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Risk and broking was driven by new business, client retention and rates. -
Commercial auto and medmal had slight unfavorable developments in 2023.
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The growth positives of last year are showing signs of fading.
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Underwriting and investment income rose for P&C business.
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Commercial property pricing rose 11%, while personal auto grew 21.9%.
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The broker wants to “draw a line under the issue” and trade forward.
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Growth driven by 14% expansion in reinsurance solutions division.
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The $55mn hit is about 3% of the carrier’s general liability net reserves.
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Insurance Insider US runs you through the earnings results for the day.
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Markel, Axis and Selective booked sizeable reserve charges in their liability segments.
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The carrier did not consider pursuing an LPT deal to address the GL and PL issues.
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The firm will still be prepared for ‘modest changes’.
