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The company achieved renewal written price increases of 10% in the first quarter and expects increases to accelerate into the high teens later this year.
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The carrier’s combined ratio totaled 100%, up 2.1 points from Q1 2022, reflecting a higher net loss ratio, partially offset by a lower net expense ratio.
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The broker also said it grew in fac, as well as in its strategy and technology group.
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Inside P&C’s news team runs you through the key highlights of the week.
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Aon’s results continue a trend of accelerated organic growth among brokers in the first quarter.
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The CEO also said Gallagher Re posted a 12% organic revenue growth in Q1 amid the current hardening of the reinsurance market.
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The carrier booked $185mn in catastrophe losses from winter storms, as well as tornado, wind and hail events across several regions of the US, in line with its preliminary disclosure.
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Overall, the carrier reported a combined ratio of 100.7% for the quarter, which was 10.8 points higher than the prior year period.
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Gallagher’s operating earnings per share soared 9.8% to $3.03 – beating analyst consensus of $2.99 earnings per share – in Q1.
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Arch plans to “take advantage” of these favorable market conditions, and may expand PML to 10%-12% of shareholders’ equity by July 1, from the current 8.1%.
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The withdrawal from the aviation reinsurance class announced yesterday represented ~$10mn of non-renewed premium.
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This may slow premium growth but ensure sustainability long term, according to its insurance president.