Reinsurance
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The group reported a 19.1% return on opening adjusted tangible book. -
Overall, the company’s underwriting income fell 43% to $417mn in the first quarter.
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The carrier is targeting an IPO valuation between $2.6bn and $2.9bn.
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The broker said the burgeoning class of business was still finding its stride.
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Growing economic and population exposures are driving potentially larger insured losses.
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Ann Field, Matt Moore and David Griffiths have also had promotions.
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The commercial risk and reinsurance units delivered mid-single-digit growth.
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The California wildfires were the only “relevant event” for the period, the carrier said.
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The firm said supply and demand was becoming more in balance than at 1 January renewals.
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Lucy Clarke said the broking business was resilient in the face of macro challenges.
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The only major product line to see rate increases was casualty.
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