The adjusted net operating income for the quarter was $20 million, up from $18.8 million the previous year.
The group combined ratio for the second quarter of 2022 for the company was 91.0 percent. Excess and Surplus Lines (E&S), the company's largest segment, produced a combined ratio of 83.8 percent, compared to a combined ratio of 77.2 percent in the same period last year.
At the same time, E&S gross written premium (GWP) increased 24.6 percent over the prior year quarter, with eleven of thirteen underwriting divisions growing and ten reporting double-digit growth for the second consecutive quarter.
Renewal rate increases were 14.1 percent in Q2 22, the twenty-second consecutive quarter of renewal rate increases, totaling 58.1 percent.
The company also reported a GWP of $399.7 million for the quarter, a 5% increase over the previous year's figure of $380.1 million.
Furthermore, net written premium (NWP) for Q2 22 was $194.6 million, up 1% from $193.6 million in Q2 21. The net earned premium for the quarter was $186.2 million, up from $172.7 million in the previous year's second quarter.
"Our strong start to 2022 continued in the second quarter, as our results reflect an acute focus on underwriting profitability and risk management, as well as our leadership position in the E&S market," said Frank D'Orazio, the Company's Chief Executive Officer. This quarter's adjusted net operating return on tangible common equity was 19.9 percent, thanks to strong performance across our underwriting segments and investments.
"Our E&S segment results were especially strong, with accelerating premium growth supported by renewal rate increases and attractive underwriting margins." We remain disciplined in managing the business, as premium in our workers’ compensation unit and Casualty Reinsurance segment declined in accordance with our stated plan, given more attractive relative opportunities in the portfolio.”