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The carrier reported total cat losses of $48.9mn during Q1-Q3 2024, versus $20.2mn in 2023. -
The carrier is seeing competition in all areas, including small private business and large public.
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The carrier had $300mn of favorable development in Q3, mostly led by short-tail lines and ex-workers' comp.
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Funding has reached $3.2bn over the first three quarters, 7% less than in 2023.
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The MGA platform will become part of Ryan Specialty Underwriting Managers.
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The carrier reported a “large closeout transaction” that benefited the CoR but created a 0.7-point headwind for the loss ratio.
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Excess casualty rates were up 10% and have been double-digit all year, the executive said.
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The firm will provide an update on November 22 to avoid holiday season.
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The Insurance Insider US news team runs you through the earnings results for the day.
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He joins from R&Q Insurance Holdings, where he has been chief accounting officer.
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The broker said the casualty segment is approaching an “inflexion point”.
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Republican tariffs and higher Democratic corporate taxes would hurt the sector.
