Regional insurers saw a significant improvement in 2012 underwriting results compared to 2011, but only one of six such companies studied by Fitch Ratings managed an underwriting profit for the year, and regionals posted a higher 2012 combined ratio than any other subsector Fitch analyzed.
“Cincinnati Financial Corporation was the only one of the six regional insurers to post an underwriting profit in 2012,” says Fitch in its report, U.S. Property/Casualty Insurers' Year-End 2012 Financial Results. ”None of these companies reported a combined ratio less than 100 in 2011 and no regional insurer reported an accident year underwriting profit during either period.”
But, thanks to lower catastrophe losses, regional insurers, along with reinsurers, did show the greatest underwriting-performance improvement for the year out of a group of 48 publicly-traded P&C companies Fitch analyzed.
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