Cincinnati Financial
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The regional cohort keeps pace with nationals on pricing, and stays ahead on reserving trends. -
The events were widespread, but each was under $100mn in size.
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Overall, the carrier reported a combined ratio of 100.7% for the quarter, which was 10.8 points higher than the prior year period.
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Travelers posts strong results boosted by better pricing, personal lines performance, and favorable development.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The carrier said ~$170mn of the total expected losses came from the three March storms that affected several US states earlier this year.
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The carrier will now share the next $900mn with reinsurance for a catastrophe event, while in 2022 it retained the first $100mn and shared the next $800mn.
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The firm’s underlying CoR increased 2.2 points to 87.8% as the insurer saw a margin deterioration in all three of its P&C segments – commercial, personal lines and E&S.
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The Elliott losses were offset by less severe storms and favorable loss reserve development on previous catastrophe events, primarily ones that occurred in 2022.
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The regionals continue to find success in small and middle market business, as their pivot to a commercial focus has benefitted them.
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CinFin management said premium adjustments for rising costs of building materials are about to double from last year.
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The firm’s commercial lines CoR climbed over 18 points to 99% while the personal lines unit’s CoR deteriorated 1.8 points to 104.5%.
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