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Company news


July 2022

The Hartford announces second quarter 2022 financial results

The Hartford y announced financial results for the quarter ended June 30, 2022. “The Hartford delivered another quarter of excellent financial performance with a 12-month core earnings ROE of 14.0%. Results reflect premium growth and margin expansion in Commercial Lines, a 9.8% core earnings margin in Group Benefits and a significant contribution from partnership investment returns,” said Chairman and CEO Christopher Swift.

Travelers' income drops, but still beats profit estimates on record premium growth

Travelers Cos. Inc. reported a smaller-than-expected fall in quarterly profit on Thursday, as record premium growth cushioned a hit from higher catastrophe-related claims and lower returns on investments. The company’s core income fell to $625 million, or $2.57 per share, in the second quarter ended June 30, from $879 million, or $3.45 per share, a year earlier. Analysts on average had expected a profit of $1.97 per share, according to Refinitiv IBES data.

Chubb increases loss cost trends 'rather than be lagging and get caught': Greenberg

Chubb CEO Evan Greenberg said the insurer is seeing favorable returns, but additional rate is needed to "keep pace with loss costs, which are hardly benign." Greenberg said during the July 27 call to discuss second-quarter earnings that Chubb has increased the infalation factors it is using in loss ratios to set rates that can keep pace.

Chubb breaks records in Q2 earnings

It was a record-breaking quarter for Chubb, which released its second quarter earnings on July 26, 2022. The firm reported net income for the quarter ended June 30, 2022 (Q2) of $1.22 billion, or $2.86 per share, compared to $2.27 billion, or $5.06 per share, in the prior year quarter. The insurer attributed this decline to realized losses of $565 million after tax, principally due to the mark-to-market impact on private and public equities and from sales in fixed income securities.

Allianz report identifies the top causes of claims worldwide

Identifying emerging and evolving risks in the ever-changing insurance landscape is a little like looking into a crystal ball and trying to see into the future. However, the annual Global Claims Review 2022 from Allianz Global Corporate & Specialty (AGCS) provides a well-documented look at the top loss sources and emerging trends based on claims from more than 200 countries and provides insights on what risks insurers should be monitoring.

Best's Rating: Progressive remains top U.S. auto liability writer as industry direct premiums written rise 6.1%

U.S. automobile liability direct premiums written increased 6.1% to $194.5 billion, according to a Best’s Ranking. Progressive Insurance Group retained the No. 1 spot with $29.67 billion in direct premiums written, a 14.6% increase. Other top-10 auto liability insurance groups saw single-digit increases except for USAA Group and Nationwide Group, which saw premiums decline.

Berkshire Hathaway GUARD to cease writing some HO risks

Berkshire Hathaway GUARD Insurance Cos. announced it will no longer write certain classes of homeowners insurance risks. In a notice sent to GUARD agencies at the end of June, the carrier stated it would no longer accept new submissions for homeowners coverage for any property that is either: a dwelling with more than two families, or has an ISO Public Protection Classification of 8, 9, 10, X or Y. This change applies to all states. However, renewal business in not impacted.

April 2020

Travelers to provide financial assistance to producers

The Travelers Cos. Inc. announced that it will accelerate commission payments to eligible agents and brokers to help them address the liquidity impacts of the COVID-19 crisis. In total, Travelers is accelerating more than $100 million to its distribution partners. PIANY applauds Travelers for accelerating commission payments to producers, and the association encourages all carriers to take similar measures.

February 2020

Nationwide teams up with Toyota, offers telematics-based insurance

Nationwide has announced a partnership with Toyota Insurance Management Solutions to launch a new telematics-powered insurance solution that will lead to more savings for customers. The two companies are launching TIMS BrightDrive, an insurance program that uses driving data collected from participating connected vehicles to offer customers a discount based on their driving behavior. Toyota customers with connected vehicles who purchase an auto insurance policy with Nationwide can opt into the program—when they do, they automatically receive an initial 10% SmartDrive participation discount. Participants in the program can earn another discount—as much as 40%—if they stay with the program as it collects 90 days' worth of driving data.

January 2020

Carrier cuts agents' commissions

Syncora Holdings Ltd. held a special shareholders meeting on Tuesday, Jan. 28, 2020. At the meeting, Syncora Holdings plans toobtain approval for Syncora Guarantee Inc.’s liquidation plan. Syncora Guarantee Inc.—domiciled in New York state—is licensed in the District of Columbia and all states except Alaska, Ohio and Tennessee.