The Hanover
-
Markel, Axis and Selective booked sizeable reserve charges in their liability segments.
-
Insurance Insider US runs you through the earnings results for the day.
-
She joined The Hanover in 2015 and since 2018 has served as CUO of technology and life sciences underwriting.
-
Marohn will lead the company's E&S business, specialty industrial business, Hanover Programs, specialty general liability and Hanover Specialty Insurance Brokers.
-
Its Q3 cat losses of $196mn primarily resulted from severe convective storms in the region, and drove the overall combined ratio to come at 104.4%.
-
The Inside P&C news team runs you through the earnings results for the day.
-
A clear commonality is already emerging much as it did in the previous quarter, when severe convective storms – particularly hail – also dominated.
-
The carrier’s cat loss estimate for Q3 2023 is more than twice Q3 2022’s $90.1mn, which included $28mn attributable to Hurricane Ian.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The migration is due to admitted carriers not being able to get the rate filings approved in a lot of the states – an issue that is extending beyond California and Florida, to the east coast.
-
Hamann previously served as the company's deputy president and CUO of small commercial.
-
Executives have pointed out that it is becoming increasingly difficult to talk about broader trends as micro-cycles are developing for each line.
-
These changes include increasing all payroll deductibles to specific minimum levels by coverage A limit, adding wind and hail deductibles in multiple states and transitioning to an ACV schedule for roofs as the standard offering.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The Inside P&C news team runs you through the earnings results for the day.
-
Q2 cat losses reported by most carriers were significantly higher than a year ago owing to the number of US convective storms and likely higher carrier retentions at reinsurance renewals.
-
Losses stemmed from 19 convective storms across multiple states, with hail damage representing the majority of reported losses, primarily impacting the personal lines segment.
-
Inside P&C’s news team runs you through the key highlights of the week.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The regional cohort keeps pace with nationals on pricing, and stays ahead on reserving trends.
-
Homeowners' renewal pricing is expected to increase around 20% throughout the rest of the year.
-
The Hanover’s ex-cat CoR rose to 91.7% in the first quarter, up from 89.8% a year earlier as the company posted lower reserve releases.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Losses stemmed from over 20 weather events, including severe freezes in February and widespread wind and tornadic activity in mid- to late March.
-
The Hanover expects its 2023 ex-cat CoR to be in the 91%-92% range, driven by rate adjustments and changes in personal auto frequency.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The firm’s personal lines segment booked an ex-cat CoR of 98.9% (up from 92.1%), driven primarily by inflation and supply chain delays.
-
Inside P&C’s news team runs you through the key highlights of the week.
-
The insurer said its cat estimate is driven by $165mn of losses related to Winter Storm Elliott.
-
Jon Martin will succeed Schuler as management liability VP and Greggory Ketay will become distribution VP.
-
The regionals continue to find success in small and middle market business, as their pivot to a commercial focus has benefitted them.
-
For its personal auto book the firm anticipates rate renewals of 7% in Q4, up from 4.1% in Q3, and double-digit hikes in 2023.
-
The personal lines unit reported a combined ratio of 107.3%, marking a 3.5-point deterioration from the 103.8% CoR reported in the prior-year quarter.
-
The insurer took $28mn in net Hurricane Ian losses and warned inflationary pressures surpassed expectations in general in Q3.
-
With pricing decelerating and loss-cost trends potentially reversing, regionals should continue to execute on their present strategy.
-
The firm’s specialty pivot seems to be paying off in premium growth and value creation.