Arch<\/a>\u00a0&\u00a0Everest Re<\/a>\u00a0among others who all look strong but have lower profitability from one year ago.\u00a0 So far, this appears to be a theme with most of the carriers that have reported.\u00a0 In his comments around the earnings announcement Evan Greenberg indicated that inflation, interest rates and the Ukraine conflict remain concerns.\u00a0 Chubb will increase their loss cost models to ensure they plan for these conditions.\u00a0 Meanwhile,\u00a0Brown & Brown<\/a>,\u00a0AJ Gallagher<\/a>, like Marsh last week, are benefiting from not having to pay claims as a broker \/ MGA focused businesses, posting strong revenue and profit increases.\u00a0 There is certainly no need for grave concern as combined ratios continue to be strong and insurers are built to live through recessions.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

\n
\n
\n\n\n\n
\n
\n
\n

\u00a0[2]<\/h2>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n
\n\n\n\n
\n
\n
\n

Openly Launches a Carrier<\/strong><\/p>\n

Openly, a home insurer MGA, we recently reported closing a large funding round, announced\u00a0the launch of an insurance carrier<\/a>.\u00a0 It appears that they acquired a defunct medical professional liability shell with licenses in 17 states many of which are located in the upper Midwest.\u00a0 They can use this platform to add more states and file their home products to selectively underwrite the best risks themselves.\u00a0 This is a good use of capital and would signal that they are going to take a methodical approach to building a valuable insurance business or as\u00a0Matteo Carbone explains<\/a>\u00a0“walk the walk”.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

\n
\n
\n\n\n\n
\n
\n
\n

\u00a0[3]<\/h2>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n
\n\n\n\n
\n
\n
\n

Hope for Lemonade & Root<\/strong><\/p>\n

Both Lemonade and Root had announcements this week.\u00a0 Lemonade closed their\u00a0acquisition of Metromile<\/a>.\u00a0 They hope this will bolster their car insurance offering, a key pillar of their product diversification strategy.\u00a0 Most valuable in the deal will be 49 state licenses and precision data on 500 million car trips though they do also receive in force premiums and cash.\u00a0 Root announced the latest iteration of their\u00a0embedded Carvana product<\/a>, touting that they can provide coverage in just ‘3 clicks’.\u00a0 Many of us thought that Carvana might be the savior for Root but both companies have been struggling.\u00a0 Earnings for both firms release on August 9th and neither of these moves appear to have direct affect on their combined ratios, but we will see.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

\n
\n
\n\n\n\n
\n
\n
\n

Thank you for following us, we appreciate your feedback and continued support.\u00a0 Stay tuned for more info to come.\u00a0 Until next time… stay safe, stay productive!<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Hello Friends!\u00a0 Hard to believe July is almost in the rearview, the year is<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"\n3 Things - Net Income Declines, Openly Carrier & Lemonade\/Root Hope - Wikifri<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.wikifri.com\/3-things-07-29-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"3 Things - Net Income Declines, Openly Carrier & Lemonade\/Root Hope - Wikifri\" \/>\n<meta property=\"og:description\" content=\"Hello Friends!\u00a0 Hard to believe July is almost in the rearview, the year is\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.wikifri.com\/3-things-07-29-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"Wikifri\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-30T15:12:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-30T15:13:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.wikifri.com\/wp-content\/uploads\/2021\/04\/Three-Things-300x157.png\" \/>\n<meta name=\"author\" content=\"Nick Coenen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nick Coenen\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.wikifri.com\/3-things-07-29-2022\/\",\"url\":\"https:\/\/www.wikifri.com\/3-things-07-29-2022\/\",\"name\":\"3 Things - Net Income Declines, Openly Carrier & Lemonade\/Root Hope - Wikifri\",\"isPartOf\":{\"@id\":\"https:\/\/www.wikifri.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.wikifri.com\/3-things-07-29-2022\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.wikifri.com\/3-things-07-29-2022\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.wikifri.com\/wp-content\/uploads\/2021\/04\/Three-Things-300x157.png\",\"datePublished\":\"2022-07-30T15:12:58+00:00\",\"dateModified\":\"2022-07-30T15:13:20+00:00\",\"author\":{\"@id\":\"https:\/\/www.wikifri.com\/#\/schema\/person\/75ab87b680160989e5b14d7bc3b380aa\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.wikifri.com\/3-things-07-29-2022\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.wikifri.com\/3-things-07-29-2022\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.wikifri.com\/3-things-07-29-2022\/#primaryimage\",\"url\":\"https:\/\/www.wikifri.com\/wp-content\/uploads\/2021\/04\/Three-Things.png\",\"contentUrl\":\"https:\/\/www.wikifri.com\/wp-content\/uploads\/2021\/04\/Three-Things.png\",\"width\":1200,\"height\":627},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.wikifri.com\/3-things-07-29-2022\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.wikifri.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"3 Things – Net Income Declines, Openly Carrier & Lemonade\/Root Hope\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.wikifri.com\/#website\",\"url\":\"https:\/\/www.wikifri.com\/\",\"name\":\"Wikifri\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.wikifri.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.wikifri.com\/#\/schema\/person\/75ab87b680160989e5b14d7bc3b380aa\",\"name\":\"Nick Coenen\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.wikifri.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/6dcb63dc6a3520b81be1123dfa02d627?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/6dcb63dc6a3520b81be1123dfa02d627?s=96&d=mm&r=g\",\"caption\":\"Nick Coenen\"},\"url\":\"https:\/\/www.wikifri.com\/author\/nickc\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"3 Things - Net Income Declines, Openly Carrier & Lemonade\/Root Hope - Wikifri","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.wikifri.com\/3-things-07-29-2022\/","og_locale":"en_US","og_type":"article","og_title":"3 Things - Net Income Declines, Openly Carrier & Lemonade\/Root Hope - Wikifri","og_description":"Hello Friends!\u00a0 Hard to believe July is almost in the rearview, the year is","og_url":"https:\/\/www.wikifri.com\/3-things-07-29-2022\/","og_site_name":"Wikifri","article_published_time":"2022-07-30T15:12:58+00:00","article_modified_time":"2022-07-30T15:13:20+00:00","og_image":[{"url":"https:\/\/www.wikifri.com\/wp-content\/uploads\/2021\/04\/Three-Things-300x157.png"}],"author":"Nick Coenen","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Nick Coenen","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.wikifri.com\/3-things-07-29-2022\/","url":"https:\/\/www.wikifri.com\/3-things-07-29-2022\/","name":"3 Things - Net Income Declines, Openly Carrier & Lemonade\/Root Hope - Wikifri","isPartOf":{"@id":"https:\/\/www.wikifri.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.wikifri.com\/3-things-07-29-2022\/#primaryimage"},"image":{"@id":"https:\/\/www.wikifri.com\/3-things-07-29-2022\/#primaryimage"},"thumbnailUrl":"https:\/\/www.wikifri.com\/wp-content\/uploads\/2021\/04\/Three-Things-300x157.png","datePublished":"2022-07-30T15:12:58+00:00","dateModified":"2022-07-30T15:13:20+00:00","author":{"@id":"https:\/\/www.wikifri.com\/#\/schema\/person\/75ab87b680160989e5b14d7bc3b380aa"},"breadcrumb":{"@id":"https:\/\/www.wikifri.com\/3-things-07-29-2022\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.wikifri.com\/3-things-07-29-2022\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.wikifri.com\/3-things-07-29-2022\/#primaryimage","url":"https:\/\/www.wikifri.com\/wp-content\/uploads\/2021\/04\/Three-Things.png","contentUrl":"https:\/\/www.wikifri.com\/wp-content\/uploads\/2021\/04\/Three-Things.png","width":1200,"height":627},{"@type":"BreadcrumbList","@id":"https:\/\/www.wikifri.com\/3-things-07-29-2022\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.wikifri.com\/"},{"@type":"ListItem","position":2,"name":"3 Things – Net Income Declines, Openly Carrier & Lemonade\/Root Hope"}]},{"@type":"WebSite","@id":"https:\/\/www.wikifri.com\/#website","url":"https:\/\/www.wikifri.com\/","name":"Wikifri","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.wikifri.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.wikifri.com\/#\/schema\/person\/75ab87b680160989e5b14d7bc3b380aa","name":"Nick Coenen","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.wikifri.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/6dcb63dc6a3520b81be1123dfa02d627?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/6dcb63dc6a3520b81be1123dfa02d627?s=96&d=mm&r=g","caption":"Nick Coenen"},"url":"https:\/\/www.wikifri.com\/author\/nickc\/"}]}},"_links":{"self":[{"href":"https:\/\/www.wikifri.com\/wp-json\/wp\/v2\/posts\/869"}],"collection":[{"href":"https:\/\/www.wikifri.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.wikifri.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.wikifri.com\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.wikifri.com\/wp-json\/wp\/v2\/comments?post=869"}],"version-history":[{"count":1,"href":"https:\/\/www.wikifri.com\/wp-json\/wp\/v2\/posts\/869\/revisions"}],"predecessor-version":[{"id":870,"href":"https:\/\/www.wikifri.com\/wp-json\/wp\/v2\/posts\/869\/revisions\/870"}],"wp:attachment":[{"href":"https:\/\/www.wikifri.com\/wp-json\/wp\/v2\/media?parent=869"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.wikifri.com\/wp-json\/wp\/v2\/categories?post=869"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.wikifri.com\/wp-json\/wp\/v2\/tags?post=869"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}