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The shares are trading today at $98.56 per share, down 13.13% from yesterday's close. -
The CEO said that WTW was making good progress under its strategy but acknowledged there is more to do.
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CEO Juan Andrade said the carrier would be looking continually to expand and “bridge gaps”.
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He continued that the program contains full protection for hurricanes and tropical storms with no gaps in coverage and no co-participation.
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NWP rose just under 15% at the commercial lines focused company as commercial lines rates rose in the mid-single digits.
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Growth was slower than rival brokers, but CEO Carl Hess said investments would bear fruit in H2.
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The insurer’s results are in line with other carriers, but they are ahead of the curve on adjusting loss costs.
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South African flood losses, Canadian and European storms and second-quarter events in the US were cited as contributors to the deterioration.
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The Bermudian also reported margin improvements and top line acceleration despite a decline in mortgage gross written premium.
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The company cited the challenging Florida claims environment and inflationary and weather trends as the key reasons for the loss ratio increase.
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The executive laid out the carrier’s plans following a property cat exit on a call with analysts.
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