The Hanover
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Losses stemmed from over 20 weather events, including severe freezes in February and widespread wind and tornadic activity in mid- to late March. -
The Hanover expects its 2023 ex-cat CoR to be in the 91%-92% range, driven by rate adjustments and changes in personal auto frequency.
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The firm’s personal lines segment booked an ex-cat CoR of 98.9% (up from 92.1%), driven primarily by inflation and supply chain delays.
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The insurer said its cat estimate is driven by $165mn of losses related to Winter Storm Elliott.
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Jon Martin will succeed Schuler as management liability VP and Greggory Ketay will become distribution VP.
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The regionals continue to find success in small and middle market business, as their pivot to a commercial focus has benefitted them.
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For its personal auto book the firm anticipates rate renewals of 7% in Q4, up from 4.1% in Q3, and double-digit hikes in 2023.
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The personal lines unit reported a combined ratio of 107.3%, marking a 3.5-point deterioration from the 103.8% CoR reported in the prior-year quarter.
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The insurer took $28mn in net Hurricane Ian losses and warned inflationary pressures surpassed expectations in general in Q3.
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With pricing decelerating and loss-cost trends potentially reversing, regionals should continue to execute on their present strategy.
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