First Quarter Highlights
- Growth in operating income per share of 29.1%
- Combined ratio of 95.0%, including 2.7 points of catastrophe losses
- Net premiums written of $1.1 billion; the decrease from the prior year was principally driven by Chaucer’s disposal of its U.K. motor business in June 2015; U.S. net premiums written grew 3.6%
- Continued price increases in Commercial and Personal Lines
- Net investment income of $68.3 million; earned investment yield in line with the prior-year quarter
- Book value per share of $69.30, up 4.7% from December 31, 2015, and up 5.1% from March 31, 2015
- Repurchased approximately 610,000 shares of common stock for $48.4 million at an average price of $79.23 per share
- On April 8, 2016, issued $375 million of Senior Unsecured Notes due in 2026 with a coupon of 4.50%
