Well, thank you, all. Several additional riders available for an additional premium; Protective Life Insurance Conclusion. So we try to pick really the cream of the trucking industry. The last I read, it sounded like that California court had agreed that the appropriate venue for the case was Indiana. Please proceed with your question. Written premiums are the principal source of an insurance company's revenues and appear on the top line of the income statement. Excluding loss development for all periods, the current accident quarter loss ratio was 71.6%. Premiums written by classes of non-life insurance. These are proportionate to the unexpired portion of the insurance; unearned premiums appear as a liability on the insurer's balance sheet. Yes. It's a great question. Due to our positive quarterly results, we further reduced our deferred tax asset valuation allowance by $900,000 to $1.5 million at 09/30 [Phonetic]. We believe that our claims teams are the best in the industry, and our clients rely on our expertise to ensure appropriate but optimal outcomes in what can be very complex litigation. When there is excess underwriting capacity in the industry, prices are pressured downwards. Deferred acquisition costs (DAC) is when a company defers the costs associated with acquiring a new customer over the term of the insurance contract. Hi, Brett. As a result, you could be paying higher insurance premiums and out-of-pocket costs than your peers! Salaries posted anonymously by Protective Insurance employees in Indianapolis. Protective Insurance Salaries trends. With Protective Asset Protection’s FPC Premium Marine Protection you can offer your customers true peace of mind knowing their watercraft purchase is covered against some of the most costly repair expenses, and you can rest easy knowing it’s administered by an industry leader that has been serving marine customers since 1978. I believe we are extremely well positioned in our market. In general, we are pleased with the performance of our workers' compensation book. Premiums for insurance companies are like sales for retailers. With that greater simplicity comes a lower premium, so clients will get coverage at a more affordable price. With respect to interest rate, I mean it looks like they're going to remain lower for longer. Cumulative Growth of a $10,000 Investment in Stock Advisor, Protective Insurance Corporation (PTVCA) Q3 2020 Earnings Call Transcript @themotleyfool #stocks $PTVCA, Protective Insurance Corporation (PTVCA) Q2 2020 Earnings Call Transcript, Protective Insurance Corporation (PTVCA) Q1 2020 Earnings Call Transcript, Protective Insurance Corporation (PTVCA) Q4 2019 Earnings Call Transcript, Protective Insurance Corporation (PTVCA) Q3 2019 Earnings Call Transcript, Protective Insurance Corporation (PTVCA) Q2 2019 Earnings Call Transcript, Copyright, Trademark and Patent Information. Your insurance history, where you live, and other factors are used as part of the calculation to determine the insurance premium price. That case in California was dismissed in favor of jurisdiction in Indiana. Market share of foreign companies in the domestic market. And so have the opportunity to pick up new equipment with the latest ADAS Telematics camera type equipment. If you did not receive a copy of the press release, you may access it online at the company's website along with an Investor Presentation to accompany today's call and earnings release, which is available at www.protectiveinsurance.com. Thank you. To participate via teleconference, investors may dial 1-877-705-6003 (U.S./Canada) or 1-201-493-6725 (International or local) at least five minutes prior to the beginning of the call. Stock Advisor launched in February of 2002. Written premiums are different from premiums earned, which are the amount of premiums that a company books as earnings for providing insurance against various risks during the year. The continued interest rate environment is one that we're going to -- we will continue to look at allocation in the portfolio, but I don't think you're going to see us taking wild opportunistic bets on the asset side. The insurance premium is the amount of money paid to the insurance company for the insurance policy you are purchasing. Is that a segment of the market in which you are able to compete? I'm a little reluctant to give you firm target, Brett. During the quarter, we increased our CECL credit allowance related to the PSG staffing matter by $1.5 million. As a reminder, we have posted our press release, quarterly financial statements and a brief presentation reviewing our first quarter results on our website. And certainly in the last nine months, we have moved into a more defensive position on the portfolio, which we think is the right thing to do given our capital position, as well as frankly, our continued focus on improving the underlying -- underwriting results. The company affords more flexibility than most, offering nearly every type of life insurance policy and policy feature available. ET. Use our FREE quote tool to get started now. What is not seen in the income statement is another $7.5 million in pre-tax fixed income gains that were recognized through comprehensive income. Protective is a reliable company with few complaints on its record. There is continued momentum in the pricing environment, our clients and distribution partners value us, and we're investing in our teams and our technology to support future profitable growth. We acknowledge that we will be exposed to reinvestment risk as long as the new low rate environment persists and are seeking prudent ways to maintain book yield, balancing risk and reward in this uncertain market. But our model is certainly to focus on the better risks to provide those better risks with great advice, to have strong relationships with those better risks, to build those relationships over time, to try not to churn through our book. And not just for commercial auto, but also for other workers' comp and for occupational accident products that are obviously a huge part of what we do. As you know, we have a wonderful relationship with FedEx and with the 5,000 or so independent contractors who make up the delivery network for FedEx ground. For example, if … Net premiums written is the sum of premiums written by an insurance company over time, minus premiums ceded to reinsurance, plus any reinsurance assumed. Exposure basis and net [Phonetic] premiums have increased in segments focused on pickup and delivery and last mile. Total gross premiums. Premiums were compared between the Protective Classic Choice Term life policy and the competitors’ term products for a 30-year old male with a $100,000 death benefit, select preferred non-tobacco underwriting class and a 10-year initial guaranteed premium period. Now turning to the numbers. Carmel-based Protective Insurance Corp. reported its largest annual loss in more than 25 years late Tuesday, as the insurer's financial toll from accidents continued to grow. Thank you, and thank you all for joining us this morning for the Protective Insurance Corporation's third quarter 2020 conference call. But I would just tell you again, that we are focused on as part of our underwriting to focused on the risks that we think are most focused on quality hardware, quality drivers, and good benefits for their drivers. [Operator Instructions] And our first question is from Brett Reiss with Janney Montgomery Scott. I appreciate that. As I've said in past calls, it is clear that the plaintiff bar continues to aggressively target the trucking industry. It's something at the heart of our underwriting to pick the most safety-focused risks. Fair enough. Subsequent year commissions may drop off or can be much lower. And I'll now turn the call over to management for closing remarks. Okay. Premiums increase annually after the initial guaranteed premium period. Written premiums are the principal source of an insurance company's revenues. And for those who are with who have older equipment, many of them are making the investments, aftermarket investment in at least cameras if not other technology. Market share of branches/agencies of foreign undertakings in the domestic market . Given our view on -- let the process of the litigation and where the cases being sold, the venues that the case is being heard in [Phonetic], we think -- we felt it was appropriate to extend our view of when we'll start to see cash flows and we push that out by a year that then impacts are, they see still allowance that we took in January of this year by about $1.5 million, but it does not reflect any change in our views on the merits of the case nor on the outstanding ultimate. So we still have fairly significant growth in our exposure basis in the quarter, and we anticipate that that will continue over the next several quarters. Protective Insurance Corporation (NASDAQ:PTVCA)Q3 2020 Earnings CallNov 4, 2020, 11:00 a.m. We disclosed that as about $46 million. The term total written premium refers to the amount that customers pay for insurance coverage on the policies issued. Through the income statement, we recorded a small investment gain in the quarter. They may be measured as a gross or net figure, which shows how much of the premiums the company gets to keep for assuming risk. I understand, its hardest, because if we don't have segmentation, so. Thank you. So kind of talk to me about the current jurisdiction and I would assume Indiana would be preferred by Protective. Thank you for taking my questions, and I hope both of you stay well and safe. The gross figure does not factor in deductions from the commission paid to agents who sell the policies, legal expenses associated with settlements, salaries, taxes, clerical expenses, and reinsurance, which is when insurance companies opt to transfer some of their risk to another insurer. Not available in New York. Each year we experience claims where a lack of written safety procedures and effective training were contributing factors to a major accident. With that, I'll now turn the call over to John. The great thing when planning and execution pays off. We had about $400,000 related to our special committee. I'm assuming originally, you guys maybe were expecting Indiana, then it shifted to California and now back to Indiana. Gross premiums written and consolidated revenue continue to grow. Third quarter net income was $3.3 million or $0.23 per share, which compares to a net loss of $0.7 million or $0.05 per share for the prior year third quarter. So I'm a little confused. My former employer is trying to correct the date but the old insurance company (Harvard Pilgrim) is denying it. I don't have a metric for you off hand that would say to what extent -- to what percentage of our book has X, Y, Z technology. This adjustment recognizes changes to assumptions about cash recovery timing as well as an increase in PSG's estimated ultimate obligation, which was increased in the second quarter. Please go ahead. Gross written premium was up 8% over prior year, and in our core ongoing books, growth was even stronger at 18%. if you are still off work after (usually) six months, then the insurer ‘waives’ the cost of your monthly insurance premium until you are able to return to work or retire. Good morning, and thank you all for joining John and me this morning. Pickup and delivery, which is not exactly the same as last mile, but is somewhat synonymous given the internet shopping. One last question, the last mile portion of the delivery services that you underwrite, obviously it's growing rapidly. For the seventh consecutive quarter, our accident quarter combined ratio has improved. Net Written Premium – Amount maintained by an insurance company after it has paid for reinsurance. We're not where we want to be yet, but our progress is clear and sustainable. Indiana thinks California is the right place. Protective liability insurance is liability insurance that is used by contractors or business owners to cover risks associated with independent contractors that they may hire. Thanks, Jeremy. [Operator Instructions] Our next question is from Jayme Wiggins with Palm Valley Capital. Okay. Normalizing for the Q2 frequency benefit, the accident quarter loss ratio improved by nearly 2 points from Q2. Please proceed with your question. Jon became very successful in the insurance world due to his witty and cheery personality. Okay. Good morning, gentlemen. And I'd be interested in knowing if there is any metric that relates to the technology and accident avoidance, that is in the new vehicle as the old ones fall off is a tour of if you see, it's showing up. Net premium, in the insurance industry, is calculated as the expected present value (PV) of a policy’s benefits minus the expected PV of future premiums. We are pretty proud of the trajectory. Thank you, all. Market share in OECD. Good morning, John. For a company that brought in nearly $1.7 billion in premiums last year, 19 complaints is low—much lower than other similarly sized companies. Protective Life Insurance Premium Payment - Comparing policy rates by yourself are often difficult and seriously time-consuming. Protective Life Insurance Review Protective Life offers comprehensive term and permanent life insurance policies, depending on your specific needs and budget. Since the beginning of the pandemic, we have been focused on expense management, placing a temporary hiring freeze on most open positions and challenging discretionary spending, that effort continues. Greetings, and welcome to Protective Insurance Corporation Third Quarter 2020 Earnings Conference Call. When an insurance company enters into a contract to provide insurance against a loss, the expected premiums are gross premiums. Life insurance share. And we are entertaining opportunities that are coming to us now for other potential sponsors who would like to build programs for their independent contractors focused on that kind of last mile segment. * Savings based on premium comparisons with leading national life insurance carrier term products. As you may recall, in the second quarter, there was a clear reduction in frequency across our book related to fewer vehicles on the road and we recorded a 3.5 point benefit in our loss ratio in Q2. So California thinks Indiana is the right place. Well, we -- there certainly are competitors who will write fleets at a premium that we would not put out a quote for, there we get a lot of submissions that we'd say no to, we don't -- our philosophy is that is not that there is an appropriate price for every risk. You keep your market share, but the market grows. So why don't we follow up with you of today's specified that schedule. Investment income in the quarter was impacted by higher average cash balances, the continued drop in average quarterly money market rates, and lower reinvestment rates. We have a handful of other program opportunity -- programs on the books where we also see growth. In exchange for taking on this risk, the company charges its customers premiums. I would now like to introduce Jeremy Johnson, CEO of Protective Insurance Corporation, and turn the call over to him. I thank you for that. Salary continuance will also be renamed income protection at the start of October. I.e. more Cancelable Insurance This adjustment does not change our views on the merits of this case. And then, can you walk me through the comments you made about personnel staffing and the increasing allowance, kind of like, because the ultimate obligation grew if you continue to have to revise their obligation higher and I know the revision didn't seem like it was huge relative to the total amount. Yeah. So I think in your opening comments, you noted that the higher beta stuff did well. Written premiums factor in the amount of premium charged for a policy that has already become effective, regardless of what portions have been earned. Written premiums calculate the total amount customers agree to pay for insurance policies sold during the accounting period. Usually, insurance companies purchase reinsurance to protect themselves against the risk of a loss above a certain threshold. Protective ® Classic Choice Term (ICC16-TL21 / TL-21) is a term life insurance policy issued by Protective Life Insurance Company, Birmingham AL. Premiums written by life/annuity insurance companies totaled $46.1 billion (including life insurance, annuities, accident and health insurance, deposit type funds and other considerations). Yes, sure. I mean, it's quite complicated. For the first nine months of 2020, net loss totaled $7.5 million or $0.53 per share, compared to net income of $3.6 million or $0.24 per share for the 2019 period. Insurance Premium Protective Life - Comparing policy rates by yourself may be difficult and seriously long. In this lesson we’re going to move through step one of our simplified P&C insurance company operating model. Insured policyholders pay premiums in advance, so insurers do not immediately consider premiums paid for an insurance contract as profit. Thank you for your support. So I don't want to spend too much time on the details. The insurer can change the status of the premium from unearned to earned only when its full obligation is fulfilled. I think we have a schedule in our 10-Q on that. As I said earlier, we've steadily improved our accident quarter underwriting results throughout 2020. Top 50 Global Reinsurance Groups This Top 50 Global Reinsurance Groups directory is based on research data from rating agency A.M. Best. We have a -- as I think we've -- I've disclosed in the past, we're ultimately targeting a combined of around about 96%, that will get us to about a 10% ROE. I've got three. We continue to monitor claims frequency closely. The surplus lines market, a group of highly specialized insurers, exists to provide coverage that is not available through licensed insurers in the standard insurance market. I will tell you that from a loss ratio standpoint, we do feel that we can continue to improve that loss ratio through 2021. I'm very confident we will continue to improve our accident year underwriting results in Q4 and through 2021. Written premiums stand in contrast to earned premiums, which is what an insurance company actually books as earnings. As such, looking at changes to net premiums written from year to year is a useful way to gauge the health of insurance companies. What’s more, Classic Choice term features competitive conversion options¹ compared to other term products. In this quarter, however, the frequency benefit is not so clear and differs by segment. And then just let me dive into that comment about this jurisdiction. It generally costs less than a couple of pounds per month to have this included in your policy. Are you saying that the safer stuff is that the procedure as safer did worse than the stuff that is more volatile. So I don't know that, I would call it either advantage or disadvantage, it's the segment that we're focused on. Net Earned Premium – Net written premium plus assumed premium, minus unearned premium. The FedEx relationship is key for Protective: In 2017, the global shipping company accounted for $18.5 million of its $504.7 million in consolidated gross premiums written, with a further $189.4 million coming from business placed with the company by a broker acting on behalf of FedEx … Written premium is an accounting term in the insurance industry used to describe the total amount that customers are required to pay for insurance coverage on policies issued by a company during a specific period of time. These accidents in turn have a negative impact on your company's claims history and lost production time. Rates were up 18% in the quarter in our commercial auto book, significantly ahead of loss trend. The National Association of Insurance Commissioners (NAIC) reports this insurer received 19 official complaints nationwide in 2018. Net premiums written represents how much of the premiums the company gets to keep for assuming risk. (212) 419-8286 There is an insurance company in Canada, Fairfax Holdings that creatively to generate income, it's putting up, I think, $1.06 billion [Phonetic] and having a firm that they are comfortable with opportunistically invest in first mortgages on real estate. Alternatively, written premiums can be measured as net, a figure that takes into account associated costs linked to a policy. Top ranking producers may even get 100% of the full premium in the first year as commission and often 2% to 5% commission from the second to the fourth year. 3 Written Premium — this is the premium registered on the books of an insurer or a reinsurer at the time a policy is issued and paid for. We will disclose the costs each quarter, but we won't comment any further on the special committee process. Our mission is safer roads and safer people, and we are deliberately targeting what we think are the better fleets. An unearned premium is the premium corresponding to the time period remaining on an insurance policy. And we have reached the end of the question-and-answer session. Spreads across nearly all fixed income sectors tightened over the period with pricing gains most pronounced in the higher beta segments of the fixed income market, including high-yield bonds, CLOs and CMBS. That is on appeal. And I realize it's something that doesn't happen overnight. Were you just suggesting that some of them went up, and I guess others went down more than the ones that went up to create that loss. For example, if an insurance company over the course of its fiscal year (FY) sells 1,000 new contracts that require each customer to pay $1,000 in premiums, its written premiums for that period would be $1 million. We do feel very good about what we've achieved this year and where we stand and our opportunity moving into 2021. Jon enjoyed working with his daughters ,whom he trained to sell insurance while they attended school. The first one, of the $7.5 million in unrealized fixed income gains in comprehensive income, were there any categories that had an unrealized loss this quarter? My new insurance found out about it and has denied and unprocessed 15 claims from February to August and wants them to go through my old companies plan first. Protective Insurance Corporation has scheduled its quarterly conference call for Wednesday, May 8, 2019, at 11:00 AM EST to discuss results for the first quarter ended March 31, 2019. Written premiums may be measured as a gross or net number. Understand. The lower expense ratio for the third quarter is attributed to expense management and the benefit of fixed cost leverage with the strong growth in premium. An earned premium is a pro-rated amount of paid-in-advance premiums that has been "earned" and now belongs to the insurer. Enter Protective ® Classic Choice term, a streamlined option for clients looking for simple and inexpensive protection. Penetration. Yes. As always, I do appreciate your time and your ongoing support. I would say, from an expense standpoint, as I think I've mentioned in the past, we do anticipate that the expense ratio will probably be up by about a point over the next couple of years, reflecting the investments that we're going to make in our technology transformation. I think you should expect us to have a relatively conservative view on our investments. Now I just called it a simplified operating model but actually if you look down, it is not really that simple. However, we do not believe there is any more rate to give up, and we will remain disciplined with pricing and risk selection notwithstanding competitive pressures. And we've seen significant growth in last mile. This is driven by a combination of factors. Is it discernible? Consumers who want to purchase affordable life insurance from a financially stable insurer who offers a substantial insurance portfolio with fast underwriting should definitely consider Protective Life Insurance Company. And when that process concludes, will you be disclosing it to investors? Your factor can have seen and done it all before, and they recognize precisely whats necessary to consider once browsing coverage options. I don't want to tell you that we're going to get there. Density. I appreciate the acknowledgment. Protective's life insurance policy options mirror their larger standing in the life insurance marketplace. It's great to see. We are considering various strategies to seek the most appropriate venue and other ways to bring the matter to a conclusion. The insurance industry is cyclical (along with the business cycle) and competitive, with numerous participants fighting for market share primarily on the basis of price. Two questions, the sales of a new tractors very high end stuff have been substantial and have picked up. And to the extent that it's a rapidly growing portion of the transportation business put the underwriting environment like. Income from core operations, being the sum of underwriting income and investment income, was $5.1 million for the quarter, representing an income from core operations per share of $0.36. Thank you. Insurance indicators. Written premiums calculate the total amount customers agree to pay for insurance policies sold during the accounting period. What's the target over the next year or so and what pace do you think you can get down to that target? Written premium is an accounting term in the insurance industry used to describe the total amount that customers are required to pay for insurance coverage on policies issued by a company during a specific period of time. The global reinsurance groups featured are ranked by unaffiliated gross premiums written in […] Yes, it's good. Thank you very much. Direct premiums written are the total premiums received before taking into account reinsurance ceded. And our next question is from Steve Smith with RBC Wealth Management. We have a nominal amount of unfavorable development in the quarter and our accident quarter combined ratio at 100%, improved by 7 points from Q3 2019 and 1.4 points from Q2 of this year. So we have not increased -- in the quarter, we did not increase our view of the ultimate obligation, that has stayed the same. Congrats on the progress on the combined ratio. Your efforts are clearly paying off. And I think the entire insurance industry is going to struggle a little bit to achieve that right balance of risk and reward given the low interest rate environment. Good morning, Jeremy. Last quarter, I believe you called out some fees, tie depending bankers for the strategic review and describe how that impacted the combined ratio. Protective puts may be placed on stocks, currencies, commodities, and indexes and give some protection to the downside. Although it is still down for the year, we're encouraged by the recovery and remain fully confident in the underlying strength of our hold-to-maturity fixed income portfolio. Did we have anything like that in Q3? Yes, there's been a lot of growth there. Certainly, most -- we try to write what we would consider to be safety focused financially secure fleet. So originally PSG boarded a case against us in California, we subsequently board a case against them in Indiana. Protective Insurance has a decades-long heritage of providing insurance for fleet trucking operations and specializing in workers’ compensation insurance for transportation-focused businesses. Moreover, we had healthy growth in our target segments in the quarter. And overall, there is no notable frequency reduction reflected in our loss ratio. Jayme Wiggins -- Palm Valley Capital -- Analyst. Gross written premium was up 8% over prior year, and in our core ongoing books, growth was even stronger at 18%. So when you refer to the CMBS, I think you included that as part of that group. I'd like to start by once again thanking my colleagues for your hard work and commitment to Protective and to our clients. Okay. So if we wanted to compete on every single fleet that was out there, and we could certainly -- it would bring -- it would be a different business model. Please proceed with your question. At this time, management would like me to inform you that certain statements made during this conference call and in the press release, which are not historical, may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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