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Cat losses for the quarter added 3.2 points to the carrier's combined ratio. -
Q1 adverse reserve development went down to $4.2mn from $5.4mn a year ago.
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The California wildfires accounted for $142.8mn of total $150.5mn cat activity in the quarter.
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IGI saw opportunities in energy, ports and terminals and marine cargo but remains cautious in long-tail lines.
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Ark's combined ratio included 25 points of catastrophe losses in Q1.
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The CEO expects overall P&C pricing to be “stable” through 2025.
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The carrier booked LA wildfire losses of EUR148mn.
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Cat losses included $17.5mn from the CA wildfires and other events.
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The carrier reported a below-budget cat experience, despite the California wildfires.
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Space pricing experienced double-digit increases after the 2023 capacity retreat.
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Beazley, Hiscox and Lancashire all grew in Q1 despite widespread rate decreases.
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Meanwhile, gross written premiums grew 8.6% year on year to $985mn.
