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The broker's share price dipped 11% in morning trading after its Q1 earnings missed expectations. -
Commercial property premium growth declined 18% in Q1, as rates fell 20%.
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Renewal rates were favorable compared to what could have happened after several hurricanes.
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The Hartford’s Q1 CoR increased 4.1 points to 96.9% driven by cat losses.
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Macroeconomic volatility could also create top-line headwinds.
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The commercial risk and reinsurance units delivered mid-single-digit growth.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The company will continue to deploy additional limit in property cat through mid-year, the firm’s CUO added.
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The company’s diverse portfolio could provide protection, but has heavy exposure in construction and transportation.
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However, the firm will take a “conservative approach” until the improvements are shown in data.
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Lucy Clarke said the broking business was resilient in the face of macro challenges.
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CEO Marchioni said the overall hit would likely be “in the low single digits”.
