Hanover Q1 2023 Earnings Report

Hanover's financial performance was impacted by significant catastrophe losses, particularly from severe freeze events and widespread wind and tornadic activity, but underlying results reflected strong performance across segments with robust price increases.

Key Takeaways

The Hanover reported a net loss of $12.0 million for Q1 2023, compared to a net income of $104.9 million in the prior-year quarter. The combined ratio was 104.4%, with catastrophe losses significantly impacting results. However, the underlying performance showed strength in Specialty, Core Commercial, and Personal Lines segments.

Combined ratio was 104.4%, but 91.7% excluding catastrophes.

Catastrophe losses totaled $175.0 million, impacting the combined ratio by 12.7 points.

Net premiums written increased by 8.3%, with contributions from each segment.

Renewal price changes were 11.5% in Core Commercial, 12.6% in Specialty, and 12.7% in Personal Lines.

Total Revenue

$1.42B

Previous year: $1.31B