Company: HIG-PG
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0000874766-25-000052
Chunk: 253

Company: HARTFORD INSURANCE GROUP, INC.
Filing Date: 2025-04-24
Form: 10-Q
Item: Item 8
Chunk 253
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") reserves— — Catastrophes— — Uncollectible reinsurance— — Other reserve re-estimates, net (4)(2)Prior accident year development before change in deferred gain(90)(32)Change in deferred gain on retroactive reinsurance included in other liabilities [1](32)(24)Total prior accident year development$(122)$(56)[1]The $32 and $24 change in deferred gain on retroactive reinsurance for the three months ended March 31, 2025 and 2024, respectively, is related to amortization of the Navigators ADC deferred gain. For additional information regarding the ADC reinsurance agreement, refer to "Change in Deferred Gain on Retroactive Reinsurance" discussion below.Re-estimates of prior accident year reserves for the three months ended March 31, 2025Workers’ compensation reserves were decreased within the 2016 to 2020 accident years primarily in small business, driven by lower than previously estimated claim severity.Personal automobile liability reserves were decreased primarily within accident years 2020 to 2023 as a result of lower than expected severity.Homeowners reserves were decreased primarily due to favorable severity impacting accident year 2024.Other reserve re-estimates, net, were decreased due to lower than expected severity on Personal Insurance automobile physical damage for accident year 2024, partially offset by unfavorable development from participation in involuntary market pools.Re-estimates of prior accident year reserves for the three months ended March 31, 2024Workers’ compensation reserves were decreased within the 2016 to 2020 accident years primarily in small business, driven by lower than previously estimated claim severity. In addition, the 2020 accident year includes a $20 reduction of COVID-19 related reserves driven by favorable claim count emergence.General liability reserves were increased within the 2016 to 2019 accident years driven by higher frequency of large losses on individual claims of excess and umbrella coverages within middle & large business and deterioration in global specialty primary construction business.Marine reserves increased related to higher frequency of large losses on individual U.S. cargo claims for the 2023 accident year.Professional liability reserves decreased modestly due to favorable development on directors' and officers' ("D&O") claims driven by the 2020 accident year.Assumed reinsurance reserves were increased due to higher reserve estimates in the Latin America surety business related to the 2021 to 2023 accident years.Other reserve re-estimates, net, were