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The firm’s underlying CoR increased 2.2 points to 87.8% as the insurer saw a margin deterioration in all three of its P&C segments – commercial, personal lines and E&S.
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The company’s rate increase in Q4 was 18% for its national accounts property portfolio, clocking in six points higher than Q3.
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CEO Dino Robusto hailed “strong underwriting profitability” and voiced optimism about opportunities in 2023.
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The firm’s results and guidance show resilience in the face of economic headwinds.
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The carrier also increased its casualty loss cost assumption to 6% from 5.5%, driven by increased economic and social inflation.
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The company increased its attachment point on the $200mn aggregate cover to $750mn, up from $700mn.
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The broker’s president also noted a stabilization in primary pricing outside of property.
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Commercial risk solutions’ Q4 organic growth dropped 8 points year on year to 4%.
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CEO Joe Lacher projected that the company will be profitable in the first half of the year and produce an underwriting profit in the second half.
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Net losses from Winter Storm Elliott included $151mn in commercial lines and $16mn in personal lines.