Ohio Casualty’s Q2 Profit Up 67%

Fairfield, Ohio-based insurer Ohio Casualty Corp. reported second-quarter net income of $32.7 million, or 52 cents per diluted share, up 67 percent from $11 million, or 18 cents per diluted share, a year ago.

The company also reported a statutory combined ratio of 98.2 percent for second quarter and 99.5 percent for the first half of the year — both are 8.0 point improvements over the same period last year. CEO Dan Carmichael said the ratio was the company’s best second-quarter ratio since 1988.

Carmichael attributed the company’s results to a 7.5-point improvement in its loss adjustment expense ratio thanks to a decline in claim frequency, fewer large claims and a better priced book of business. Increasing competition held back net premium growth.