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Pricing was “virtually flat” in the second quarter. -
The CEO said business remains adequately priced in most classes.
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The carrier is reducing its exposure to quota shares and shifting to XoL.
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The carrier said market dynamics were shifting due to increased capacity.
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The loss ratio rose 1.9 points to 53.1%, while the expense ratio ticked up 0.6 points to 28.1%.
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The carrier had $20mn in reserve releases in the quarter, compared to nil in Q2 2024.
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This brings the carrier’s total limit on the program to $1.8bn.
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The NFP acquisition was a “tailwind for organic growth, not a key driver”, said CFO Edmund Reese.
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The broker’s EPS beat consensus at $3.49 for the quarter.
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Wind season remains an important variable, but also might not change current dynamics significantly.
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The reinsurance unit’s combined ratio for the quarter was 94.2%.
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The property segment reported a CoR of 27.4% for the quarter, down 26.5 points year on year.
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