Consolidated property casualty net written premiums increased by $229 million, or 11%, compared with the same period of 2023. This growth is attributed to premium growth initiatives and maturing agency relationships.

Agency renewal written premiums increased by 3% for the first three months of 2024, compared with the same period of 2023, including price increases.

Personal lines new business written premiums increased $43 million or 54% for the first three months of 2024, compared with the same period of 2023, including approximately $15 million from Cincinnati Private Client

In January 2024, the board of directors increased the regular quarterly dividend to 81 cents per share, setting the stage for the 64th consecutive year of increasing cash dividends. This reflects confidence in the company's financial flexibility and operating performance.

The board regularly evaluates relevant factors in decisions related to dividends and share repurchases. During the first three months of 2024, cash dividends declared by the company increased 8% compared with the same period of 2023.

By maintaining a well-diversified fixed-maturity portfolio, we attempt to reduce overall risk. We invest new money in the bond market on a regular basis, targeting what we believe to be optimal risk-adjusted, after-tax yields.

Our risk factors have not changed materially since they were described in our 2023 Annual Report on Form 10-K filed February 26, 2024. Investors should not interpret the disclosure of a risk to imply that the risk has not already materialized.

Ongoing developments concerning business interruption insurance claims and litigation related to the COVID-19 pandemic that affect our estimates of losses and loss adjustment expenses or our ability to reasonably estimate such losses.

Unusually high levels of catastrophe losses due to risk concentrations, changes in weather patterns (whether as a result of global climate change or otherwise), environmental events, war or political unrest, terrorism incidents, cyberattacks, civil unrest or other causes

We continue to segment commercial lines policies, emphasizing identification and retention of those we believe have relatively stronger pricing. Conversely, we have been seeking stricter renewal terms and conditions on policies we believe have relatively weaker pricing, thus retaining fewer of those policies.

New business written premiums for commercial lines increased $48 million during the first three months of 2024, compared with the same period of 2023, as we continued to carefully underwrite each policy in a highly competitive market.

For both our personal auto and homeowner lines of business, some individual policies experienced lower or higher rate changes based on each risk's specific characteristics and enhanced pricing precision enabled by predictive models.

The underwriting expense ratio increased for the first three months of 2024, compared with the same period a year ago. The increase was primarily due to an increase in profit-sharing commissions for agencies.

The underwriting expense ratio increased for the first three months of 2024, compared with the same period a year ago. The ratio also included ongoing expense management efforts and higher earned premiums.

We use building valuation software to automate much of that underwriting process and may also manually adjust premiums to reflect property costs.

We continue to use predictive analytics tools to improve pricing precision and segmentation while leveraging our local relationships with agents through the efforts of our teams that work closely with them.

Delays, inadequate data developed internally or from third parties, or performance inadequacies from ongoing development and implementation of underwriting and pricing methods, including telematics and other usage-based insurance methods, or technology projects and enhancements expected to increase our pricing accuracy, underwriting profit and competitiveness

Ineffective information technology systems or discontinuing to develop and implement improvements in technology may impact our success and profitability

The board of directors is committed to rewarding shareholders directly through cash dividends and through share repurchase authorizations.

During the first three months of 2024, cash dividends declared by the company increased 8% compared with the same period of 2023. The 2024 dividend increase reflected our strong operating performance and signaled management's and the board's positive outlook and confidence in our outstanding capital, liquidity and financial flexibility.

We did not sell any of our shares that were not registered under the Securities Act during the first three months of 2024. Our repurchase program does not have an expiration date. On January 26, 2018, an additional 15 million shares were authorized, which expanded our current repurchase program. We have 6,046,785 shares available for purchase under our programs at March 31, 2024.

There is no explicit section dedicated to ESG initiatives, and no material changes are noted in areas that would directly reflect ESG performance. Therefore, a comprehensive assessment is not possible based on the provided 10-Q.

Unusually high levels of catastrophe losses due to risk concentrations, changes in weather patterns (whether as a result of global climate change or otherwise), environmental events, war or political unrest, terrorism incidents, cyberattacks, civil unrest or other causes

The filing does not contain explicit discussion of social responsibility initiatives or governance practices.

Domestic and global events, such as Russia's invasion of Ukraine, war in the Middle East and disruptions in the banking and financial services industry, resulting in insurance losses, capital market or credit market uncertainty, followed by prolonged periods of economic instability or recession, that lead to

Intense competition, and the impact of innovation, technological change and changing customer preferences on the insurance industry and the markets in which we operate, could harm our ability to maintain or increase our business volumes and profitability

Actions of insurance departments, state attorneys general or other regulatory agencies, including a change to a federal system of regulation from a state-based system, that