The Hanover
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Following strong year-to-date performance, P&C stocks were down in June after a change of tone in a Fed meeting. -
The insurer reported strong premium growth and average rate rises of 6.1% in its core commercial business.
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The Hanover has named Willard Lee chief information officer and executive vice president at the insurance group.
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The second week’s reporters continued to build upon the theme of rate momentum likely translating into ROE expansion.
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Roche raised concerns about the "reemergence of social inflation".
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Auto frequency benefits contributed to a 5.9-point fall in the loss ratio at its personal lines division.
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She will replace Kevin Condron in the position on his retirement due to a mandatory age limit for the role.
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Across the P&C market, share prices outstripped the 1.16% uptick in the S&P 500 index and the 2.28% rise in S&P 500 financials.
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The Worcester-based insurance group reported operating earnings of $2.46, beating analysts’ consensus of $2.18.
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Products include home, auto, high net worth, umbrella casualty and pleasure craft marine hull insurance.
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The figure was driven by hurricane and wildfire losses, and includes $10mn prior year favorable reserve development.
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CEO John Roche says in-force cancellation moratoria helped to boost the carrier’s retention rate for the segment.
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