Results
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CEO John Doyle said global property rates were down 2% versus flat in Q2. -
Organic growth fell by 1 point quarter on quarter and was down by 5 points from Q3 2023.
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The company incurred $563mn of total cat losses related to the storm.
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Arch announced the retirement of CEO Marc Grandisson on Monday, with immediate effect.
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Lloyd’s is to take a 75% stake in PPL Technologies Group.
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The vehicle’s GWP increased by 45% to £230mn over the period.
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The marine carrier’s financial result for the period was $25mn.
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The market remains concerned about managing the pricing slowdown, but a “super cycle” continues.
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The executive said that the market was in a protracted period of stable underwriting and capital.
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Overall, Lloyd’s H1 market underwriting profit came to £3.1bn, as the CoR improved by 1.5 points to 83.7%.
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