MORRISTOWN, N.J., Nov. 9, 2020 /PRNewswire/ -- ProSight Global,
Inc. (New York Stock Exchange ("NYSE"): PROS) (ProSight) today
reported results for the third quarter of 2020.
Highlights for the three months ended September 30, 2020 include:
- Fully diluted book value per share ("BVPS") of $13.34, an increase of 3.9% from $12.84 on June 30, 2020 and 11.1%
from $12.01 on December 31, 2019.
- Rate execution of 11.8%, excluding workers compensation, and
10.9%, including workers compensation, with acceleration throughout
the quarter.
- Net investment income of $20.3
million in the current quarter, an increase of 19.6% from
the third quarter of 2019 driven by growth of the portfolio and
strong investment results.
- Pre-tax impact of catastrophes of $22.0 million in the current quarter,
including $16.9 million of net losses and $5.1 million of related
reinstatement premiums on reinsurance contracts. Most of
the loss activity stems from Hurricane Laura and the California and
Oregon wildfires.
- Combined ratio of 108.3% compared to 98.3% in the third quarter
of 2019, reflecting 11.6 points of catastrophe losses and the
impact of related reinstatement premiums in the current quarter
compared to 0.0 points in the third quarter of 2019. The
combined ratio excluding the impact of catastrophes is 96.7% for
the current period compared to 98.3% for the third quarter of
2019.
- Current accident year loss ratio excluding the impact of
catastrophes of 59.9% compared to 60.1% for the third quarter of
2019.
- Strong expense management which resulted in $23.0 million of general and administrative
expenses in the current quarter, a decrease of $3.0 million or 11.5% compared to the third
quarter of 2019.
Larry Hannon, President &
CEO:
"We extend our sympathies to all of
those impacted by the events that caused so
much damage on both coasts and in the Gulf this
quarter. I'd like to thank our employees and distribution
partners for responding quickly to our customers in their time of
need.
"The third quarter was the largest catastrophe quarter in
ProSight's history. Despite the cat losses and the
ongoing impact of COVID-19 in the quarter, we did
generate positive net income, grow our book value
per share, and post a 59.9% loss ratio excluding cats and related
items.
"We saw an increase in submissions along
with strong rate execution, both of which continue into
the fourth quarter. Overall, we are executing well in this
environment, providing exceptional service to our insureds and
distribution partners, and setting the stage for profitable growth
in the years ahead."
Results of Operations for the three months ended September 30, 2020:
Net income from continuing operations was $1.5 million, or
$0.03 per diluted share, for the
third quarter of 2020 compared to $8.4
million, or $0.19 per diluted
share, for the third quarter of 2019. Adjusted operating
income (1) was $1.5
million, or $0.03 per diluted
share, for the third quarter of 2020 compared to $13.8 million, or $0.32 per diluted share, for the third quarter of
2019.
Gross written premium ("GWP") including Other(2),
decreased 10.4% for the third quarter of 2020 when compared to the
third quarter of 2019. GWP(2) from customer segments
was $201.9 million for the third quarter of 2020 compared to $223.9
million for the third quarter of 2019, a decrease of 9.8%,
primarily due to the impact of COVID-19 on our Transportation and
Media & Entertainment customer segments, and a contraction in
the Consumer Services customer segment from a decision to
reduce monoline workers' compensation.
Underwriting loss (1) was $14.2 million for the third
quarter of 2020 compared to an underwriting income of $3.3 million for the third quarter of 2019. The
combined ratio for the third quarter of 2020 was 108.3% compared to
98.3% for the third quarter of 2019. Excluding the impact
of catastrophes, the combined ratio for the third quarter of
2020 was 96.7% compared to 98.3% in the third quarter of
2019.
The loss ratio was 71.5% for the third quarter of 2020 compared
to 62.8% for the third quarter of 2019. The current accident year
loss ratio was 71.5% for the third quarter of 2020 compared to
60.1% for the third quarter of 2019. The current accident year
loss ratio, excluding the impact
of catastrophes was 59.9%.
The loss ratio for the third quarter of 2020 included no prior
accident year loss impact compared to 2.7 percentage points
($5.5 million) of unfavorable prior
accident year loss development in the third quarter of
2019.
The expense ratio was 36.8% for the third quarter of 2020
compared to 35.5% in the third quarter of 2019 (36.3% adjusted for
the effect of Whole Account Quota Share
("WAQS")(3)), with the
increase from reduced earned premium driven by
COVID-19, reinsurance reinstatement premiums in the current
quarter, and a ceding commission benefit from WAQS in the third
quarter of 2019. The policy acquisition expense ratio was 23.4% in
the third quarter of 2020 compared to 22.7% in the third quarter of
2019 (23.5% adjusted for the effect of
WAQS (3)). The general and
administrative expense ratio was 13.4% in the third quarter of 2020
compared to 12.8% in the third quarter of
2019.
Net investment income increased by 19.6% to $20.3 million for
the third quarter of 2020, compared to $17.0 million for the third
quarter of 2019. The increase in net investment income was
primarily driven by year over year growth in the book value of the
investment portfolio of 12.4% to $2.4
billion and unrealized gains from our limited partnerships,
partially offset by a decline in investment yields on fixed
maturity securities.
Realized investment gains, net of realized losses, for the
third quarter of 2020 were $1.4
million compared to $0.2
million for the third quarter of 2019.
Total stockholders' equity was $607.9
million as of September 30,
2020, compared to $543.0
million as of December 31,
2019. Tangible stockholders' equity (4) was $578.7
million as of September 30, 2020,
compared to $513.8 million as of
December 31, 2019. The increases in
total stockholders' equity and tangible stockholders'
equity (4) were primarily driven by $26.1 million of net income in the first nine
months of 2020 and an increase in other comprehensive income of
$33.6 million, driven by net
unrealized gains on investment securities.
Fully diluted book value per share at September 30, 2020 was
$13.34, a 11.1% increase
from December 31, 2019. Fully diluted tangible book value per
share(4) was $12.70 at September 30, 2020, a 11.7%
increase from December 31, 2019.
|
(1) Adjusted
operating income and underwriting (loss) income are non-generally
accepted accounting principles ("GAAP") measures. See
"Reconciliation of Non-GAAP Measures".
|
|
(2) Total GWP
for the third quarter of 2020 including Other were $203.5
million. Other includes GWP from certain niches that are no
longer part of our customer segments. "Other" includes GWP from (i)
primary and excess workers' compensation coverage for exited
Self-Insured Groups (ii) niches exited prior to 2018, many with a
concentration in commercial auto, (iii) certain fronting
arrangements in which all premium written is ceded to a third
party, (iv) participation in industry pools, and (v) emerging new
business.
|
|
(3) In
connection with the divestment of our U.K. business, New York
Marine as reinsured entered into the WAQS with third party
reinsurers to maintain reasonable underwriting leverage within New
York Marine and its subsidiary insurance companies during a
transition period following the U.K. divestment. The effective date
of the WAQS was April 1, 2017. During 2018 and following the
transition of the U.S. business back to New York Marine, the WAQS
were terminated. Effective January 1, 2020, the WAQS was commuted
at an amount equal to ceded reserves. The effect of the WAQS
on our results of operations is primarily reflected in our ceded
written premiums, losses and LAE, as well as our underwriting,
acquisition and insurance expenses.
|
|
(4) Tangible
stockholders' equity and fully diluted tangible book value per
share are non-GAAP measures. Tangible stockholders' equity is
total stockholders' equity excluding the value of goodwill and
other intangible assets. Fully diluted tangible book value
per share is total stockholders' equity
excluding the value of goodwill and other intangible
assets divided by the number of common shares outstanding, unvested
restricted shares and vested not issued shares. See "Reconciliation
of Non-GAAP Measures".
|
Conference Call
As previously announced, on Tuesday,
November 10, 2020 at 10:00 a.m. EST, ProSight
senior management will host a conference call to discuss third
quarter 2020 financial results.
The call will be available via webcast at
https://investors.prosightspecialty.com/ or by dialing (866)
497-6416 (within the United
States) or (825) 312-2110 (international), using the
passcode 6198537. A replay of the call will be available at
1:00 p.m. on Tuesday, November 10,
2020, until 11:59 p.m. Tuesday,
November 17, 2020, and can be accessed by dialing (800)
585-8367 or (416) 621-4642, using the passcode 6198537. The webcast
will be available one hour after the call concludes and will be
archived on our website for one year.
About ProSight
Founded in 2009 and headquartered in Morristown, New Jersey, ProSight Global, Inc.
is an innovative property and casualty insurance company that
designs unique insurance solutions to help customers improve their
business and realize value from their insurance purchasing
decision. The company focuses on select niche industries, deploying
differentiated underwriting and claims expertise with the goal of
enhancing each customer's operating performance. ProSight's
products are sold through a limited and select group of retail and
wholesale distribution partners. Each of ProSight's regulated
insurance company subsidiaries are rated "A-" (Excellent) by A.M.
Best. ProSight's shares trade on the NYSE under the ticker symbol
PROS. To learn more about ProSight visit
www.prosightspecialty.com.
Forward-Looking Statements
This release contains forward-looking statements.
Forward-looking statements include statements relating to future
developments in ProSight's business or expectations for ProSight's
future financial performance and any statement not involving a
historical fact. Forward-looking statements use words such as
"anticipate," "believe," "estimate," "expect," "intend," "plan,"
"should," "seek," "continue," and other words and terms of similar
meaning. ProSight's management believes that these
forward-looking statements are reasonable as of the time
made. However, caution should be taken not to place undue
reliance on any such forward-looking statements because such
statements speak only as of the date when made. Except as
required by law, ProSight undertakes no obligation to publicly
update any forward-looking statements, whether as a result of new
information, future events, or otherwise. Forward-looking
statements are subject to known and unknown risks and
uncertainties, including without limitation, the following:
performance of, and our relationships with, third-party agents and
vendors on which we rely to distribute certain business on our
behalf, adequacy of our loss reserves including as a result of
changes in the legal, regulatory, and economic environments in
which the Company operates or the impacts of COVID-19, judicial,
legislative, regulatory and other governmental developments,
including in response to COVID-19, litigation tactics and
developments, the effects of natural and man-made catastrophic
events, the availability and affordability of reinsurance, changes
in the business, financial condition or results of operations of
the entities in which we invest, infection rates and severity and
duration of pandemics, including COVID-19, and their
direct and indirect effects on our investments, business
operations, customers (including claims activity) and third
parties, as well as management's response to these factors.
ProSight cautions you that forward-looking statements are not
guarantees of future performance or outcomes and that actual
performance and outcomes may differ materially from those made in
or suggested by the forward-looking statements contained in this
release. For a discussion of some of the risks and important
factors that could affect ProSight's future results and financial
condition, see our filings with the U.S. Securities and Exchange
Commission ("SEC"), including, but not limited to, the risks and
uncertainties included under the captions "Risk Factors" in
ProSight's Annual Report on Form 10-K/A for the period ended
December 31, 2019 filed on
March 10, 2020, as updated by
ProSight's Quarterly Reports on Form 10-Q and its other periodic
filings with the SEC. References to "we," "us," "our," the
"Company" and "ProSight", refer to ProSight Global, Inc. and its
consolidated subsidiaries.
Reorganization
ProSight was incorporated in Delaware in 2010. Prior to July 25, 2019, ProSight was a wholly owned
subsidiary of ProSight Global Holdings Limited ("PGHL"), a
Bermuda holding company.
Effective July 25, 2019, PGHL merged
with and into ProSight, with ProSight surviving the merger. As a
result of the merger, all shares of PGHL then outstanding were
converted into the right to receive, without interest, 6.46 shares
of ProSight for each share of PGHL. The historical share and
per share figures contained in this release relating to periods
prior to and including June 30,
2019 have been restated to give effect to this conversion,
including reclassifying an amount equal to the change in value of
common stock to additional paid-in capital, as of the stated period
or date. Further details regarding this merger and related
reorganization transactions are included in ProSight's Annual
Report on Form 10-K/A for the period ended December 31, 2019 filed on March 10, 2020.
Non-GAAP Financial Measures
In presenting ProSight Global, Inc.'s results, management
has included financial measures that are not calculated under
standards or rules that comprise of U.S. GAAP. Such measures,
including underwriting income, adjusted operating income, adjusted
operating return on equity, adjusted operating return on tangible
equity, adjusted loss excluding WAQS, adjusted expense ratio
excluding WAQS, adjusted combined ratio excluding WAQS, tangible
stockholders' equity, tangible book value per share and fully
diluted tangible book value per share are referred to as non-GAAP
measures. These non-GAAP measures may be defined or calculated
differently by other companies. These measures should not be viewed
as a substitute for those measures determined in accordance with
GAAP. Reconciliations of these non-GAAP financial measures to
the most comparable GAAP figures are included at the end of this
press release.
Inquiries:
Joe Hathaway
JHathaway@prosightspecialty.com
973.532.1706
|
PROSIGHT GLOBAL,
INC
CONSOLIDATED
BALANCE SHEETS (UNAUDITED)
($ in thousands,
except share amounts)
|
|
|
|
|
|
|
|
September 30
|
|
December 31
|
|
|
2020
|
|
2019
|
|
Assets
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
Fixed maturity
securities, available-for-sale at fair value (amortized cost
$2,176,775 in 2020 and $1,999,403 in 2019, allowance for credit
losses $(1,670) in 2020 and $0 in 2019)
|
|
$
|
2,260,193
|
|
$
|
2,040,682
|
|
Commercial levered
loans at amortized cost (fair value $12,991 in 2020 and $13,950 in
2019)
|
|
|
13,433
|
|
|
14,069
|
|
Non-redeemable
preferred stock securities at fair value (cost $11,670 in 2020 and
$0 in 2019)
|
|
|
11,913
|
|
|
—
|
|
Bond exchange-traded
funds at fair value (cost $12,878 in 2020 and $0 in
2019)
|
|
|
12,838
|
|
|
—
|
|
Limited partnerships
and limited liability companies at fair value (cost $73,358 in 2020
and $62,226 in 2019)
|
|
|
84,608
|
|
|
66,660
|
|
Short-term
investments
|
|
|
154
|
|
|
43,873
|
|
Total
investments
|
|
|
2,383,139
|
|
|
2,165,284
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
26,609
|
|
|
17,284
|
|
Restricted
cash
|
|
|
7,625
|
|
|
10,213
|
|
Accrued investment
income
|
|
|
13,967
|
|
|
13,610
|
|
Premiums and other
receivables, net
|
|
|
134,915
|
|
|
190,004
|
|
Receivable from
reinsurers on paid losses, net
|
|
|
2,571
|
|
|
3,481
|
|
Reinsurance
receivables on unpaid losses, net
|
|
|
158,856
|
|
|
193,952
|
|
Deferred policy
acquisition costs
|
|
|
93,298
|
|
|
98,812
|
|
Prepaid reinsurance
premiums
|
|
|
60,392
|
|
|
42,861
|
|
Net deferred income
taxes
|
|
|
—
|
|
|
4,803
|
|
Goodwill and net
intangible assets
|
|
|
29,166
|
|
|
29,189
|
|
Fixed assets and
capitalized software, net
|
|
|
34,961
|
|
|
37,167
|
|
Funds withheld
related to sale of affiliate
|
|
|
19,529
|
|
|
19,453
|
|
Other
assets
|
|
|
27,708
|
|
|
29,537
|
|
Assets of
discontinued operations
|
|
|
23,484
|
|
|
21,584
|
|
Total
assets
|
|
$
|
3,016,220
|
|
$
|
2,877,234
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
Reserve for unpaid
losses and loss adjustment expenses
|
|
$
|
1,589,162
|
|
$
|
1,521,648
|
|
Reserve for unearned
premiums
|
|
|
443,528
|
|
|
483,223
|
|
Ceded reinsurance
payable
|
|
|
34,693
|
|
|
17,768
|
|
Notes payable, net of
debt issuance costs
|
|
|
199,947
|
|
|
164,693
|
|
Secured loan payable,
net of debt issuance costs
|
|
|
24,243
|
|
|
—
|
|
Funds held under
reinsurance agreements
|
|
|
21,895
|
|
|
58,855
|
|
Net deferred income
taxes
|
|
|
4,976
|
|
|
—
|
|
Other
liabilities
|
|
|
55,950
|
|
|
56,438
|
|
Liabilities of
discontinued operations
|
|
|
33,954
|
|
|
31,578
|
|
Total
liabilities
|
|
|
2,408,348
|
|
|
2,334,203
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
|
|
|
Preferred stock,
$0.01 par value; 50,000,000 shares authorized; no shares issued or
outstanding
|
|
|
—
|
|
|
—
|
|
Common stock, $0.01
par value; 200,000,000 shares authorized; 43,436,134 and 43,071,186
shares issued, 43,423,214 and 43,058,266 shares outstanding in 2020
and 2019, respectively
|
|
|
434
|
|
|
431
|
|
Paid-in
capital
|
|
|
666,875
|
|
|
661,761
|
|
Accumulated other
comprehensive income
|
|
|
71,029
|
|
|
37,453
|
|
Retained
deficit
|
|
|
(130,266)
|
|
|
(156,414)
|
|
Treasury shares - at
cost (12,920 shares)
|
|
|
(200)
|
|
|
(200)
|
|
Total
stockholders' equity
|
|
|
607,872
|
|
|
543,031
|
|
Total liabilities
and stockholders' equity
|
|
$
|
3,016,220
|
|
$
|
2,877,234
|
|
PROSIGHT GLOBAL,
INC.
CONSOLIDATED
STATEMENTS OF OPERATIONS (UNAUDITED)
($ in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30
|
|
Nine Months Ended
September 30
|
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross written
premiums
|
|
$
|
203,539
|
|
$
|
227,196
|
|
$
|
603,717
|
|
$
|
718,066
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earned
premiums
|
|
|
172,376
|
|
|
202,455
|
|
|
559,667
|
|
|
600,543
|
|
|
Net investment
income
|
|
|
20,307
|
|
|
16,974
|
|
|
52,913
|
|
|
51,530
|
|
|
Realized investment
gains, net
|
|
|
1,398
|
|
|
245
|
|
|
3,521
|
|
|
495
|
|
|
Other income
|
|
|
61
|
|
|
196
|
|
|
274
|
|
|
386
|
|
|
Total
revenues
|
|
|
194,142
|
|
|
219,870
|
|
|
616,375
|
|
|
652,954
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net losses and loss
adjustment expenses incurred
|
|
|
123,249
|
|
|
127,196
|
|
|
363,279
|
|
|
372,644
|
|
|
Policy acquisition
expenses
|
|
|
40,387
|
|
|
45,953
|
|
|
129,406
|
|
|
138,059
|
|
|
General and
administrative expenses
|
|
|
22,986
|
|
|
25,967
|
|
|
76,038
|
|
|
79,189
|
|
|
Interest
expense
|
|
|
4,216
|
|
|
3,216
|
|
|
10,388
|
|
|
9,725
|
|
|
Other
expense
|
|
|
1,394
|
|
|
7,162
|
|
|
4,521
|
|
|
14,332
|
|
|
Total
expenses
|
|
|
192,232
|
|
|
209,494
|
|
|
583,632
|
|
|
613,949
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations before income taxes
|
|
|
1,910
|
|
|
10,376
|
|
|
32,743
|
|
|
39,005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
provision:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
|
|
|
407
|
|
|
146
|
|
|
6,154
|
|
|
369
|
|
|
Deferred
|
|
|
5
|
|
|
1,869
|
|
|
997
|
|
|
7,884
|
|
|
Total income tax
expense
|
|
|
412
|
|
|
2,015
|
|
|
7,151
|
|
|
8,253
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from
continuing operations
|
|
|
1,498
|
|
|
8,361
|
|
|
25,592
|
|
|
30,752
|
|
|
Discontinued
operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) from
discontinued operations
|
|
|
20
|
|
|
(49)
|
|
|
556
|
|
|
(382)
|
|
|
Net
income
|
|
$
|
1,518
|
|
$
|
8,312
|
|
$
|
26,148
|
|
$
|
30,370
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on equity
(1)
|
|
|
1.0
|
%
|
|
6.8
|
%
|
|
5.9
|
%
|
|
8.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
income (2)
|
|
$
|
1,495
|
|
$
|
13,825
|
|
$
|
26,374
|
|
$
|
41,683
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
return on equity (3)
|
|
|
1.0
|
%
|
|
11.2
|
%
|
|
6.1
|
%
|
|
12.1
|
%
|
|
|
(1) Return on equity
is net income from continuing operations expressed on an annualized
basis as a percentage of average beginning and ending stockholders'
equity during the period.
|
|
(2) Adjusted
operating income is a non-GAAP measure. See "Reconciliation of
Non-GAAP Measures".
|
|
(3) Adjusted
operating return on equity is a non-GAAP measure.
Adjusted operating return on equity is adjusted operating income
expressed on an annualized basis as a percentage of average
beginning and ending stockholders' equity during the
period.
|
|
PROSIGHT GLOBAL,
INC.
FACTORS AFFECTING
THE RESULTS OF OPERATIONS (WAQS) (UNAUDITED)
($ in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2020
|
|
Three Months Ended
September 30, 2019
|
|
|
|
Including
|
|
Effect of
|
|
Excluding
|
|
Including
|
|
Effect of
|
|
Excluding
|
|
|
|
WAQS
|
|
WAQS
|
|
WAQS
|
|
WAQS
|
|
WAQS
|
|
WAQS
|
|
|
Gross written
premiums
|
|
$
|
203,539
|
|
$
|
—
|
|
$
|
203,539
|
|
$
|
227,196
|
|
$
|
—
|
|
$
|
227,196
|
|
|
Ceded written
premiums
|
|
|
(44,135)
|
|
|
—
|
|
|
(44,135)
|
|
|
(17,722)
|
|
|
(6)
|
|
|
(17,716)
|
|
|
Net written
premiums
|
|
$
|
159,404
|
|
$
|
—
|
|
$
|
159,404
|
|
$
|
209,474
|
|
$
|
(6)
|
|
$
|
209,480
|
|
|
Net
retention(1)
|
|
|
78.3
|
%
|
|
—
|
|
|
78.3
|
%
|
|
92.2
|
%
|
|
—
|
|
|
92.2
|
%
|
|
Net earned
premiums
|
|
$
|
172,376
|
|
$
|
—
|
|
$
|
172,376
|
|
$
|
202,455
|
|
$
|
—
|
|
$
|
202,455
|
|
|
Losses and
LAE
|
|
|
123,249
|
|
|
—
|
|
|
123,249
|
|
|
127,196
|
|
|
1,632
|
|
|
125,564
|
|
|
Underwriting,
acquisition and insurance expenses
|
|
|
63,373
|
|
|
—
|
|
|
63,373
|
|
|
71,920
|
|
|
(1,632)
|
|
|
73,552
|
|
|
Underwriting (loss)
income (2)
|
|
$
|
(14,246)
|
|
$
|
—
|
|
$
|
(14,246)
|
|
$
|
3,339
|
|
$
|
—
|
|
$
|
3,339
|
|
|
Loss and LAE
ratio
|
|
|
71.5
|
%
|
|
—
|
|
|
—
|
|
|
62.8
|
%
|
|
—
|
|
|
—
|
|
|
Expense
ratio
|
|
|
36.8
|
%
|
|
—
|
|
|
—
|
|
|
35.5
|
%
|
|
—
|
|
|
—
|
|
|
Combined
ratio
|
|
|
108.3
|
%
|
|
—
|
|
|
—
|
|
|
98.3
|
%
|
|
—
|
|
|
—
|
|
|
Adjusted loss and LAE
ratio(3)
|
|
|
—
|
|
|
—
|
|
|
71.5
|
%
|
|
—
|
|
|
—
|
|
|
62.0
|
%
|
|
Adjusted expense
ratio(3)
|
|
|
—
|
|
|
—
|
|
|
36.8
|
%
|
|
—
|
|
|
—
|
|
|
36.3
|
%
|
|
Adjusted combined
ratio(3)
|
|
|
—
|
|
|
—
|
|
|
108.3
|
%
|
|
—
|
|
|
—
|
|
|
98.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of prior year
reserve development
unfavorable (4)
|
|
$
|
52
|
|
$
|
—
|
|
$
|
52
|
|
$
|
5,495
|
|
$
|
1,632
|
|
$
|
3,863
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2020
|
|
Nine Months Ended
September 30, 2019
|
|
|
|
Including
|
|
Effect of
|
|
Excluding
|
|
Including
|
|
Effect of
|
|
Excluding
|
|
|
|
WAQS
|
|
WAQS
|
|
WAQS
|
|
WAQS
|
|
WAQS
|
|
WAQS
|
|
|
Gross written
premiums
|
|
$
|
603,717
|
|
$
|
—
|
|
$
|
603,717
|
|
$
|
718,066
|
|
$
|
—
|
|
$
|
718,066
|
|
|
Ceded written
premiums
|
|
|
(97,507)
|
|
|
—
|
|
|
(97,507)
|
|
|
(88,122)
|
|
|
(3)
|
|
|
(88,119)
|
|
|
Net written
premiums
|
|
$
|
506,210
|
|
$
|
—
|
|
$
|
506,210
|
|
$
|
629,944
|
|
$
|
(3)
|
|
$
|
629,947
|
|
|
Net
retention(1)
|
|
|
83.8
|
%
|
|
—
|
|
|
83.8
|
%
|
|
87.7
|
%
|
|
—
|
|
|
87.7
|
%
|
|
Net earned
premiums
|
|
$
|
559,667
|
|
$
|
—
|
|
$
|
559,667
|
|
$
|
600,543
|
|
$
|
3
|
|
$
|
600,540
|
|
|
Losses and
LAE
|
|
|
363,279
|
|
|
—
|
|
|
363,279
|
|
|
372,644
|
|
|
3,839
|
|
|
368,805
|
|
|
Underwriting,
acquisition and insurance expenses
|
|
|
205,444
|
|
|
—
|
|
|
205,444
|
|
|
217,248
|
|
|
(3,837)
|
|
|
221,085
|
|
|
Underwriting (loss)
income (2)
|
|
$
|
(9,056)
|
|
$
|
—
|
|
$
|
(9,056)
|
|
$
|
10,651
|
|
$
|
1
|
|
$
|
10,650
|
|
|
Loss and LAE
ratio
|
|
|
64.9
|
%
|
|
—
|
|
|
—
|
|
|
62.1
|
%
|
|
—
|
|
|
—
|
|
|
Expense
ratio
|
|
|
36.7
|
%
|
|
—
|
|
|
—
|
|
|
36.2
|
%
|
|
—
|
|
|
—
|
|
|
Combined
ratio
|
|
|
101.6
|
%
|
|
—
|
|
|
—
|
|
|
98.3
|
%
|
|
—
|
|
|
—
|
|
|
Adjusted loss and LAE
ratio(3)
|
|
|
—
|
|
|
—
|
|
|
64.9
|
%
|
|
—
|
|
|
—
|
|
|
61.4
|
%
|
|
Adjusted expense
ratio(3)
|
|
|
—
|
|
|
—
|
|
|
36.7
|
%
|
|
—
|
|
|
—
|
|
|
36.8
|
%
|
|
Adjusted combined
ratio(3)
|
|
|
—
|
|
|
—
|
|
|
101.6
|
%
|
|
—
|
|
|
—
|
|
|
98.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of prior year
development unfavorable
(favorable) (4)
|
|
$
|
560
|
|
$
|
—
|
|
$
|
560
|
|
$
|
2,367
|
|
$
|
3,839
|
|
$
|
(1,472)
|
|
|
|
(1) Net retention is
a non-GAAP measure. We define net retention as the ratio of net
written premiums to gross written premiums.
|
|
(2) Underwriting
(loss) income is a non-GAAP measure. See "Reconciliation of
Non-GAAP Financial Measures".
|
|
(3) Adjusted loss
ratio and adjusted expense ratio are non-GAAP financial measures.
We define adjusted loss ratio and adjusted expense ratio as the
corresponding ratio excluding the effects of the WAQS. We use
these adjusted ratios as internal performance measures in the
management of our operations because we believe they give our
management and other users of our financial information useful
insight into our results of operations and our underlying business
performance. Our adjusted loss and LAE ratio, adjusted expense
ratio and adjusted combined ratio should not be viewed as
substitutes for our loss and LAE ratio, expense ratio and combined
ratio, respectively.
|
|
(4) The effect of
prior year reserve development is included within losses and
LAE.
|
|
PROSIGHT GLOBAL,
INC.
SUPPLEMENTARY
UNDERWRITING INFORMATION (EXCLUDING WAQS)
(UNAUDITED)
($ in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30
|
|
Nine Months Ended
September 30
|
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross written
premiums
|
|
$
|
203,539
|
|
$
|
227,196
|
|
$
|
603,717
|
|
$
|
718,066
|
|
|
Net written
premiums
|
|
|
159,404
|
|
|
209,480
|
|
|
506,210
|
|
|
629,947
|
|
|
Net earned
premiums
|
|
|
172,376
|
|
|
202,455
|
|
|
559,667
|
|
|
600,540
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net losses and
LAE
|
|
|
123,249
|
|
|
125,564
|
|
|
363,279
|
|
|
368,805
|
|
|
Catastrophe loss and
LAE
|
|
|
16,893
|
|
|
—
|
|
|
20,526
|
|
|
3,000
|
|
|
Unfavorable (favorable)
prior year reserve
development
|
|
|
52
|
|
|
3,863
|
|
|
560
|
|
|
(1,472)
|
|
|
Underwriting,
acquisition, and insurance expenses
|
|
|
63,373
|
|
|
73,552
|
|
|
205,444
|
|
|
221,085
|
|
|
Policy acquisition
expenses
|
|
|
40,387
|
|
|
47,585
|
|
|
129,406
|
|
|
141,896
|
|
|
General and
administrative expenses
|
|
|
22,986
|
|
|
25,967
|
|
|
76,038
|
|
|
79,189
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting
(loss) income
|
|
$
|
(14,246)
|
|
$
|
3,339
|
|
$
|
(9,056)
|
|
$
|
10,650
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
underwriting ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ex-cat current accident
year loss and LAE ratio (1)
|
|
|
59.9
|
%
|
|
60.1
|
%
|
|
60.6
|
%
|
|
61.2
|
%
|
|
Catastrophe loss and
LAE ratio
|
|
|
11.6
|
|
|
—
|
|
|
4.2
|
|
|
0.5
|
|
|
Unfavorable (favorable)
prior year reserve
development ratio
|
|
|
—
|
|
|
1.9
|
|
|
0.1
|
|
|
(0.3)
|
|
|
Adjusted loss and LAE
ratio
|
|
|
71.5
|
%
|
|
62.0
|
%
|
|
64.9
|
%
|
|
61.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Policy acquisition
expense ratio
|
|
|
23.4
|
%
|
|
23.5
|
%
|
|
23.1
|
%
|
|
23.6
|
%
|
|
General and
administrative expense ratio
|
|
|
13.4
|
|
|
12.8
|
|
|
13.6
|
|
|
13.2
|
|
|
Adjusted expense
ratio
|
|
|
36.8
|
%
|
|
36.3
|
%
|
|
36.7
|
%
|
|
36.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted combined
ratio
|
|
|
108.3
|
%
|
|
98.3
|
%
|
|
101.6
|
%
|
|
98.2
|
%
|
|
|
(1) Ex-cat current
accident year loss and LAE ratio is adjusted to exclude the
impact of reinsurance reinstatement premiums related to catastrophe
losses incurred during the period from net earned
premium.
|
|
PROSIGHT GLOBAL,
INC.
SUPPLEMENTARY
UNDERWRITING INFORMATION (UNAUDITED)
($ in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30
|
|
Nine Months Ended
September 30
|
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross written
premiums
|
|
$
|
203,539
|
|
$
|
227,196
|
|
$
|
603,717
|
|
$
|
718,066
|
|
|
Net written
premiums
|
|
|
159,404
|
|
|
209,474
|
|
|
506,210
|
|
|
629,944
|
|
|
Net earned
premiums
|
|
|
172,376
|
|
|
202,455
|
|
|
559,667
|
|
|
600,543
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net losses and
LAE
|
|
|
123,249
|
|
|
127,196
|
|
|
363,279
|
|
|
372,644
|
|
|
Catastrophe loss and
LAE
|
|
|
16,893
|
|
|
—
|
|
|
20,526
|
|
|
3,000
|
|
|
Unfavorable prior year
reserve development
|
|
|
52
|
|
|
5,495
|
|
|
560
|
|
|
2,367
|
|
|
Underwriting,
acquisition, and insurance expenses
|
|
|
63,373
|
|
|
71,920
|
|
|
205,444
|
|
|
217,248
|
|
|
Policy acquisition
expenses
|
|
|
40,387
|
|
|
45,953
|
|
|
129,406
|
|
|
138,059
|
|
|
General and
administrative expenses
|
|
|
22,986
|
|
|
25,967
|
|
|
76,038
|
|
|
79,189
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting
(loss) income
|
|
$
|
(14,246)
|
|
$
|
3,339
|
|
$
|
(9,056)
|
|
$
|
10,651
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting
ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ex-cat current accident
year loss and LAE ratio (1)
|
|
|
59.9
|
%
|
|
60.1
|
%
|
|
60.6
|
%
|
|
61.2
|
%
|
|
Catastrophe loss and
LAE ratio
|
|
|
11.6
|
|
|
—
|
|
|
4.2
|
|
|
0.5
|
|
|
Unfavorable prior year
reserve development ratio
|
|
|
—
|
|
|
2.7
|
|
|
0.1
|
|
|
0.4
|
|
|
Loss and LAE
ratio
|
|
|
71.5
|
%
|
|
62.8
|
%
|
|
64.9
|
%
|
|
62.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Policy acquisition
expense ratio
|
|
|
23.4
|
%
|
|
22.7
|
%
|
|
23.1
|
%
|
|
23.0
|
%
|
|
General and
administrative expense ratio
|
|
|
13.4
|
|
|
12.8
|
|
|
13.6
|
|
|
13.2
|
|
|
Expense
ratio
|
|
|
36.8
|
%
|
|
35.5
|
%
|
|
36.7
|
%
|
|
36.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined
ratio
|
|
|
108.3
|
%
|
|
98.3
|
%
|
|
101.6
|
%
|
|
98.3
|
%
|
|
|
(1) Ex-cat current
accident year loss and LAE ratio is adjusted to exclude the
impact of reinsurance reinstatement premiums related to catastrophe
losses incurred during the period from net earned
premium.
|
|
PROSIGHT GLOBAL,
INC.
SHARE AND PER
SHARE INFORMATION (UNAUDITED)
|
|
|
|
|
|
|
|
September 30
|
|
December 31
|
|
|
2020
|
|
2019
|
|
Shares
outstanding
|
|
|
43,423,214
|
|
|
43,058,266
|
|
Fully diluted shares
outstanding
|
|
|
45,573,410
|
|
|
45,196,716
|
|
|
|
|
|
|
|
|
Book value per
share(1)
|
|
$
|
14.00
|
|
$
|
12.61
|
|
Book value per share
(fully diluted)(1)
|
|
$
|
13.34
|
|
$
|
12.01
|
|
Tangible book value
per share(1)
|
|
$
|
13.33
|
|
$
|
11.93
|
|
Tangible book value
per share (fully diluted)(1)
|
|
$
|
12.70
|
|
$
|
11.37
|
|
|
|
|
Three Months Ended
September 30
|
|
Nine Months Ended
September 30
|
|
|
(share amounts in
thousands)
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
Weighted average
basic shares outstanding
|
|
|
43,916
|
|
|
42,642
|
|
|
43,879
|
|
|
40,120
|
|
|
Weighted average
diluted shares outstanding
|
|
|
44,018
|
|
|
43,060
|
|
|
44,030
|
|
|
40,661
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
- basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from
continuing operations
|
|
$
|
0.03
|
|
$
|
0.20
|
|
$
|
0.58
|
|
$
|
0.77
|
|
|
Adjusted operating
income(2)
|
|
$
|
0.03
|
|
$
|
0.32
|
|
$
|
0.60
|
|
$
|
1.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
- diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from
continuing operations
|
|
$
|
0.03
|
|
$
|
0.19
|
|
$
|
0.58
|
|
$
|
0.76
|
|
|
Adjusted operating
income(2)
|
|
$
|
0.03
|
|
$
|
0.32
|
|
$
|
0.60
|
|
$
|
1.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
return on equity ("ROE") (3)
|
|
|
1.0
|
%
|
|
11.2
|
%
|
|
6.1
|
%
|
|
12.1
|
%
|
|
Adjusted operating
return on tangible equity ("ROTE")(3)
|
|
|
1.1
|
%
|
|
11.9
|
%
|
|
6.4
|
%
|
|
12.9
|
%
|
|
|
(1) Book value per
share is total stockholders' equity divided by the number of common
shares outstanding. Fully diluted book value per share is total
stockholders' equity divided by the number of common shares
outstanding, unvested restricted shares and vested non issued
shares. Tangible book value per share and fully diluted tangible
book value per share are non-GAAP measures. Tangible book value per
share is total stockholders' equity excluding the value of goodwill
and other intangible assets divided by the number of common shares
outstanding. Fully diluted tangible book value per share is
total stockholders' equity excluding the value of goodwill and
other intangible assets divided by the number of common shares
outstanding, unvested restricted shares, and vested non-issued
shares. See "Reconciliation of Non-GAAP Financial
Measures".
|
|
(2) Adjusted
operating income is a non-GAAP measure. See "Reconciliation of
Non-GAAP Financial Measures".
|
|
(3) Adjusted
operating return on equity and adjusted operating return on
tangible equity are non-GAAP measures. Adjusted operating return on
equity is adjusted operating income expressed on an annualized
basis as a percentage of average beginning and ending stockholders'
equity during the period. Adjusted operating return on tangible
equity is adjusted operating income expressed on an annualized
basis as a percentage of average beginning and ending stockholders'
equity, excluding goodwill and other intangible assets, during the
period.
|
|
PROSIGHT GLOBAL,
INC.
GROSS WRITTEN
PREMIUM BY CUSTOMER SEGMENT (UNAUDITED)
($ in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30
|
|
|
|
Nine Months Ended
September 30
|
|
|
|
|
|
2020
|
|
2019
|
|
% Change
|
|
2020
|
|
2019
|
|
% Change
|
|
|
Construction
|
|
$
|
27.4
|
|
$
|
27.3
|
|
0.4
|
%
|
$
|
79.6
|
|
$
|
83.1
|
|
(4.2)
|
%
|
|
Consumer
Services
|
|
|
23.7
|
|
|
35.5
|
|
(33.2)
|
|
|
95.0
|
|
|
100.9
|
|
(5.8)
|
|
|
Marine and
Energy
|
|
|
27.7
|
|
|
26.1
|
|
6.1
|
|
|
87.3
|
|
|
71.5
|
|
22.1
|
|
|
Media and
Entertainment
|
|
|
17.3
|
|
|
28.7
|
|
(39.7)
|
|
|
65.3
|
|
|
90.8
|
|
(28.1)
|
|
|
Professional
Services
|
|
|
34.7
|
|
|
27.0
|
|
28.5
|
|
|
96.3
|
|
|
85.7
|
|
12.4
|
|
|
Real
Estate
|
|
|
34.9
|
|
|
41.6
|
|
(16.1)
|
|
|
115.4
|
|
|
116.9
|
|
(1.3)
|
|
|
Sports
|
|
|
5.4
|
|
|
8.1
|
|
(33.3)
|
|
|
19.6
|
|
|
22.8
|
|
(14.0)
|
|
|
Transportation
|
|
|
30.8
|
|
|
29.6
|
|
4.1
|
|
|
39.9
|
|
|
79.4
|
|
(49.7)
|
|
|
Customer segments
subtotal
|
|
|
201.9
|
|
|
223.9
|
|
(9.8)
|
|
|
598.4
|
|
|
651.1
|
|
(8.1)
|
|
|
Other
|
|
|
1.6
|
|
|
3.3
|
|
(51.5)
|
|
|
5.3
|
|
|
67.0
|
|
(92.1)
|
|
|
Total
|
|
$
|
203.5
|
|
$
|
227.2
|
|
(10.4)
|
%
|
$
|
603.7
|
|
$
|
718.1
|
|
(15.9)
|
%
|
Reconciliation of Non-GAAP Financial Measures
Underwriting (loss) income is a non-GAAP financial measure that
we believe is useful in evaluating our underwriting performance
without regard to investment income. Underwriting income represents
the pre-tax profitability of our insurance operations and is
derived by subtracting losses and LAE, and underwriting,
acquisition and insurance expenses from net earned premiums. We use
underwriting (loss) income as an internal performance measure in
the management of our operations because we believe it gives us and
users of our financial information useful insight into our results
of operations and our underlying business performance. Underwriting
(loss) income should not be considered in isolation or viewed as a
substitute for net income calculated in accordance with GAAP. Other
companies may calculate underwriting (loss) income differently.
Net income from continuing operations for the three months and
nine months ended September 30, 2020
and 2019 reconciles to underwriting income as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30
|
|
Nine Months Ended
September 30
|
|
($ in
thousands)
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
Net income from
continuing operations
|
|
$
|
1,498
|
|
$
|
8,361
|
|
$
|
25,592
|
|
$
|
30,752
|
|
Income tax
expense
|
|
|
412
|
|
|
2,015
|
|
|
7,151
|
|
|
8,253
|
|
Income from
continuing operations before taxes
|
|
|
1,910
|
|
|
10,376
|
|
|
32,743
|
|
|
39,005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment
income
|
|
|
20,307
|
|
|
16,974
|
|
|
52,913
|
|
|
51,530
|
|
Realized investment
gains, net
|
|
|
1,398
|
|
|
245
|
|
|
3,521
|
|
|
495
|
|
Interest and other
expense, net
|
|
|
5,549
|
|
|
10,182
|
|
|
14,635
|
|
|
23,671
|
|
Underwriting
(loss) income
|
|
$
|
(14,246)
|
|
$
|
3,339
|
|
$
|
(9,056)
|
|
$
|
10,651
|
Adjusted operating income is a non-GAAP financial measure that
we use as an internal performance measure in the management of our
operations because we believe it gives our management and other
users of our financial information useful insight into our results
of operations and underlying business performance, by excluding
items that are not part of our underlying profitability drivers or
likely to re-occur in the foreseeable future. Adjusted operating
income should not be considered in isolation or viewed as a
substitute for net income from continuing operations calculated in
accordance with GAAP. Other companies may calculate adjusted
operating income differently.
Net income from continuing operations for the three months and
nine months ended September 30, 2020
and 2019 reconciles to adjusted operating income as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30
|
|
Nine Months Ended
September 30
|
|
($ in
thousands)
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
Net income from
continuing operations
|
|
$
|
1,498
|
|
$
|
8,361
|
|
$
|
25,592
|
|
$
|
30,752
|
|
Income tax
expense
|
|
|
412
|
|
|
2,015
|
|
|
7,151
|
|
|
8,253
|
|
Income from
continuing operations before taxes
|
|
|
1,910
|
|
|
10,376
|
|
|
32,743
|
|
|
39,005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense
(1)
|
|
|
1,394
|
|
|
7,162
|
|
|
4,521
|
|
|
14,332
|
|
Realized investment
gains, net
|
|
|
(1,398)
|
|
|
(245)
|
|
|
(3,521)
|
|
|
(495)
|
|
Adjusted operating
income before taxes
|
|
|
1,906
|
|
|
17,293
|
|
|
33,743
|
|
|
52,842
|
|
Less: income tax
expense on adjusted operating income
|
|
|
411
|
|
|
3,468
|
|
|
7,369
|
|
|
11,159
|
|
Adjusted operating
income
|
|
$
|
1,495
|
|
$
|
13,825
|
|
$
|
26,374
|
|
$
|
41,683
|
|
|
(1) Other
expense within the adjusted operating income includes non-recurring
grants of restricted stock units in connection with the initial
public offering and costs associated with the transition of our
former Chief Executive Officer.
|
Tangible stockholders' equity is a non-GAAP financial measure
that we use as an internal performance measure to evaluate the
strength of our balance sheet and to compare returns relative to
this measure. We define tangible stockholders' equity as
stockholders' equity less goodwill and net intangible assets.
Tangible stockholders' equity should not be considered in isolation
or viewed as a substitute for stockholders' equity calculated in
accordance with GAAP. Other companies may calculate tangible
stockholders' equity differently.
Stockholders' equity at September 30,
2020 and December 31, 2019
reconciles to tangible stockholders' equity as follows:
|
|
|
|
|
|
|
|
|
September 30,
2020
|
|
December 31,
2019
|
|
($ in thousands
except per share amounts)
|
|
|
|
|
Stockholders'
equity
|
|
$
|
607,872
|
|
$
|
543,031
|
|
Less: goodwill and
net intangible assets
|
|
|
29,166
|
|
|
29,189
|
|
Tangible
stockholders' equity
|
|
$
|
578,706
|
|
$
|
513,842
|
|
Book value per
share
|
|
$
|
14.00
|
|
$
|
12.61
|
|
Book value per share
(fully diluted)
|
|
$
|
13.34
|
|
$
|
12.01
|
|
Tangible book value
per share
|
|
$
|
13.33
|
|
$
|
11.93
|
|
Tangible book value
per share (fully diluted)
|
|
$
|
12.70
|
|
$
|
11.37
|
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SOURCE ProSight Global, Inc.
