Earnings

The (re)insurer’s investment results were fueled by a net loss of $57.3mn from its investment in the TP Enhanced Fund.

The underlying combined ratio was 91.4% this quarter, compared to 89% a year ago.

On an investor call with analysts, Pratt added that the challenges of the Florida property market have greatly impacted Progressive.

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

On a call with analysts, Whitt said that the company is looking at rate adequacy at a very “granular level".

Chubb pushed its loss trend assumptions higher as it seeks to stay ahead of inflationary pressures.

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

Markel's GWP growth also slowed to 13.7% in the quarter, compared to growth of 21.1% in Q1 2022.

The California-based carrier, which focuses on personal auto, blamed rising costs for parts and labor, along with medical inflation, for the swing to an underwriting loss.

The Cayman Islands-headquartered firm said its underwriting improvement in Q2 was driven by the shift in business mix to higher-margin lines of business.

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

CEO Griffith noted that the company is feeling "the impact of weather and inflation" and that Progressive saw inflation impact the average cost to settle a claim.