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Shares were trading down 6% following the publication of the broker’s Q1 results.
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Chubb earnings reveal strategic expansion in Asia and pricing outpacing exposure.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The broker reported new business and increased retention in aerospace, financial solutions and natural resources.
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Markel also disclosed that its Q1 2022 underwriting results included $35mn of losses attributed to the Russia-Ukraine conflict.
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The decrease was also driven by non-renewals of some marine business in Q1 as well as declines in some specialty lines including liability, and accident and health.
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The company also reported top-line growth of 25.8%, with gross premiums written during the quarter totaling $4.8bn.
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Pricing in NA commercial P&C increased 11.2%, including changes in rate and exposure of 6.4% and 4.5% respectively, while loss cost trends rose 6.7%.
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D&O (Inside P&C Daily lead story): There is hope that public D&O rates could stabilize in the second half of the year following a tough end to 2022 and an ongoing slump in Q1. Significant discounts granted in 2022 are unlikely to be repeated, and there are ongoing concerns around both economic and social inflation, sources said. In the meantime, rates remain pressured from ample capacity and muted demand as established providers and incumbents drawn to the hard market of past years compete for relatively stagnant demand. The collapse of SVB, while a shock, wasn’t the inflection point for D&O that some might have expected.
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Pre-tax and after-tax catastrophe losses were $458mn and $382mn, respectively, compared to $333mn and $290mn in the prior year period.
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“In a business that’s $2bn+ of revenue, the impact of Florida today vs 15 years ago is much different,” president and CEO J Powell Brown said on a conference call.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.