Monoline Carriers Feeling the Heat from Increased Competition

The steady decline in workers’ comp rates and increasing competition among insurers made an impact on the bottom line of monoline carriers in the second quarter. Amerisafe, a provider of workers' compensation insurance focused on small to mid-sized employers in hazardous industries, last week reported net income in the second quarter of $15.5 million, down 7% from $16.6 million in the same quarter of 2016. For the first half of the year, net income was $29.0 million, down 29% from $40.9 million. And at Employers, a provider of workers’ compensation insurance focused on select...