The Hanover

The second week’s reporters continued to build upon the theme of rate momentum likely translating into ROE expansion.

Roche raised concerns about the "reemergence of social inflation".

Auto frequency benefits contributed to a 5.9-point fall in the loss ratio at its personal lines division.

She will replace Kevin Condron in the position on his retirement due to a mandatory age limit for the role.

Across the P&C market, share prices outstripped the 1.16% uptick in the S&P 500 index and the 2.28% rise in S&P 500 financials.

The Worcester-based insurance group reported operating earnings of $2.46, beating analysts’ consensus of $2.18.

Products include home, auto, high net worth, umbrella casualty and pleasure craft marine hull insurance.

The figure was driven by hurricane and wildfire losses, and includes $10mn prior year favorable reserve development.

CEO John Roche says in-force cancellation moratoria helped to boost the carrier’s retention rate for the segment.

The firm’s NWP decreased 5% primarily due to the impact of the personal auto premium returns.

The insurer does not expect Covid-19 losses to have a material impact on its second quarter earnings.

Management struck a bullish tone as it outlined expectations of capped Covid-19 losses while asserting that lower claim frequencies would likely benefit the loss ratio more than falling premiums.