State National earnings soar as margins improve

State National, the fronting specialist being acquired for
$919mn by Markel, posted a 33 percent gain in net income for the
second quarter as its combined ratio strengthened and ceding fees
climbed.
Total revenue rose 20 percent to $58.6mn in the just-ended
period compared with Q2 2016, the Bedford, Texas-based company
said. Ceding fees jumped 24 percent to $21mn while net premiums
earned increased 17 percent to $33.9mn.
"We believe that the favorable industry trends in both
business segments po