John "Jack" C. Roche
I we the will recapture joining of begin and our our everyone, results of margin my in perspective will results you taking achieved on to including Jeff we quarter today's financial we review improve Good and Oksana. third review success you, underway. with new A have thank line our more resiliency, to summary our Thank call us. initiatives we for underlying will initiatives morning, the a detail, and and have for operating date. questions. catastrophe the in open your then are actions
our I'll our of shortly. which I'll great acknowledging on expand third begin actions. the of with by heavy CAT on results urgency resiliency more this the on executing are sense impact and topic CATs quarter we
Excluding catastrophes, our we slightly are very our recapture third to third the pleased in ex-CAT were quarter part than all to meaningful to helped underlying improvement which plan, quarter performance. drive execution that our of in happy expectations, margin due results with segments. continued X strong our business I'm of report better our
in reflects particularly in committed the mutually of modifying requirements. relationships and and conditions as quarter well-managed experienced strong model, progress broad business innovative including sheet, team balance capabilities, Our our our partnering beneficial distinctive the and company, and deep strategy and and agents inherent relationships strengths best terms increasing are of business. agency The underwriting the of our many prices, last important thoughtfully are with is deep tightening and others these we today
we are franchise over our execution to others, their margin In factors, working are the improvement in navigate in to customers them agency time. and ability level better challenges.
At the today's to Lines their disciplined leaning one to teams very a enhance further closely of along property markets keeping same deliver we a our of have Personal commitment many us agents casualty Those and confidence time, in with profitability the into with seen drive with as we help property, high premier hardest our our particularly give being in initiatives. further on respond independent we channel, and
results Our to important to expected execution as doing are testament performance get we back third levels. are work quarter plan to a as the comprehensive strong ex-CAT well successful the margin of recapture our our
the main Earned We Lines, increases, inflationary continue the drive to improvement in of rate Personal Auto improvement ratio. property Lines this are quarter prevention in primarily be to loss by seeing a our current prior in ratio quarter X-point increases improvement risk helping an we control year driven outpacing collision beginning are accident accelerating is year, and Auto. focused earned driven is loss and elevated pressures, loss trends but second on while enhancements, by help measures.
In levers: price overall X Price and Personal drive third trends underwriting loss margin easing robust compared remain Personal to increases. loss pricing
bend Homeowners pressure Having price and ongoing increased the next continued starting confident are top to increases, current loss that, we is be will earned rate an proving curve challenge. said quarter. of valuations, on
construction. more on taking approach are to specific aggressive we experience of prior nonrenewals underwriting ROOF a and homeowners of quality including age criteria, based loss Additionally, Score,
range end change we Third return XX%, end on next year, on we to of this a expect a the were homeowners the auto recovery total upwards price of change experience based reasonable an renewal a expect for price home written XX%. Personal Lines By quarter basis our in and respectively. Personal Lines at of year, average Collectively, and to and loss up of trends. a XX% XXXX, assumptions profitability dramatic target profit
risk our continue focus underwriting also in the improvement in Commercial execute and all We Pricing, X to profit property across lines plan on prevention. Core areas: quarter
In by middle meaningful up volatility the renewal We've quarter. our points total have adjustments risks ago. months from quarter, terms compared lowered prior XX.X% price X Property by XX% strides also and in constant core XX.X% third property that policy pricing, increased large addressing nonrenewals to XX made the in market, loss Commercial completing limit in in dollars our of in
losses risk range mitigation reduce CAT of a in in engaged and to Commercial. prevention designed initiatives also Core and We non-CAT both
number IoT the expanding in enrolled our successfully are program. accounts of sensor We
the We accounts of end have approximately by of increased XXX% number last and XXXX. over the the since X protected XX% months
September, through XX% These end we'll third results, now XXX been actions targeted delivering loss and reducing X and addressed large quarter. improving year. to through deployment, accounts actions have points through Commercial middle Additionally, market last ratio address are underwriting the of over the volatility loss the by fourth our continue additional or year the compared sensor Core to current of quarter accounts
business. Turning to our Specialty
quarter, We are across a delivering our of pleased our for performance the combined very XX% of portfolio, the ahead expectations. with ratio
like in conditions sectors particular some While our management of in liability. are market segments competitive, for
profitability a of diversified specialty validation portfolio deliver is rate to ability and our disciplined and Our underwriting consistent strategy.
a are sensitive growth due enterprise social somewhat ongoing couple in we Our quarter in to plan, of proactive the that Specialty, recapture lines of to expect all and we muted impact underperforming the margin excellent and inflation. the temporary segments Despite any contribute programs. on Specialty also performance nonrenewals was to of are being to segments
was Excluding the in programs, growth third quarter. X.X% Specialty
and robust and Longer provides Specialty prospects. continues to comprehensive growth our represent robust important providing portfolio, capabilities our partners highly with CAT however, property This agent our and while our term, a overall exposures, additional product offerings, all valued business for for reduces growth diversification consequently, opportunity company.
quarter expect penetration and newer from as including in increased the to E&S single-digit next in our we and year, Specialty, Specialty product growth market portfolio fully return upper most segments to GL business. growth We benefit first offerings, starting in
We newest from is including also in our which expansion lift wholesale growth. expect already additional solid initiatives, channel, the delivering
discussed Personal effectively manage our efforts include all additional transitioning for catastrophe deductibles to turning an CAT in in our risks on call. cash the to on increasing levels to and by and progress more actions value quarter roofs minimum implementing our determined Now wind states we states, These Lines. A peril management exposures certain specific deductibles for second made important on to We new actions limits, schedule policies. coverage business and actual specific hail in exposure
As as in These for been our agents platform raters new hail new and payroll and business efforts. September, as for supporting soon next a week. business sales wind the updated in requirement our of on as changes have comparative will default TAP are all transactional our be introduced the deductibles and
expand that our effective to dates. states to and with in key April policy renewals starting advancing processes February, product We us regulatory also with the changes starting are technology enable these
the we expect will of of XXXX. We by roll end most business terms into our new homeowners
claims In are XXXX roofs in introduce value we for for new older cash reducing geographies for and addition, to roofs. certain costs raters, planning comparative risks, actual further in thereby starting in types of business the
expect actions to should our which support costs us aggressive share minimize prevention, severity We loss these enable claim exposure with to and loss insureds, decrease actions. better roofer will
XX% At place. roof and vulnerability these realize see XX% we fully upwards in in once significant in level, an payouts. are improvements CAT We product hail expect reduction individual and to of to loss could changes experience risk our claims
legitimate deductible and benefit frequency an roof will expect filed. are a reduced same on $X only $XX,XXX wind depending coverage see time, claims between example, claim For against ensure a million will the of of At age, the we and deductibles cost on to as roof average that $XX,XXX range $XX,XXX. $XX,XXX to hail the A, the claims higher
product reevaluating and to property our pricing our changes, also and In concentrations. are exposures, geographic we addition micro reviewing
exposure taking including Personal believe in our were to steps areas but not limited Michigan. continue the we for these are in states, CAT losses we of reduce Lines recent the Midwest While property across some certain aberrant, to to
models updated exposed weather our ensure aggregations increased are geographic reassessing property not and of property we in are the overly valuations in have specific changing We and patterns. light our to areas
the beyond Additionally, we risk prevention from exposure PIF we product achieving substantial are in decreases changes are reduction implementing. actions and
emphasize will in efforts to growth states. we our continue term, Lines diversification Longer lower-concentration Personal
than business expect Specialty to the Personal much our relative Lines, also and policy ultimately, in grow faster small share reduce counts of Lines exposure to commercial and overall We and mix. Personal
it in look succeed we what marketplace. takes we rapidly have we to ahead, challenging As and changing believe a
with our our performance progress strong we right company are forward. year. of made we the degree a high and very on of encouraged and conviction move ex-CAT to that margin ahead We We by are our plan initiatives recovery look during the set the resolve executing have
to other a and for benefit and strategy, that the long-term agent partners value growth and our our to profitable creation company proven X X We have customers, sustainable, deliver shareholders will refined meet stakeholders. that our X positions moment, and
Jeff. over turn With the will to that, call I
