-
Brokerage margins contracted slightly, as the savings achieved during economic lockdowns reversed. -
The CEO also detailed the carrier’s efforts to capitalize on surging primary casualty rates through proportional treaty business.
-
Hurricane Ida added $75mn in losses to an already active cat season within the carrier’s geographic footprint, the chief executive said.
-
The CEO said his company is ‘convinced’ the firming cycle has legs, while also acknowledging the company “relied heavily” on its mortgage unit when returns in P&C were less attractive.
-
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.
-
The profitability metrics were impacted by the $1bn income received following the Aon deal termination.
-
Moderating rates and elevated nat cat frequency and severity don’t negate margin improvement and stronger-than-expected EPS.
-
The workers’ comp specialist reported a combined ratio of 71.5%, versus 72.8% in the prior-year period.
-
The carrier’s results during the quarter were driven by lower underwriting gains in its commercial lines segment.
-
The company reported a combined ratio of 102.3, an 8bps increase from last year.
-
The company generated a $10mn underwriting gain in insurance, reversing last year’s $80mn loss, though the reinsurance division’s loss widened to $69mn.
