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Doyle’s comments follow bullish commentary from underwriting executives and a Travelers disclosure last week that the pace of gains had slowed. -
Marsh grew its underlying top line by 4%, while Guy Carpenter gained by 5%.
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The focus is on progress on underlying loss ratio gains, managing cat exposures and curbing expenses.
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Growth remains an important topic for Berkley given that since Q1:20 rate increases have outpaced its GWP growth.
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The additional $730mn in capital for its Upsilon RFO, DaVinci and Medici funds include $130mn of the company’s own money.
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Despite the strong organic growth of 4.7%, the results beneath the surface suggest that pandemic challenges remain.
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Overall net income was up by 21% on the year, to $481mn, as top line revenue increased by 9.2%, or $221mn, to $2.61bn.
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The broker’s 5% organic growth was flattish versus Q3 but management’s tone pointed to more bullishness on the operating environment and the economy.
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Travelers’ 54% beat came with a collection of good news, including rate increases, margin expansion and positive reserve development.
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Standard carriers are pushing risk to the wholesale market, said banking and insurance head Henson.
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Net profits grew 67% over the quarter to $99mn, as brokerage unit expanded margins by 390 bps.
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Underwriting income nearly doubled on underlying gains, lower cats, higher rates and stronger reserve releases.
