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Underwriting profits within the insurer’s personal lines unit dropped to $45mn from $154mn the year before. -
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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The insurer also took a $187mn reserve charge, as it's core loss ratio spiked, and catastrophe losses rose from Q4 in 2020.
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Chubb had previously recorded more than $1.4bn in pandemic claims, most in the form of IBNR, and its Q4 claims takedown is the most substantial reserve release to date by a publicly-traded insurer.
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The two brokers reported quarterly earnings and were optimistic about the coming year.
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The company’s 79% jump in underwriting income to $109mn benefitted from $61mn in reserve releases.
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The Chicago-based insurer also grew NPW by 11.1%, its fastest clip in recent memory.
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Both firms posted results and looked towards future pricing, loss cost trends, and renewals.
