Results
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The company did not book any changes in its prior period reserve development. -
Léger confirmed that his move to lead the L&H unit will not be permanent.
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The P&C segment posted an 86.9% combined ratio for the quarter.
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The company also announced a $5.1bn take private deal with Sixth Street.
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US-listed brokers and carriers have generally continued to produce strong growth even in a transitioning market.
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President Eric Andersen said 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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