Cincinnati Financial

Cincinnati Re on growth trajectory after NPW spike in Q1

After almost doubling its net premiums written (NPW) in Q1 2021, further growth is on the cards for Cincinnati Re as the platform looks to take advantage of improved pricing and terms and conditions.

CinFin beats as Q1 reserve releases help offset cat losses

Cincinnati Financial’s first quarter 2021 results comfortably beat analysts’ consensus despite the company taking a near $150mn catastrophe loss in the period, with the carrier reporting a 62 percent increase in operating income and a combined ratio that benefited from favourable prior year development.

CinFin sues Texas power operator Ercot to avoid Uri liability payouts

A Cincinnati Financial subsidiary has sued the Electric Reliability Council of Texas (Ercot) seeking a declaration that its general liability policy does not cover the power operator’s defence costs and losses from lawsuits stemming from February’s winter storm.

Cincinnati Global expands Syndicate 318 into new classes

New classes of business generated close to £10mn ($13.8mn) of gross written premium at Cincinnati Global’s Syndicate 318 in 2020, with the syndicate diversifying its portfolio as it attempts to reduce earnings volatility impacts from natural catastrophe events.

CinFin shares climb on Q4 outperformance and low Covid BI reserve charge

Cincinnati Financial investors responded to a strong Q4 earnings beat by sending its shares up, while management revealed a $13mn Covid-19 charge in the quarter and expressed hope that the Ohio Supreme Court will weigh in on the business interruption (BI) issue.

CinFin latest to beat on earnings as combined ratio improves to 87.3%

Cincinnati Financial has reported a 29 percent increase in fourth-quarter operating income to $262mn, compared with $203mn in the same period of 2019.

Cincinnati names Schambow chief claims officer as makes raft of promotions

Cincinnati Financial Corporation has elevated Marc Schambow to chief claims officer and senior vice president as part of a swathe of promotions across the firm.

High retention sees Cincinnati Syndicate 318 2019 YoA deteriorate 8.1% in Q3

Cincinnati Financial’s Syndicate 318 recorded an 8.1 percent deterioration in its mid-point estimate for the 2019 year of account (YoA) during the third quarter of 2020 after being hit hard by the high frequency of US hurricane events.

CinFin again seeks to reassure investors on BI claims

Cincinnati Financial has reiterated confidence in its legal strategy for Covid-19 business interruption (BI) claims despite its standard policies not containing a virus exclusion, and has revealed it has filed an appeal of a case it lost in North Carolina.

Cincinnati Global enters contingency and specie with Chubb and Aegis hires

Cincinnati Financial’s London-based specialty unit, Cincinnati Global Underwriting, will begin writing contingency and specie business, with the new classes led by Chubb’s Francis Hernandez and Aegis London’s Ian Seakens, respectively.

Lloyd’s syndicates 318 and 4242 hit by high frequency Q3 loss events

Cincinnati Syndicate 318 and Beat Capital’s Asta-managed Syndicate 4242 are expected to face material impacts from the recent run of US catastrophes, with the high frequency of this year’s events driving attritional losses across both syndicates.

Insurers winning US Covid-19 motions to dismiss by 31-14: Penn Law

The latest score card for motion to dismiss rulings in US Covid-19 business interruption (BI) cases shows insurers being granted them in 31 cases and denied in 14 cases, but policyholders are on top in cases where there is no virus exclusion.

CinFin confident on BI exposure, but not everybody is so sure

Cincinnati Financial CEO Steven Johnston this week once again moved to calm investor fears over his company’s exposure to business interruption (BI) losses, after the insurer lost a case that at least one observer believes could mark a meaninful shift in US Covid-19 litigation.

CinFin “confident” in Covid-19 BI legal position and plans to appeal NC ruling

Cincinnati Financial remains confident in its legal strategy that Covid-19 does not constitute direct physical loss or damage that would trigger BI coverage, with CEO Steven Johnston confirming the carrier will appeal the recent North Carolina ruling against it on the matter.

CinFin Covid estimate unchanged despite BI ruling

Cincinnati Financial’s (CinFin) estimate for its Covid-19 exposure remains unchanged despite the company’s legal setback regarding the dismissal of business interruption-related claims.

CinFin shares drop 9% after Covid-19 BI ruling news

Shares in Cincinnati Financial closed down 9 percent yesterday (22 October) after it emerged a state judge in North Carolina had granted partial summary judgments to restaurants that sued the insurer for Covid-19 business interruption (BI) losses, finding that government orders had caused direct physical damage.

CinFin estimates $266mn in Q3 cat losses

US insurer Cincinnati Financial has preannounced third-quarter pre-tax cat losses of around $266mn, representing an impact of approximately 18.3 percentage points to its combined ratio for the period.

Cincinnati and Nationwide latest to be granted motions to dismiss Covid-19 cases

In two more favourable Covid-19 rulings for insurers out of US courts, Nationwide and Cincinnati Financial have both been granted motions to dismiss business interruption (BI) cases brought by restaurants, although the plaintiff in the latter insurer’s case will be allowed to replead its case.

MDL panel mulls centralising BI suits into insurer-specific proceedings

The Judicial Panel on Multidistrict Litigation has held a hearing to consider creating insurer-specific proceedings that would centralise Covid-19 business interruption (BI) lawsuits against The Hartford, Cincinnati Financial, Society Insurance, Travelers and Lloyd’s underwriters.

Under-scrutiny CinFin wins Covid-19 BI case dismissal in Illinois

Cincinnati Financial – seen as one of the US insurers most exposed to potential Covid-19 business interruption (BI) claims because of the lack of virus exclusions in its policies – has been granted a motion to dismiss a lawsuit filed by a dental practice in Illinois.

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