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Middle market premiums were lower in Q3, but the company is confident growth will resume in Q4.
The Insurance Insider US news team runs you through the earnings results for the day.
Regionals may be particularly vulnerable to problematic loss cost trends and volatile cat losses.
The executive said the company remains optimistic about small commercial, where NWP grew 8.5% in Q2.
The Insurance Insider US news team runs you through the earnings results for the day.
The losses primarily resulted from severe convective storm activity.
Roche said the company's deliberate efforts to limit exposure in the Midwest offset loss trends.
The Insurance Insider US news team runs you through the earnings results for the day.
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.
Competitor news
Competitor news
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The figure is an increase from the original $650mn settlement agreed to in April. -
Speaking at an investor conference on Monday, CFO Beth Costello said the company expects losses to fall well below Hartford’s cat program retention.
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The chief executive said on Thursday the company has made progress in re-underwriting its specialty book, and that no new M&A is on the horizon.
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