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Underwriting income plummeted to $2mn from $18mn last year, hurt by less favorable development and lower earned premiums. -
The company said rates in commercial auto offset modestly negative comp rates, with D&O and aviation easing up but still firm.
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The broker posted strong organic growth, setting the tone for other firms’ super-cycle earnings.
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The specialty insurer performed well, riding high on accelerating premiums, exposure-driven growth and economic expansion.
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RenRe beats estimates with $329mn underwriting income driven by a surge of profits in its property segment.
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The CEO said WRB would look to add exposure as more lines of business reached rate adequacy.
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WR Berkley matched the 25% premium growth at RLI, with the insurance segment’s top line growing by 29%.
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The pace of rate change was “flattening,” with casualty pricing up 6% on average.
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The CEO put Marsh's outperformance down to the economic recovery, price increases and a growing talent bench.
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CEO and president Dan Glaser called the results, which included double-digit insurance and reinsurance organic growth, “outstanding”.
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RLI’s all-in combined ratio dropped to 84.8% from 88.4%, midway through Jonathan Michael’s final year at the helm.
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The company blew past analyst earnings estimates, benefitting from lower cats and higher reserve releases, though underlying margins weakened.
