The Hanover

Losses stemmed from 19 convective storms across multiple states, with hail damage representing the majority of reported losses, primarily impacting the personal lines segment.

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The regional cohort keeps pace with nationals on pricing, and stays ahead on reserving trends.

Homeowners' renewal pricing is expected to increase around 20% throughout the rest of the year.

The Hanover’s ex-cat CoR rose to 91.7% in the first quarter, up from 89.8% a year earlier as the company posted lower reserve releases.

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Losses stemmed from over 20 weather events, including severe freezes in February and widespread wind and tornadic activity in mid- to late March.

The Hanover expects its 2023 ex-cat CoR to be in the 91%-92% range, driven by rate adjustments and changes in personal auto frequency.

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The firm’s personal lines segment booked an ex-cat CoR of 98.9% (up from 92.1%), driven primarily by inflation and supply chain delays.

Inside P&C’s news team runs you through the key highlights of the week.