The Hanover

Intact adds Arch’s Reinke as transactional surety CUO

Intact Insurance Specialty Solutions has hired Arch’s former SVP of transactional surety Scott Reinke as chief underwriting officer for its transactional surety team.

Hanover CUO for middle market Brewer retires after 40-year career

The Hanover’s vice president and CUO of middle markets Rob Brewer has retired after a 40-year career in the insurance industry.

The Hanover’s personal lines PIF falls 2.3% in Q4 with Midwest down 3.3%

The Hanover’s John Roche has hailed the impact of his company’s margin recapture initiatives in the personal lines segment, which led to a 2.3 percent drop in policies in force from the third quarter to the fourth.

The Hanover improves CR 13.8 pts to 94.2% in Q4 earnings beat

The Hanover has reported a Q4 earnings beat with results that included an improved combined ratio of 94.2 percent, double digit rate increases in its three business units, and sequential acceleration in core commercial and personal lines.

The Hanover adds CNA’s Marohn as president of specialty P&C

The Hanover Insurance Group has recruited Stephen Marohn from CNA as its new president of specialty property and casualty, with the new hire filling the role that was previously held by Frank Baron prior to his exit earlier this year.

Hanover reports earnings in line with expectations as SCS losses dent bottom line

The Hanover Insurance Group reported third quarter operating profits of $0.19 a share that were in-line with Wall Street forecasts after it preannounced cat losses that came in at $195.8mn, driven by severe convective storm (SCS) activity in the Midwest that primarily impacted its personal lines business.

Hanover estimates $195.8mn in Q3 cat losses

US insurer The Hanover Insurance Group has preliminary estimated third quarter 2023 catastrophe losses of $195.8mn before taxes, or 13.7 points of net earned premium.

Hanover promotes Seibold to alternative markets president, Barrett to programs president

The Hanover has appointed Stephanie Seibold to president of alternative markets and Arthur Barrett to president of programs, with Seibold replacing Pam Rushing, who recently joined Church Mutual.

The Hanover names Hamann president of small commercial

The Hanover has appointed Charles Hamann president of small commercial replacing Michael Keane, who has taken a new position focused on the company’s long-term strategy.

The Hanover imposing property deductible increases and T&C changes to help stem heavy cat losses

The Hanover is raising all-perils and wind and hail deductibles as well as new coverage terms for older roofs within its personal lines business in an effort to reduce its catastrophe risk vulnerability and exposure to future losses.

The Hanover “laser-focused” on restoring personal lines profitability

The Hanover is “laser-focused” on restoring profitability within its personal lines business as $219.2mn of catastrophe losses within the segment dragged down the company’s overall performance in Q2 2023 and offset the positive results recorded by its core commercial and specialty divisions.

The Hanover preannounces Q2 earnings miss on $262mn of cat losses

The Hanover Insurance Group has issued a preliminary estimate for second quarter cat losses driven by convective storms of around $262mn before tax, or 18.5 points on its combined ratio, and now expects to report an after-tax operating loss per share of $1.91 for the period.

Roche “not anticipating a major drop-off” in Hanover’s growth trajectory despite cat reduction

The Hanover leader John Roche has said efforts to address catastrophe exposure will not have a major impact on growth because of the overall hard market conditions, while the insurer sees “additional room and market support for further price increases” in personal lines.

The Hanover Q1 combined ratio jumps 11 pts to 104.4% on cat losses

The Hanover has reported that its pre-announced $175mn in catastrophe losses resulted in a combined ratio of 104.4 percent for the first quarter, with president and CEO John Roche stressing the insurer is now “taking steps to address the significant negative impact of winter and severe convective storms”.

The Hanover expects break-even Q1 operating result after taking $175mn pre-tax cat hit

The Hanover Insurance Group expects to take a $175mn pre-tax hit from catastrophe losses in Q1 2023 with the company now set to post an expected break-even operating result for the three-month period.

KBW “cautious” on The Hanover’s cat exposure

Analysts at KBW are modelling for a higher cat loss ratio in 2023 than The Hanover Insurance Group has guided because of concerns over claims inflation and the expectation that the US insurer’s attachment points will increase when it renews its property reinsurance at mid-year.

Hanover CEO: Regulatory environment evolving to allow more personal lines rate hikes

The Hanover CEO John Roche has described an “unprecedented hard market” in personal lines with the regulatory environment evolving to allow further rate increases in most states.

Hanover falls to $37mn Q4 operating loss on preannounced cat losses

The Hanover has reported an operating loss of $37.4mn for the fourth quarter compared with operating income of $122.1mn in the prior period, but the insurer highlighted “relatively stable” core commercial pricing and strong increases in personal lines.

The Hanover hires Markel’s Williams as E&S president

The Hanover Insurance Group has appointed Kate Williams as president of excess and surplus (E&S), taking the role vacated by Steve Mills when he joined Ledgebrook last year.

The Hanover says $165mn Elliott hit to drive Q4 UW loss

The Hanover Insurance Group announced Thursday morning it is expecting to record $190mn in fourth quarter pre-tax cat losses - a steep spike from $39mn a year ago - and that its combined ratio is set to climb to 108 percent in the period, up from 92.9 percent.

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