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On an earnings call to discuss Q3 results, Willis CEO John Haley said staff attrition has peaked following the aborted Aon takeover. -
The executive said there was a strong case for meaningful rate increases in reinsurance.
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The profitability metrics were impacted by the $1bn income received following the Aon deal termination.
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Moderating rates and elevated nat cat frequency and severity don’t negate margin improvement and stronger-than-expected EPS.
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The workers’ comp specialist reported a combined ratio of 71.5%, versus 72.8% in the prior-year period.
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The carrier’s results during the quarter were driven by lower underwriting gains in its commercial lines segment.
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The company reported a combined ratio of 102.3, an 8bps increase from last year.
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The company generated a $10mn underwriting gain in insurance, reversing last year’s $80mn loss, though the reinsurance division’s loss widened to $69mn.
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Strong underwriting profit in commercial lines and lower catastrophe losses drive Cincinnati Financial’s Q3 results.
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The reinsurer grew GWP by 25% in the quarter to $3.5bn, while dropping its companywide attritional loss ratio by more than five points.
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Underwriting profits soared by 66% to $174mn, with a $234mn underwriting gain in mortgage outweighing losses in insurance and reinsurance.
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The chief executive also echoed the comments of RenaissanceRe’s CEO, who said that more than just climate change has contributed to higher catastrophe costs.
