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The broker's growth was down 3 points on the 10% reported in Q3 and level with the 7% posted in Q4 2022. -
The carrier said it expects to maintain CoR expectations as it takes a selective approach to casualty lines.
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The specialty carrier’s top-line growth accelerated throughout 2023.
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The firm does not expect reserve developments for its auto operations in Q4.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The commercial auto CoR decreased to 93.7% in December, while the homeowners’ CoR improved 13.2 points to 68.9%.
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More than 100% of the reserve charge came from pre-pandemic years, as the slight release of $40mn that offset the full-year increase of $452mn was from 2020 to 2022 accident years.
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The reserve strengthening was related to liability and professional lines related to 2019 and prior accident years, the firm wrote in a preliminary earnings disclosure.
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The transaction would have been one of the largest the market has seen for years.
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The broker’s Q4 programs reinsurance change led to a one-time $19mn charge that will allow it to reduce its PML exposure.
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Strong results from Travelers without the anticipated reserving woes might be more reflective of the franchise than the overall industry trend.
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Brown & Brown Q4 organic growth slows to 7.7% on programs deceleration
