Results
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The insurance arm’s CoR declined 4 points to 89.3% on lower cat losses.
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The carrier reported adverse development in run-off and a decreased investment result.
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The primary casualty book was down by “some 26-odd percent from the prior year”.
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In certain classes like energy or cat, AIG switched “a bit” to XoL from quota share.
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The CEO said the carrier had identified several areas in its portfolio as having room to grow.
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The carrier shifted away from quota share in a bid to control cat volatility.
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The carrier said it remains on track to hit a mid-80s combined ratio at the end of FY 2024.
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The carrier said rating in the London market came in ahead of expectations.
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The GWP gain was driven by an 11.2% increase in the insurance top line and 11.8% in reinsurance.
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The Bermudian has been reducing exposure in Florida for almost a decade.
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This publication revealed that the firm is working with Jefferies on the sale of its A&H MGA Armada.
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Property rates remain adequate, although price increases are tailing off.
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The legacy deal comes one year after a $1.3bn LPT with Compre covering several lines.
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The property CoR improved by 13.7 points, while casualty and specialty’s deteriorated by 6.7 points.
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There was no material development on long-tail casualty lines across all years, he said.
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The company plans to grow exposure for June 1 and July 1 renewals.
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The reinsurance segment's loss ratio reflected 3 points for the event.
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The firm booked $85mn of pre-tax cat losses, primarily driven by the Baltimore Bridge collapse.
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The carrier confirmed a combined-ratio guidance in the “low 80s” for the year.
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Aon’s CEO said the business was formerly “very underweight” in the middle market.
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The broker announced yesterday it had completed its $13bn acquisition of NFP.
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The group expects that its full-year forecast can be "exceeded significantly”.
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The executive said expansion was driven by retention and new business.
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The carrier’s reinsurance segment doubled its net result to EUR67mn.
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CEO Carl Hess hailed a “solid” first quarter of results.
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There is a high likelihood the property claim will be subrogated.
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The carrier increased its top line by 35% to $1.1bn.
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The carrier’s Q1 P&C re combined ratio is around 75%.
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The US casualty market was “challenging”, the executive said.
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The Q1 figure represents a 2-point acceleration on the 7% reported in Q4 2023.
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The carrier reported a combined ratio of 89.6% for the year.
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The market also outperformed various indices including the MSCI World.
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R&Q Legacy will book adverse development of ~23% of net reserves for the year.
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This year’s analysis of profitability and volatility also includes an alternate view over five years.
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In a departure from 2022 trends, fourth-quartile firms grew the slowest of all syndicates in 2023 at 8.1%.
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Ariel and Blenheim were among eight syndicates moving into top underwriting quartile in 2023.
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The syndicate’s total recognized gains were up to £61mn, from £28mn in 2022.
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The syndicate reported a combined ratio of 101.2% in 2023.
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Growth in property income was offset by a reduced share of finpro business.
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The syndicate's GWP increased from £51.6mn in 2022 to £141.9mn.
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The syndicate posted a combined ratio of 84.6% and GWP of more than £1.2bn.
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Work is still to be done on the investor proposition, expenses, and navigating a waning pricing cycle.
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The group-level CoR worsened 4.7-points in the quarter, coming in at 89.4%.
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CFC noted that growth moderated amid increased competition in cyber.
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The syndicate reported profit up 44.7% to $153mn for the year.
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The executive said Aviva and Fidelis had endorsed the market’s turnaround.
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