CEO John Roche says in-force cancellation moratoria helped to boost the carrier’s retention rate for the segment.

The firm’s NWP decreased 5% primarily due to the impact of the personal auto premium returns.

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”.

Following last week when the market heard from Travelers, Berkley, RLI, Employers, and Old Republic, the Q2 earnings season kicks into high gear this week.

The carrier sees no material coronavirus claims in the second quarter, though a near doubling of its natural catastrophe bill to about $90mn.

Last week featured the first new data points on Q2 earnings with Progressive and Truist reporting. But P&C earnings season really kicks off this week with the traditional frontrunners set to report.

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

The carrier is expecting to report a combined ratio of between 98% and 99% for the second quarter.

The insurer does not expect Covid-19 losses to have a material impact on its second quarter earnings.

The ratings agency predicts traditional insurance products will be the preferred focus of most start-ups, with some skewing to technology.

With all P&C major target asset classes up in Q2, carriers are set to report substantial book value gains from investments, reversing the balance sheet hit from the previous quarter.