Cincinnati Financial
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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. -
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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A differentiated investment strategy has led to increased value creation and price-to-book multiples for a small group of specialty carriers.
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With pricing decelerating and loss-cost trends potentially reversing, regionals should continue to execute on their present strategy.
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The firm’s specialty pivot seems to be paying off in premium growth and value creation.
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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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Rising prices drove Q2 losses and expenses higher, pressuring both commercial and personal lines, CinFin executives say.
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The shares are trading today at $98.56 per share, down 13.13% from yesterday's close.
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