The Hanover

The firm’s specialty pivot seems to be paying off in premium growth and value creation.

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Despite strong performance in commercial and specialty, THG raised its full-year combined ratio guidance by one point, citing inflationary pressure on personal lines.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The loss ratio in the personal lines unit increased by 7.1 points year on year, as property and auto lines faced higher severity.

The industry veteran of 36 years will also serve on the board’s audit committee.

The sector was hit by a rough first half of 2022, with more to come in the second half of the year.

Before joining State Street in 2019, the executive served for over 25 years at Citigroup, where he held various leadership positions.

Insurers could face pressure if interest rate and recession fears intersect with worsening loss cost trends.

The CFO attributed THG’s worsening first quarter combined ratio to increased severity in auto and homeowners claims.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The results fall in line with other personal lines carriers, which have faced a tumultuous time offsetting loss cost trends but sought reprieve in their commercial lines segments.