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The carrier reported a below-budget cat experience, despite the California wildfires. -
Space pricing experienced double-digit increases after the 2023 capacity retreat.
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At his last annual meeting as CEO, Buffett highlighted the importance of Berkshire’s insurance operations.
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Meanwhile, gross written premiums grew 8.6% year on year to $985mn.
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The primary and reinsurance unit CoRs were 103.1% and 98.7%, respectively.
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We assess the Bermudian’s standing amid waning investor sentiment and economic uncertainty.
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The remediation process is on track for completion in the fourth quarter.
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The CUO described the pricing dynamics in the line as “strong and good”.
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The executive also addressed the impact of the US tariffs.
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Its 2025 programme exhausts at $9.5bn excess $1bn.
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The carrier estimated its California wildfire loss at $145mn-$165mn.
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The days of 30%+ growth are probably behind the firm, he said.
