American Financial

Evidence of consistent pricing power: management reported 39 consecutive quarters of renewal rate increases through Q1 2026; average renewal pricing ex-workers’ comp rose ~5% in Q1 2026 and overall ~3% including comp.

Commercial auto liability pricing rose ~14% in Q1 2026, and specialty segments achieved mid-80s to mid-90s combined ratios in Q2 2026. This reflects good bargaining power in targeted niches and the ability to adjust terms and limits.

That said, pricing in parts of E&S and executive liability faces heightened competition, and social inflation can outpace rate in long-tail lines. Overall, pricing power is solid and improving, but cyclical and line-specific dynamics warrant ongoing caution.