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CNA continued to push for rate in lines of business affected by social inflation in Q3, as CEO Dino Robusto said the carrier was “pleased that there is an increasing awareness for this need in the marketplace”.
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The carrier reported better investment returns, improvements in underlying P&C performance and lower cat losses.
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“The loss ratio has certainly been under pressure with inflation and increased cat activity, but we're confident in where it's headed and seeing a lot of opportunity out there,” Spray told analysts on Friday.
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On a conference call with analysts, CEO Michael Kehoe described high growth rates from over the last five years as an “anomaly” and warned investors of possible "mean reversion” ahead.
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The loss was well within the company’s net retention. Losses from other weather events during the quarter added up to another $10mn-$15mn.
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The carrier’s Spectrum property business grew 13%, general property in the middle market segment was up 13% as well, and large property grew 16%.
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The broker’s share price fell by around 4% after the announcement of its Q3 results and extended restructuring program.
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The group will look to deliver more integrated solutions to clients through increased tech spend, and will look to scale back headcount.
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The unit almost doubled its organic growth rate from 11% in Q2, while in Q1 the division posted 12% organic growth.
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Excluding both pending acquisitions, Gallagher has around 45 term sheets signed or being prepared, representing more than $450mn of annualized revenue.
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AJ Gallagher posts 10.5% Q3 organic growth, lower sequentially but up year-on-year