The Hanover

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.

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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.

March’s CPI report shows elevated inflation levels, including vehicle CPI of 10.5% and average used car price increase of 24.7%.

The carrier said agents who form strategic partnerships with select specialty carriers gain a “unique advantage” in the market.

The Hanover swung back to underwriting profit of $88mn after a cat-heavy Q3.

The company’s fourth quarter combined ratio increased by 0.5 points to 92.9% year-on-year.

The program offers E&O insurance coverage for real estate agents, appraisers, title agents, abstractors, home inspectors and mortgage brokers.