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Strong underwriting profit in commercial lines and lower catastrophe losses drive Cincinnati Financial’s Q3 results. -
The reinsurer grew GWP by 25% in the quarter to $3.5bn, while dropping its companywide attritional loss ratio by more than five points.
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Underwriting profits soared by 66% to $174mn, with a $234mn underwriting gain in mortgage outweighing losses in insurance and reinsurance.
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The chief executive also echoed the comments of RenaissanceRe’s CEO, who said that more than just climate change has contributed to higher catastrophe costs.
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The company recorded double-digit growth in earned income during the third quarter.
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Quarterly results show the first signs of slower organic growth, suggesting its middle-market focus may leave it more sensitive to rate moderation.
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Commercial P&C net written premiums were up 22% in the quarter, with P&C NWP growing by 16.9% to $9.9bn overall.
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James River stock tumbles, Brown & Brown slips, RenRe sees modest gains on Q3 results.
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The executive said social inflation, fraud, and other loss drivers have driven up the cost of storms, and contributed to model miss.
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The carrier expects losses of $5mn from Hurricane Ida net of reinsurance recoveries, and adverse development of $15.1mn in casualty reinsurance.
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Retail organic growth picked up to 8.3%, while consolidated Ebitdac margins expanded by almost 300bps, to 35.6%.
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The reinsurer grew GWP by 55% – to $1.77bn – helped by a surge in reinstatement premiums, but the company was weighed down by $727mn in net cat claims.
