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Inside P&C’s news team runs you through the key highlights of the week.
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The organic growth figure came in below that of major rivals Marsh McLennan, WTW and Gallagher.
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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 CEO provided analysts with an update on the company’s December 2021 acquisition of Willis Re, stating that Gallagher Re grew organic revenue by 8% in the quarter.
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Of the total losses related to the recent hurricane, $133mn was taken on by commercial lines, while the personal lines had the remaining $78mn.
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Gallagher’s adjusted earnings per share soared 29% to $1.72, beating analysts’ consensus of $1.66 earnings per share in Q2.
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The Floridian's loss ratio increased 42.8 points, reflecting $111mn of retained Hurricane Ian losses and a higher attritional initial accident year loss pick.
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In a Q3 earnings call today, Arch CEO Marc Grandisson also told investors that events like Hurricane Ian “almost always result in opportunities”.
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Benchimol said there was a risk of losing business, but more important was the transition to a specialty carrier with low volatility.
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Growth is accelerating at the broker in the wake of a challenging period following the collapse of the Aon merger.
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The executive described the hardening property cat market as a “tremendous opportunity” for the Bermudian.
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The commercial lines giant is continuing to execute on its long-term vision of pursuing a global balanced book of business.