Earnings

The CEO also said Gallagher Re posted a 12% organic revenue growth in Q1 amid the current hardening of the reinsurance market.

The carrier booked $185mn in catastrophe losses from winter storms, as well as tornado, wind and hail events across several regions of the US, in line with its preliminary disclosure.

Overall, the carrier reported a combined ratio of 100.7% for the quarter, which was 10.8 points higher than the prior year period.

Gallagher’s operating earnings per share soared 9.8% to $3.03 – beating analyst consensus of $2.99 earnings per share – in Q1.

Arch plans to “take advantage” of these favorable market conditions, and may expand PML to 10%-12% of shareholders’ equity by July 1, from the current 8.1%.

The withdrawal from the aviation reinsurance class announced yesterday represented ~$10mn of non-renewed premium.

This may slow premium growth but ensure sustainability long term, according to its insurance president.

Shares were trading down 6% following the publication of the broker’s Q1 results.

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The broker reported new business and increased retention in aerospace, financial solutions and natural resources.

Markel also disclosed that its Q1 2022 underwriting results included $35mn of losses attributed to the Russia-Ukraine conflict.