Cincinnati Financial

The quarter is the second in a row the regional carrier has reported elevated cat figures.

The decision is thought to be the first ruling on summary judgment against the insurance industry.

The Midwest derecho in late August accounted for about $103mn of the carrier’s quarterly claims tally.

Mini-MDLs will be established for some lawsuits brought against Arch, United Specialty and Society Insurance.

The company’s underlying loss ratio fell 2.7 points to 58.2%, despite cat loss pushing the combined ratio to 103.1%.

P&C rates increased at the “low end of the mid-single-digit percent range”.

Severe weather in early April led to $50mn in losses, while civil unrest in May and June will cost the insurer $29mn.

Cincinnati’s management team covered a broad range of topics on its earnings call yesterday including potential Covid-19 exposure and steps taken to mitigate customers’ cash flow pressures.

The insurer’s share price plunged more than 12 percent in the day following the release of first quarter earnings.

Other notable items included a $1.3bn write-down of the company’s equity portfolio due to the market sell-off in March

Highlights from the quarter included excess and surplus (E&S) growth of 25%.

Brit underwriter Tom Gardner joins former Nexus divisional head James Steele-Perkins at the Lloyd’s business.