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E&S increases in high single to low-double digits and property rose by 45% in Q1.
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The cat losses outweighed the Q1 $15mn reserve charge that resulted from lower-than-estimated losses and loss adjustment expenses in the homeowners’ business.
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The segment reported a 13.5-point improvement in its CoR to 56.5%, while maintaining a 14.6% growth in net written premiums.
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The Hanover’s ex-cat CoR rose to 91.7% in the first quarter, up from 89.8% a year earlier as the company posted lower reserve releases.
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Progressive booked a $621.2mn adverse development, compared with a $190.8mn reserve charge in Q1 2022.
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Returns from April 1 and May 1 were at or exceeded the return levels of January 1 renewals.
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Though strong growth continues, the future is less clear as driving forces potentially run out of steam.
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Most of the losses were sustained by the reinsurance segment, which reported $108mn in pre-tax cat losses, compared with $110mn in the prior year period.
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The firm reported flat reserve developments from its specialty and commercial P&C units in Q1, while a year ago the specialty segment posted a $10mn release.
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The events were widespread, but each was under $100mn in size.
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The company posted a 1.2-point increase in its loss ratio to 58.6%, as the firm saw less-favorable reserve releases and slightly higher cat losses during the quarter.