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Hanover news from Insurance Insider US
Roche said the company's deliberate efforts to limit exposure in the Midwest offset loss trends.
The Insurance Insider US news team runs you through the earnings results for the day.
Markel, Axis and Selective booked sizeable reserve charges in their liability segments.
Insurance Insider US runs you through the earnings results for the day.
She joined The Hanover in 2015 and since 2018 has served as CUO of technology and life sciences underwriting.
Marohn will lead the company's E&S business, specialty industrial business, Hanover Programs, specialty general liability and Hanover Specialty Insurance Brokers.
Its Q3 cat losses of $196mn primarily resulted from severe convective storms in the region, and drove the overall combined ratio to come at 104.4%.
The Inside P&C news team runs you through the earnings results for the day.
A clear commonality is already emerging much as it did in the previous quarter, when severe convective storms – particularly hail – also dominated.
The carrier’s cat loss estimate for Q3 2023 is more than twice Q3 2022’s $90.1mn, which included $28mn attributable to Hurricane Ian.
Inside P&C’s morning summary of the key stories to get you up to speed fast.
The migration is due to admitted carriers not being able to get the rate filings approved in a lot of the states – an issue that is extending beyond California and Florida, to the east coast.
Hamann previously served as the company's deputy president and CUO of small commercial.
Executives have pointed out that it is becoming increasingly difficult to talk about broader trends as micro-cycles are developing for each line.
These changes include increasing all payroll deductibles to specific minimum levels by coverage A limit, adding wind and hail deductibles in multiple states and transitioning to an ACV schedule for roofs as the standard offering.
Inside P&C’s morning summary of the key stories to get you up to speed fast.
The Inside P&C news team runs you through the earnings results for the day.
Q2 cat losses reported by most carriers were significantly higher than a year ago owing to the number of US convective storms and likely higher carrier retentions at reinsurance renewals.
Losses stemmed from 19 convective storms across multiple states, with hail damage representing the majority of reported losses, primarily impacting the personal lines segment.
Inside P&C’s news team runs you through the key highlights of the week.
Inside P&C’s morning summary of the key stories to get you up to speed fast.
The regional cohort keeps pace with nationals on pricing, and stays ahead on reserving trends.
Homeowners' renewal pricing is expected to increase around 20% throughout the rest of the year.
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.
Inside P&C’s morning summary of the key stories to get you up to speed fast.
Competitor news

Competitor news

A roundup of today’s need-to-know news, including leadership changes at Chubb.
Michael Fish will become head of group benefits after Jonathan Bennett’s retirement.
Investor skepticism visible in stock prices and short interest data over first half of 2024.
The losses added 12.3 points to the firm's 100.4% CoR.
Changes in investment strategy and strong results show carriers can weather financial storms.
The carrier is also targeting E&S growth in property brokerage and global specialty.
The Insurance Insider US news team runs you through the earnings results for the day.
The CoR for homeowners’ insurance rose to 95.4% from 75.8% in February.
The homeowners' CoR fell over 32 points sequentially to 75.8%.
Carriers expressed confidence on the line’s ability to withstand medical inflation.
The carrier also plans to ramp up media spend.
Personal auto rates increased 19% during the year.
The homeowners’ CoR worsened 39 points sequentially to 107.9%.
Commercial carrier earnings continue to show mixed prior-year development.
Commercial property pricing rose 11%, while personal auto grew 21.9%.
Insurance Insider US runs you through the earnings results for the day.
The insurer said it will continue to renew existing homeowners’ business.
The commercial auto CoR decreased to 93.7% in December, while the homeowners’ CoR improved 13.2 points to 68.9%.
The commercial auto CoR worsened 7.8 points to 108.6% for the month, while the homeowners’ CoR deteriorated 15.1 points to 82.1%.
Personal auto carriers risk falling behind in the battle between loss costs and approved rate declines, while homeowners carriers’ double-digit filings might not be enough to keep up.
The commercial lines market is generally rational and disciplined, the CEO told analysts at the Goldman Sachs 2023 US Financial Services Conference.
Reciprocals have been cropping up more recently, with a shift toward cat-exposed lines, giving investors a quick way to tap into the hard market with an expectation of a rich multiple at exit.
Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
In tandem, the carrier announced that Stephanie Bush, who leads small commercial and personal lines, will retire after more than three decades with the company.
The net cat loss ratio dropped to 0.4% from 1.8% in September, but the consolidated loss ratio deteriorated 2.4 points to 75.5% during the same period.
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Richard Belsey has more than 20 years' experience as a corporate lawyer.
The business specialises in hard-to-place risks.
Cat bond spreads stabilised as maturities brought capital to deploy into the market, after an earlier spike.
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