Cincinnati Financial

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.

Cincinnati Financial reported a 29% increase in its operating EPS to $1.08 per share, beating analyst expectations of $0.88.

Catastrophes in 2019 neared the attachment point of the carrier’s Skyline Re cat bond.

The result was driven by an improved P&C combined ratio, with favourable development offsetting significantly higher catastrophes

Kroger's CEO and chairman William Rodney McMullen will stand for re-election on Cincinnati Financial's board next year.