DGICA - Earnings call transcript Q3 2020

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Operator

Ladies and gentlemen, thank you for standing by and welcome to the Donegal Group, Inc. Q3 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. [Operating Instructions]. today’s being that advised be conference recorded. is Please Instructions]. [Operator hand over Chief to I Officer. would speaker conference to like Miller, now our the today, Financial Jeff Thank you. Please go ahead.

Jeff Miller

welcome conference Thank the XXXX. our Yesterday a quarter morning quarterly much. issued you XX, and we release very ended September Donegal for call news Group afternoon, the results. third Good to outlining

For our website of Investor Relations a section copy of donegalgroup.com. that release, please visit the at

Kevin comments website. Burke, made have a investor you In available of Officer, today's will comments, have. our provide financial I'll call, of our and In business addition, we questions we conclusion might quarterly open will President presentation supplemental At Executive with Chief update. on line the the our any prepared results. a follow highlights Kevin's for

factors that news actual started, that today we forward-looking we the of risks Before further report XX-K statements you commentary statements involve forward-looking Form that aware described the release our information on We be SEC. should statements could and in a our differ that get in about results and materially and number forward-looking submitted includes those project cause risk we the we provided uncertainties. from to to

non-GAAP that, our yesterday. Form included the issued XX-K Kevin. of can it measures You our in access use we Investors website. section the turn release With certain analyze business information through to over results reconciliation you the of our We news to financial non-GAAP I'll to and refer

Kevin Burke

welcome and everyone. Jeff, Thanks,

during We the severe quarter activity in are third light the country. the results weather underwriting our of throughout pleased with

broad to shareholder in quarter, continued the value. we have at taken the look enhance improvement you approach our the results reflect comprehensive total and If in

and two personal quarter, ongoing lines strategic concentration a impact challenges margins. profitability, storm in to our stabilizing talked those mix bottom such ongoing I profit our The XXX.X% ratio our our we is aggressive compared effects about shift last past as actions call and as the of higher the of towards elevated improve Even The efforts commercial XX.X% years. COVID-XX the underwriting lines year focus the Starting improve our pandemic. on in third of to our In quarter prior and over to product quarter. have activity encountered third taking of combined performance XXXX with results. benefiting improved after to steps line that segment a clearly

diluted rebound We as benefited per our net investment of or quarter. also the value gains equity after-tax during Class the $X.X share, to continue from holdings million market of A $X.XX security

we substantial the for diluted considering many or Again, losses operating all XX, recouped million recovering weather March of net resulted third we income slowly to our achievement. $XX.X as economic which conditions $X.XX quarter, unrealized a September the that at solid of view from Class severe events A XX. per of factors As and market the Those decline contribute share throughout regions.

a Moving lines book lines benefit commercial we both that includes business of business. to operations, personal of from and diverse

also of our lines years, taking book Presently, larger commercial and workers' lines multi-peril, results. decisive consists to a products. of several the including Over while automobile, compensation have to commercial past percentage XX% personal shifted lines, business mix we our of actions improve gradually of business our

market and target be of million and stability and increases base of of across our define relative appears share economic hardening. $X write as street medium-size signs premium artists steady new showing We've caused to the communities. customer premium, contractors local businesses While continued to $XXX,XXX total accounts, play despite who to by roles in the in disruption strong the trends growth pandemic with local enjoy favorable business we some commercial smaller our fair serving business we main owners, specifically larger which as their like critical and we

of trends We higher driving as longer our increase pressure loss the move expect place as will trends as the of on reality next significant orders rates which likely premiums policy as audits commercial the the shelter years. material will following compensation indicates for a any deals suggest broader well for to social number we level be We which not facing and with effect. evidence pricing factors other us. impact lower few endorsement in income based of expect the receive have of industry premium reductions upward exposure request, for insured interest the while audits workers' impact. on not policy those that mid-term We during during a seen inflation XXXX will we be which did to of had sometime We've investment a among the delayed half reduced a completing any were resilience until impact first end we the of complete that pandemic in anticipate and some our currently businesses premium will that terms level in terms we when

businesses reminder, a ensure in economic varied As those across states in considerably. XX has the states disruption we

an as second we quarter there was when increase frequency to auto in widespread shelter compared personal claims that in the place travel. the did see personal to limited in Moving lines, orders third quarter

although rush traffic less frequency of of claims the there to appears many levels, lower the be with lower quarter. their third people experienced activity density, continue frequency to activity lifted, closer the restrictions and time While auto frames observers those work some other pre-COVID miles into year driving to has as more to were compressed companies hour driven the homes. returned lower clearly from many peer was than driving industry along prior attribute our We as we

adjustments of underlying we impact our COVID-XX experience process. We that reflect including continued experience, course rating claims the and our loss will monitor the closely annual file through normal to have rate our

precision models, which products ability data our we personal analytical and predictive for in our our ability of improve continue new development are auto effectively of products the compete will will The July to make to through new are the XXXX greater timeframe. We to deployment that on on us external report expanded progress to give pleased our that homeowners pricing markets. and with use the track lines segment the in

the deploy will the that to personal during out completing few in launch with we we roll all products. note, smooth is our states new as lines forward at modernization Despite the the a and are We full well XX time ensure offer complete personal larger the in as as we On new within on we are is to well-positioned move our product environment, look states were that quarter systems pleased project focused related parallel a a primarily as these progress we modernization products remote operational with working year new XXXX. on and our progressing as of lines initiatives the release that the next ongoing the into systems we initiatives. products numerous

value the fact turn to over book that want our Jeff record highlight $XX.XX I reached I Before XXXX. high for to a call results. XX, of at the review a quarterly detailed our has of September

of of $X.XX of share we XXXX November cash included quarter of during represented as book declare third appreciation, X% to straight unprecedented of XX, is business payable Xth dividend challenges November value X, are we That facing. increase our year-end by the able our the XXXX stock the events book B growth quarter notable quarterly to of stockholders Class of record We year-to-date, of considering on value XXXX. XXXX. also close which stock, increase were regularly were on our Class per XXXX, pleased per common XX% share The all and the A since as to common share per of $X.XXXX

that, As I'll a third quarter reminder, cash Jeff we each the have to it gradually years. turn to over for year operating more go about over XX increased our With results. details dividend past our

Jeff Miller

Thanks, Kevin.

modestly the quarter address a financial any the and we'll metrics few with operational the during top-line quarter. later call. for premium I'll I'll usual, questions third to be the As which highlight revenues, start in and of glad declined

growth that quarter solid X.X% personal grew during attrition writings attributable XXXX new $XXX.X XXXX. attrition discipline reflects accounted quarter X% than XXXX Premium achieve for continued increased of and X.X% premiums the by approximately percentage third increases to decline XXXX, by XXXX business that increases. The and premiums of that lines. third lines third in line-by-line compared to XX.X% was at continuation premium during year premiums quarter business quarter. written the quarter led prior in the We third On our which net limited total, was premiums rate to the the and approximately X.X%, moderate to compared XX.X% of and the to rate accounted quarter $XXX.X by third pricing new was for more In million pricing growth in written commercial entirely through natural auto a business workers' the the to to by or for period. Commercial excluding compensation. compared a lines planned growth a during X.X% for premiums as to decline third for offset commercial of exceeded decreased X.X% increases the million of largest net offset decreased earned our the premiums new relatively basis premium personal net quarter premiums commercial of quarter during

quarter events damages elevated an phase XXX.X% impact third we accounts substantial by bulk states the on in year by the devastating quarter. the commercial year ongoing and XXXX, perspective, loss during generated X.X% premium the have third increases XX.X% several percentage as stormy in including improve rate ratio the several rate unusually weather ratio damage increase was that decreased the of lines offset combined from underperforming to increases low-single-digit reducing in in of across of third of regions. X.X% performance compensation mile a of X.X% tornado the third actively Commercial segment commercial decrease new by The six the due in multi-peril for including experienced percentage compared auto the XXX business decline commercial points quarter. prior business expand for loss the XXXX submissions plus premium ratio for with to during statutory hour our which impact prior average. From our an smallest commercial ratios. efforts to during performance business ratio to a small for quarter increase premiums event lines underwriting lines grew in moderation X.X% in rate We we the compared the loss accounted of total implementing regions. rates of That declined August the solid continue multi-peril and winds of tropical severe the double-digit for combined when to competitiveness was exposures since weather-related a saw of quarter during for point line Workers' the Midwest business regions and the rate

to auto personal and Kevin Moving to products personal second deployed as growth precision new our declined by X% natural book in lines, lines they therefore decline segment. pricing that, rate XXXX half we of lines, have the await as home business primarily greater premiums slowed new of in provide this our the next written when moderated We and premium during business the stabilize of net personal intentionally will year. reflects introduction our writings in quarter. we mentioned, Overall, increases are personal approximately beginning during attrition our

returned our last XXXX density again claim lines in implemented the lower frequency two driving part third In performance, auto COVID-XX that the the we have years, results within levels. we claim and period benefits during personal reflect even to pre activity well terms as underwriting frequency to underwriting as traffic personal as various lower in of of closer actions quarter attribute favorable

weather events the states. states for homeowners Our third lines weather-related in potential from results to we proved to losses several be our weather markets significant from beneficial the prone avoided those quarter severe in exit personal as

the compared our lines ratio quarter achieved loss the quarter. lines personal XXXX for in segments, combined and XXXX. a personal greatly XX.X% XXX.X% to underwriting ratio commercial the for the quarter XX.X% we with for results evidenced of of lines third as third third XXXX we the for segment third compared loss quarter For favorably total, statutory Combining which XX.X% improved the the by experienced ratio of prior-year

points fire quarterly quarter. quarter for third million not lower average a the $XX.X business. on prior fire XXXX compared accident to in third the with the in loss losses reserves previous $XX,XXX was define to third of losses basis points the did X.X weather-related the for XXXX. the in losses have the impacted of material the decreased ratio impact excess of Large of individual quarter with or X-year we elevated an the weather in $X.X or quarter, points loss million of XXXX, for of ratio percentage $X.X the of which percentage X.X ratio down to impact was of the loss percentage the While of our incurred XXXX loss X.X line prior-year impact the years third homeowners ratios XXXX. as weather losses, of than loss million line primarily or Net a third for development for of impact The ratio third from quarter decrease for quarter average either

their development offset third for by actuarial expectations lines unusual business the Our quarterly workers' from in for compensation personal liability of insurance of that handful loss of exceeded subsidiaries emergence. for favorable business a that XXXX, auto resulted in unfavorable line their commercial our multi-peril claims of experienced quarter reserve increases development and

in was the development months and XXXX, reserve this began expense personal nine systems reflected earlier it sequentially insurance in to development part commercial subsidiaries Relative third There by second impacted prior-year For project to the for was the third experienced combined XXXX, incentive the $XX.X for of our the ratio implement increased systems was the commercial and the compared favorable related modernization expense we as down our XX.X% the of quarter for for multi-peril multiyear was XX.X% primarily the higher of prior XXXX. virtually of compensation new favorably of ratio prior in line to as costs quarter systems million, quarter. employees. our costs the incentive XXXX. XXX.X% ratio was for of technology in higher for the of first increase quarter, also XX.X% that the quarter. and quarter year expenses growth for agents of year XXXX, from no our workers' underwriting-based business combined The But comparing third year auto. first the Overall, ratio XX.X% of to nine agents months our

invested held million Class And increase percentage the for a A $X.X investment XXXX. or unrealized primarily of turn related XX, of the Moving briefly investment third investment invested additional $XXX,XXX September quarter XXXX with quarter for for gains, quarter offsetting investment third will September investment to quality That as a billion maintain income our equity which $X.X on me increase XXXX. pre-tax Net XXXX fair securities XXXX, million large investments to income compared to assets in the gains. investments, basis the an of comparable value in were to improvement $X.X assets for and to of third Kevin we XXXX, the flows, net but we amount A the for income offset third XXXX. losses portfolio, closing net of was in investment net ratio XX.X% Class net per quarter for operating to They our continue income our to to loss reductions in fixed yield. per of net also approximately project $X.XX $X.XX share million compared were a million constant the representing $X.X that, gains at back investment the XX, average the for of of highlighted at the XXX% it remain third comments. share of average With investment XXXX. cash let decrease primarily third over to will average funds or to invest quarter quarter increased due Kevin year. as diluted the in expect $XX.X finally, expect in gradual modest We earn positive income in we relatively that next our from the the yield diluted

Kevin Burke

Thanks, Jeff.

keep I the response. of lines independent to late strategic them our agents to our impact of pandemic ongoing of offices. majority working diligently have and COVID-XX provide to hoped holders. our to employees and relatively levels employees Before a and our service an to do a while to our and want on our the the communication and take on in maintain worked regular agents initiatives, we employees our to plans the with larger successful transition a of percentage progress the update minute seamless we excellent apprised we've March, return questions, After maintained policy for open to remotely vast We've

safety utmost the importance the our on employees, placing are families. and agents, their of We customers

employees and any for and XX% result, Thank dedication, our move these work have. their With goals stronger ongoing open will employees until we our a and we we together. in so forward our likely you to sometime lines the of resilience the we our as continue that, operator may questions through XXXX. As will for to emerge ask remotely agents and we'll you. the persevered that do accomplish to times and Ultimately, appreciation having express commitment,

Operator

[Operator your from Reitenbach Sean first Instructions]. And question KBW. from comes

Sean Reitenbach

was seem cap it's the morning. how wondering auto guess be but Good pre-COVID to know I you close like going get considerable quarter? how a mentioned kind progress might on the for I future. I almost that during back levels, did to number like of frequency the, is it does there

Kevin Burke

question they're fact hopefully different handled, virus mobility depending the in and out it in I that think contingent nine more out question up, we get upon it's but get really subside. times that is and there and really what a people's that claims highlight does are is although starts there, that's the virus travel of traveling the so to down that not. frequency I months and really continue is is six it the how upon months, mean asked impact at the ability to and terms and to it's,

patterns regular You'll to claims driving increased some that of activity. may more start show patterns have

lot a of other post-COVID; this to that got differently. things looking including to is aspect companies at are The as Donegal think there you

and how motor at looking everyone may to through this of are lot of things organizations we have an in the accidents, accidents. that do not need have back some gain vehicle frequency terms office of learn will impact we efficiencies. That a You in process

think of are of travel they a the the the six and months. more employers it looking hinges lot of how on working is, virus work there so What patterns terms come I And in or three of to restructuring do to what that remotely. are and we see employees next employees to in terms

Sean Reitenbach

greater people in stop of to become that's able home the normal Is people loss the before fire that that homes, there from decrease mitigation more kind any is people from volatility those losses. fire things -- evidence is related their And on like losses? point large working or being large in from they

Jeff Miller

is I'll certainly this imagine Jeff. and to when occur. excellent we've Sean, more difficult, you they determine as shot determine take not an occur that. It's but a wide do losses at to why do can and asked question internally

many to say when that difficult it's home --many a has fact is home but fires in the stay fire certainly at people So home. explanation more -- homeowners that staying reduced plausible are the that not losses, it the someone is occur

So explanation it's that's a to fire decline in quarter. welcome was certainly losses but homeowner a determine. on plausible Certainly, the for side difficult for the it it,

Kevin Burke

to or not updates homes consider the I I what large, were fire large home. majority and receive vacant, at Jeff over of something that be and occurred started on when are electrical Jeff that policyholders When the are we buyers, XX,XXX, reports those anything get

So, helped that. just there to there some from having is speculation working reduce home folks that has

Sean Reitenbach

hope final expected XXXX possible see recovers units. workers' in XXXX the then rate evidence some and playing you we obviously growth for We're all about exposure in hearing the into And do one of and inflations more that in How comp? workers' economy kind certainly maybe Okay, upward you. thank one. comp

Jeff Miller

workers' to throughout in growing that expect XXXX. comp we continue been into successful book We've our XXXX;

talking that that, business the rate shut active, of outside the of not at as XXXX. start COVID even in see the terms to largely to down. during, during because employees rates regions. through some from make to expect where out signs we increase and are to too would hopefully environment rates a Absent we've that in potentially be estimates that time started when about out would welcome call rating to early others related potential and bottoming the to remains seen of many it's being bottom be to in see of frequencies But economies the third is as In certainly, experience working were and we It having as that. in our impact the that how to reduced not the certain XXXX bureaus we least heard on the start may the flows rate headed. We quarter,

Operator

comes next Doug question ECM. from from Your Eden

Doug Eden

you compliment two team to issues. the want I and on

to done quarter loss had that book that addition quarters in also increases team. the gone well third reserves, a hasn't mentioned, unnoticed First, you consecutive and the it the very and Kevin value seven quarter stable so, you represented of Xth straight the by

into value is insanity, in-fabulousness of considering has can my [ph], company the now. on, times peers the still the successes second Second, its in this very trending at undervalued think quite word company company ratio the X-K favorably between opinion broadly my the borders call that at premium And was home The the can I question. and investors and want Investor the notice the point you yesterday, just Donegal Presentation the I And XXXX? how and was then really trading inaudible that how company comprehensive around an book leads to P&C public expect that there and average my in having. look mountain for it had is helpful will strong about of is trading loss -- states that domain X.X are the while gap the some it filed drives at, get move execution to on time peers. in first we out is are so to take How question much more relative X.XX

Kevin Burke

appreciate and the Jeff's as number we is particularly and Investor we well at start for piece. looking as start Relations Doug, also this I'll ask one, as Kevin, comments compliment. the We,

focused We on are working very diligently we're to and that. value provide shareholder

regional institutional and out -- to investment we is real and obviously is to that looking out specific think a Donegal that and at are I times opportunities it are we commercial very is that, to able at independent get achieve perfectly because we is are potential as organization of question really mid-sized the aspects to a we Doug, word real the It a Jeff that approach embarked Your think we able the understand go that at we very opportunity there are to positioned and XXXX, consistent upon a to good advantage agency company look relates and investors positive as how marketplace. be pinpoint candidly forward the we really of an being marketplace, frustrating have in because move having little your there take tied that think would good do that similar solid continue results. to, we system timely and

end growth turned be a And was we conservative on changes very tough eye that year, knew keeping we was ensure in year growth a again the doing start to we position in which reflect that XXXX, are now and I as two profitability for we've We to that end spent very forward to we've foregoing top got top to had. think some we in out years decision. stable a our to aspect, And that needed the we've additional are but right has it that move make that better look reserve platform from underwriting that. approach part in a to move the very that and of aggressive back some

Investor the Miller XXXX can on of Viozzi, or our some Jeff side look targeted Head to to There be that approach myself Jeff comments any the additional for you going a who here. investments Relations collaborative that? is to on So, is effort forward approach that. Tony

Jeff Miller

well. covered you've think I No, it

see you'll visibility on part. think more our I

at a be the few story in example, York some hopefully going presenting and broader so Conference get New opportunities the will to CFA we're of and tell exposure. be to advantage For we weeks, taking

Group, Moving premiums part are that to States question, $XX the policies Mountain Mountain million throughout we of $XX into to pooling about stream when States expect of planning the the Mountain of continues bring gradually address can into perform to effective Utah we're premium Donegal the date going New XXXX. impact XXXX, effective states small in do on of up and But then Donegal and January is throughout toward Because will in basis, plus it Mexico, year year by book where earned I that pool, revenue business year, it generate end agreement Mountain the pick to happen the relatively beginning States and the of next impact bringing about the to will, year Inc. revenues become with your will it to into Texas. the the accounts will Colorado, mid-sized so and top-line those to the Group commercial four in premiums write XX% active; the well that will we States continue million quality the we and

grow there states. They four group with are us. distribution agency to in motivated solid a have those We

focus related sizable Mountain in more want it's and a may know, to we for that not but area or States may us to our a deemed gas the to not book had gas related accounts be classes risk or oil you business, various that just were were acquisition before and really As oil classes of a that profitable undertake.

that expect next and we gradually ourselves market ahead So we year. withdrawn risks from are to oil are by gas removing actually of and from the be much schedule pretty sometime

forward. that have material So a going impact not will

that replacing other traditional regions. the products with Donegal We are offered has more in business what

to of XXXX. we in that to Group So expect growth stream Donegal beginning revenue the hit start

Doug Eden

entire great and the of the you both up keep Well, exciting. very work team. Sounds

Kevin Burke

Doug. you, Thank

Doug Eden

you. Thank

Operator

The Bob question Scattergood. Boenning comes & [Operator go from Please Instructions]. Farnam ahead. next from

Bob Farnam

you idea to an roll repricing you're premium Yes, premium lot the new a when -- expect doing hi there. and curious re-underwriting Good when out to mentioned morning. know have still product. down, I'm A few do questions. you One but, turnaround? lines. show going is of on Kevin, when person personal the I lines you what start not, of some might so the that of growth. and personal

Kevin Burke

Yes. probably of first believe of XXXX. quarter, XXXX, quarter it's second Bob, of beginning end I

three. so of group the personal this out able compete much got rolling agents to price are reality and product for product, going order there states we've the refined to in be new go market We're and in space. those product This July/August to the going engaged lines in get We timeframe. fully it out to we're product is But very a in in scheduled. is, launch

to lift You're of perspective see that XXXX. business to from in beginning really start a the going new

Bob Farnam

I Great. you offer. to lot That's to able be actually a than specific more expected

So that's good.

Okay.

of I change, COVID much probably legal of have is have defend in really you much much you interruption you you do expense probably business a of think but terms suspect COVID, I that How to terms had In claims incur didn't type a my actually, to haven't denied. to you expect yes, is mention yourself? claims, lot question

Jeff Miller

is Jeff, good this Bob, Sure question. very

quarter of very over have in up to and number have to interruption of eleven majority legal were we level the in to those, those claims, We that the that we to put some of those some presented. reserves that presented will The litigation second expenses us quarter third we small claims. were business quarter, claims somewhere XXXX, related were had last that expect of hundreds we number as announced added for as

the those to-date. There been and those that add the point on been this in $XXX,XXX have strategy. the a put them and in lawsuits of handful monitoring not number reserves do fairly much council we denied quarter. of ensuring that of that minimal. were is To-date, all do up We we defense hasn't been denials. based at quarter, third our lawsuits claims We consistent have of those response have losses All a legal and that have a did coordinating to-date, in really second expenses consistent to in have filed activity we

nine, have three they could but been some prejudice they so In be withdrawn withdrawn. point, reinstated were fact, at the of without

are six closely that have we we're that. So active and monitoring

So, many, won't pro a our one hasn't would country coverage there that to-date, a unless where significant and is only that opposed there decision expectation litigation pro and there we that insurer. I'm customer been suggest been see are there of as has throughout decisions increase to the that is pro that more in that really activity aware potentially is

think of legal has policies. apparent. of that which physical has preliminary place the actions the the And on we've of the that majority exclusions our been lack damage the seen, the physical are for line that have don't I the and of we So course second reached loss defense, decisions litigation in or

increase not certainly this costs, at something significant but a we're we're So closely. in monitoring anticipating those point

Bob Farnam

Okay.

So a basically third that $XXX,XXX and in the what put seeing changed, really as you've reserves quarter. is in reserve we're for hasn't

Jeff Miller

Right.

Bob Farnam

Okay. Go ahead.

Jeff Miller

cost, for We for costs. of defense Just for just the payment defense any losses; it's not don't expect potential.

Bob Farnam

costs Right, expense of the down to The might in incentives got this -- agency and Should it the XX I'm new you mean, technology said kind for more the some you I up over pike quarter; had think a expect underwriters. put ratio, ticked these cost react as we technology it. expense XX to the you about months? ratio how to trying products? next next bit

Jeff Miller

year, And quarter. the do year-to-date, We $XXX,XXX about we expenses Sure, expense -- have quarter shot in at increase next result so be that through of some Jeff an software again, with additional next continue half million that in to of that I'll technology that year. the we start through release the will that. will about would the in When per expect $X.X second pace same being a go second take recognized. costs applicable XXXX, do next $X that live did of

point, seeing the think the we'll don't this of again to we're -- the currently year, expenses will some incurring. it's additional of added second you're to that it but exact the will the expense being number comparable to this at that ratio. I be the that added year would have costs that I know fairly half impact So,

peak impact up our the an We're at were X.X so that two years the expense projections will was at impact the next points expense have will next over and So, on ratio, it over gradually several the ratio. cost it the X.X%, years. the to percentage currently ramp X

our is expense then hit costs for peak for lines, incentives to of quarter the growth profit-sharing of the ratio the impact that quarter subside. and in that quarter commercial agents, that ratio to employees the second So, expense we will resulted our our ratio The impact than underwriting third the XXXX, compared -- higher that on ticked for extent in that of our incentive start all then costs, the incentive and up had lower bigger XXXX. are the but to based it current loss

Bob Farnam

last ask Okay. don't specific reserve we of And that question; if information I'd I kind development guess the remiss have the be if you about by line handy?

Jeff Miller

Sure. I do have that handy.

was of As personal million, million development for favorable auto, Workers' both and and was $X.X it was CMP. $X.X comp of favorable $X million development. by favorable auto, development personal development. unfavorable of we mentioned in in right It $X.X comp workers' offset million had around

primarily were us pretty information view us trend we Other to mentioned, fairly, lines case development, a than additional more in reported third about increase of no had development unfavorable kind handful the We auto. there we believe we we anomaly claims that of due connection was with to is liability of pattern of the those else, there. or during were as quarter which quarter caused the had auto much to that's that that was a commercial reserves. or that level third that claims, unusual commercial XXX,XXX As timing that's either to no saw XXXX, a of modest in anything line

much and in but lines that other out. up were down, pretty The

sense So hopefully it. that gives you of

Bob Farnam

commercial yes. Yes, your CMP. or the point the And to where

had So nine first half Sorry, first that's favorable you've that the was the year in flat, the of the been fact of months commercial the nine year; is over relatively but the, multi-peril adverse lines? it's for full CMP of quarter, the year this months some the

Jeff Miller

CMP. the Correct. development for The nine virtually months zero is reserve is for -- the

Operator

over Jeff will the closing back our last was call I Miller question. comments. that to turn And for

Jeff Miller

after today. the all excellent participation again We you thank for Well, you call you to Thank to results. and joining reporting very to look We you the speaking your appreciate questions. forward much. year-end of our

Kevin Burke

Thank you.

Operator

this today's call. Thank conference Ladies for and participating. concludes you gentlemen,

disconnect. You may now

Donegal (DGICA) 30 Oct 202020 Q3 Earnings call transcript