Cincinnati Financial

Recent renewal pricing indicates traction: mid-single-digit increases in commercial, high-single-digit in E&S and personal lines. This reflects a firm market backdrop, better underwriting data, and willingness to walk from underpriced risks. Nevertheless, P&C pricing power is cyclical and constrained by competition and regulation.

We see continued room for personal and E&S pricing to normalize margins after elevated loss-cost inflation and catastrophe activity, with commercial pricing likely moderating if industry loss costs ease. Overall, moderate pricing power with room for selective expansion where Cincinnati has agent density and risk analytics advantages.