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CinFin added reserves in Q2 after incurred losses emerged higher than expected.
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The CEO estimated that the loss trend is running in the high 5% range, slightly below the carrier’s rate increase.
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The contraction so far this year is in line with the executive’s expectations.
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The CEO noted that the tort reforms have not led to rate pressure yet.
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President Eric Andersen said that non-malicious cyber risk was “front of mind” for clients.
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Organic growth was in line with WTW and Marsh McLennan, which both posted 6% underlying expansion.
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CFO Doug Howell said the company has invested around $700mn in M&A this year.
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The Insurance Insider US news team runs you through the earnings results for the day.
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CRB NA growth was driven by specialty lines, including natural resources, construction and real estate.
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Rising medical inflation, less favorable frequency trends and difficulty in getting rate are challenging the line.
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The broker raised the low end of its 2024 target ranges for adjusted operating margin and adjusted EPS.
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The Insurance Insider US news team runs you through the earnings results for the day.