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Beazley, Hiscox and Lancashire all grew in Q1 despite widespread rate decreases. -
Meanwhile, gross written premiums grew 8.6% year on year to $985mn.
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The primary and reinsurance unit CoRs were 103.1% and 98.7%, respectively.
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The reduction was due to impacts from investments and less favourable PYD.
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AJG still has $2bn of M&A capacity after the AP and Woodruff Sawyer deals.
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The remediation process is on track for completion in the fourth quarter.
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The CUO described the pricing dynamics in the line as “strong and good”.
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The executive also addressed the impact of the US tariffs.
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The carrier reported a 3% price reduction across London market business.
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The carrier estimated its California wildfire loss at $145mn-$165mn.
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The quarter’s performance was also affected by the Washington, DC aviation disaster.
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The Bermudian reported net pre-tax cat losses of $49mn, with $32mn attributable to the California wildfires.
