The Hanover
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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. -
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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The firm’s specialty pivot seems to be paying off in premium growth and value creation.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Despite strong performance in commercial and specialty, THG raised its full-year combined ratio guidance by one point, citing inflationary pressure on personal lines.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The loss ratio in the personal lines unit increased by 7.1 points year on year, as property and auto lines faced higher severity.
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The industry veteran of 36 years will also serve on the board’s audit committee.
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The sector was hit by a rough first half of 2022, with more to come in the second half of the year.
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Before joining State Street in 2019, the executive served for over 25 years at Citigroup, where he held various leadership positions.
