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President Andersen said he was optimistic about the 2025 reinsurance market. -
The broker introduced 2025 guidance for mid-single-digit or greater organic growth.
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Claims related to California wildfires are "fairly insubstantial" to date, executives said.
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Organic growth in broking segment Marsh accelerated during the reporting period.
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The carrier’s Q4 CoR decreased 34.8 pts YoY to 94.2% as it reported favorable prior-year reserve development.
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The reinsurer is ready to deploy additional capacity following the event, but only if prices are commensurate with risk.
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The carrier has been reducing its exposure to the area where the wildfires occurred by over 50%.
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Hurricane Milton brought the firm net losses of $270mn in Q4, while it forecast up to a $750mn wildfire hit for Q1.
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CEO Jim Williamson said social inflation was a “growing barrier” to a vibrant economy.
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The (re)insurer recorded a reserve charge of nearly $1.3bn within its casualty insurance book.
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The insurer will focus on UK regional growth and opportunities in cyber for the coming year.
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The insurer also added $150mn cat coverage while reducing the total ceded premium for this treaty.
