The Hanover

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.

The Worcester-based insurance group reported operating earnings of $2.46, beating analysts’ consensus of $2.18.

Products include home, auto, high net worth, umbrella casualty and pleasure craft marine hull insurance.

The figure was driven by hurricane and wildfire losses, and includes $10mn prior year favorable reserve development.

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

Management struck a bullish tone as it outlined expectations of capped Covid-19 losses while asserting that lower claim frequencies would likely benefit the loss ratio more than falling premiums.

The insurer’s CEO says it has identified 538 policies where coverage could be triggered.

Benign frequency due to fewer miles driven in personal helped offset a weaker underlying loss ratio in commercial driven by one large fire loss and an unquantified Covid-19 loss reserve.

The former senior vice president at AmWins replaces James Abraham, who is retiring.

Medina joined The Hanover in 2014 from The Hartford, having begun her career at Travelers.