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MMC and Brown & Brown stock has risen today after the firms released their results.
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The reinsurer is expecting the segment to see at least double-digit rate increases.
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CEO and his soon-to-be replacement believe current market conditions play into the growing company’s hands.
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The CEO calls the revenue rebound at Guy Carpenter a “positive surprise”. -
An improved expense ratio and fewer cat losses partially offset the decline at the Dino Robusto-led carrier.
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Third quarter operating income increased by 16.6 percent year on year to $285.4mn
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Social inflation has come under sustained focus in recent months amid a sudden rise in jury awards.
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The specialty insurer reported earnings of $0.85 per share, surpassing a consensus analyst estimate of $0.67 per share.
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Rate rises continue to accelerate, with business insurance rate growth up from 3.6% to 4.3%.
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The result was driven by improvements in underwriting, investment returns and favourable development.
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The carrier's largest client was the prime source of up to $60mn of pre-tax adverse development now expected in the third quarter.
