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Competitor Marsh McLennan also reported a reacceleration of organic growth in the first quarter to 9%, coming above the 7% reported in Q4 2022.
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The cat losses are expected to add 15 points to Horace Mann’s Q1 combined ratio, compared to a pre-tax loss of $7.3mn or 4.8 points in Q1 2022.
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The specialty insurer booked $47.9mn of cat losses – or 1.9 points on its CoR – in Q1 and one point of unfavorable reserve development mostly related to property cat losses.
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Management was speaking after RLI reported a Q1 combined ratio of 77.9% for Q1 2023, unchanged compared to the prior-year quarter, as top line growth accelerated sequentially to 15.6%.
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The broker expects the restructure to result in savings of $300mn by 2024.
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John Howard, CEO and chairman of Truist Insurance Holdings, noted that the response to its minority sale to Stone Point had been “very positive”.
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Primary insurance rate increases were 10% for property in Q1 compared to 7% in Q4.
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The broker said US property cat reinsurance rates increased by 40% to 60% in April for clean renewals.
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Mark Cloutier set out Aspen’s plans for top-line 2023 growth in the range of 10%, and a continued strategy of pursuing rate rather than exposure growth in property cat.
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The increased growth from Q4 halts a trend of gradual deceleration experienced through 2022.
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Organic growth fell 90 basis points from 5.6% in Q4 2022 due to carrier capacity constraints and slower growth in wholesale.
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