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    Bob Farnam • Janney Montgomery Scott LLC

    Bob Farnam is Managing Director and Equity Research Analyst at Janney Montgomery Scott LLC, specializing in property and casualty (P&C) insurance equity research. He covers a selection of small and mid-cap specialty commercial lines insurers, having re-established Janney's P&C insurance research platform in 2022 and previously led similar initiatives at Boenning & Scattergood and Keefe, Bruyette & Woods. Throughout a career spanning from actuarial work at A.M. Best and General Accident Insurance to Vice President of Insurance Research at Conning, Farnam has delivered in-depth coverage and strategic industry analysis, although specific public performance metrics are not disclosed. Farnam holds a B.S. in Mathematics from Tufts University and is a registered broker with FINRA, further underscoring his expertise and regulatory credentials.

    Bob Farnam's questions to Hanover Insurance Group Inc (THG) leadership

    Bob Farnam's questions to Hanover Insurance Group Inc (THG) leadership • Q4 2024

    Question

    Bob Farnam asked about submission trends in the excess and surplus (E&S) lines business and for Hanover's response to investors who believe the P&C hard market cycle has peaked.

    Answer

    President of Specialty Lines, Bryan Salvatore, confirmed that E&S submission and quote activity is 'very high and growing,' with a balanced property/casualty mix. President and CEO John 'Jack' C. Roche countered the 'peak market' narrative, citing an increasingly risky world with rising loss trends. He and CFO Jeff Farber emphasized that Hanover's balanced portfolio and multiple internal improvement levers (Personal Lines, NII, expenses) position it for strong returns regardless of broad market cycles.

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