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Shares in the broker are up by 4% after it comfortably beat analyst earning expectations. -
The broker grew organically in all divisions and comfortably beat analyst earning expectations by 11%.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The firm reported quarterly earnings featuring disappointing personal auto loss cost trends.
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Despite decreasing underwriting income, the company’s Q4 2021 performance was above the $1.41 earnings per share that analysts had estimated for the period.
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Underwriting profits within the insurer’s personal lines unit dropped to $45mn from $154mn the year before.
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The executive also called the company’s $628mn underwriting gain in 2021 a ‘record-smashing’ figure.
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The Hanover swung back to underwriting profit of $88mn after a cat-heavy Q3.
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The carrier shifted to average Q3 rate hikes of 7.1%, after trimming rates to start 2021 in response to drop in frequency, improvements to expense structure.
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The firm is an outlier on the negative side both in its state mix and the speed of its rating actions.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The insurer also took a $187mn reserve charge, as it's core loss ratio spiked, and catastrophe losses rose from Q4 in 2020.
