17 April 2018Insurance

The Hanover expects up to $76m nat cat costs in Q1

US-based property/casualty insurer The Hanover estimates the impact of catastrophe activity to be in the range of $66 million to $76 million before taxes in the first quarter of 2018.

The cost represents approximately 5.5 percent of earned premium at the midpoint of the range.

Losses primarily stemmed from winter storms in the Midwest and the Northeast in January and March. This estimate also includes the benefit of favourable development of approximately $9.5 million on prior-year catastrophe losses, primarily related to 2017 hurricanes and California wildfires.

The Hanover has a policy to release quarterly catastrophe loss estimates if they exceed the company's catastrophe assumptions by more than 50 basis points for a reported period.

Join us at Intelligent Automation in Insurance - April 26th 2018, London:  Book now.

More of today's news

Allianz sells 33% in China unit

Lloyd’s MS Amlin Underwriting gets downgraded due to losses

AXA backs MGA Gresham Underwriting

Ex-CIRC chairman charged with fraud

Lockton picks new chief digital officer to drive innovation

Marsh partners in commercial blockchain solution for proof of insurance

Monument Re acquires run-off portfolio from Belgian insurer Ethias

Sunderland Marine CEO steps down

BAM seals collateralized reinsurance agreement with Fidus Re

Cyclone Friederike insured losses reach €1.63bn

Don't miss our insurtech email newsletter - sign up today

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk

More on this story

29 March 2018   The Hanover Insurance Group is "exploring strategic alternatives" for its international specialty business, including a sale of its Lloyd's insurance unit Chaucer.
16 May 2018   US-based property/casualty insurer The Hanover's longtime chairman Michael Angelini has retired from the board after more than 30 years with the group.
1 June 2018   US-based property/casualty insurer Hanover Insurance Group has appointed Frank Baron as president of alternative markets, a newly formed business unit within the company's domestic specialty group.