Results
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President Eric Andersen said that non-malicious cyber risk was “front of mind” for clients.
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Organic growth was in line with WTW and Marsh McLennan, which both posted 6% underlying expansion.
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The carrier booked a EUR41mn impact from Brazilian flooding.
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CRB NA growth was driven by specialty lines, including natural resources, construction and real estate.
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The broker raised the low end of its 2024 target ranges for adjusted operating margin and adjusted EPS.
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The property CoR improved by 9.1 points, while casualty and specialty’s fell 5 points.
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The carrier purchased an additional $150mn of cover.
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The executive said challenging loss cost trends were contributing to rate rises.
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Earnings per share were up 10%, while the margin expanded by 1.3 points.
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Work to revitalise the French reinsurer just got harder as problems in its life book crashed the share price.
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The negative L&H result was driven by reserve updates.
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