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Total pre-tax favorable prior period development in the quarter was $361mn, up nearly 48% YoY. -
The company noted tougher market conditions and higher large losses during the year.
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The investor has made four new investments post-H1.
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The broker’s new business and client services division is targeting $400mn of savings.
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Earlier this week, the broking house announced a rebrand to Marsh.
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The ratings agency cited a reduction in exposure to nat cat risk as a reason for the change.
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Continental composite carriers aim to smooth volatility with new initiatives.
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The Lloyd’s investment business has cut expenses by 54% over the past six months.
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The broker’s headline Ebitda was $20mn, up from $5.6mn in 2023.
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It said the loss did not reflect the underlying economic performance of the business.
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Property remains the dominant line, accounting for nearly 30% of total London premiums.
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Rachel Turk said product-line facilities had been “under-scrutinised”.
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