The Hanover
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Hurricane Ida added $75mn in losses to an already active cat season within the carrier’s geographic footprint, the chief executive said. -
The company reported a combined ratio of 102.3, an 8bps increase from last year.
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Gaining market share while avoiding any new business penalty will be an interesting balancing act if the firm is to meet its 2026 targets.
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The carrier is targeting an increase in specialty business, as well as casualty growth to balance property exposures.
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Ida soaks the tri-state – and has the potential to affect personal auto carriers more than comparable storms of the past.
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The Inside P&C Select Index outperformed the S&P 500 (5.7% to 2.9%) in August, despite Hurricane Ida making landfall.
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Employment data indicates that easy growth and margin expansion may slow soon.
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THG’s underlying loss ratio rose by 6 points in the second quarter, to 57.8%, which the company said was the result of rising economic activity.
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The company reported a combined ratio of 94.4%, a 1.8% improvement from the same period last year.
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Following strong year-to-date performance, P&C stocks were down in June after a change of tone in a Fed meeting.
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The insurer reported strong premium growth and average rate rises of 6.1% in its core commercial business.
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The Hanover has named Willard Lee chief information officer and executive vice president at the insurance group.
