It would be interesting, in a few months, to compare NAII California 4th quarter loss frequency to that of MCY to observe the quarter over quarter increase described during the meeting.
See TW earnings release. The combined ratio for auto increased to 104.4 in the 4th qtr from 101 in the 3rd. They do over $800 million in CA auto.
Did TW cite quarter-over-quarter frequency increases as a key driver of their COR?