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The acceleration defied wider sector trends, which has led to slowing growth at other brokers.
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The Bermudian’s operating loss per share, however, grew nearly four times from the prior-year quarter to $5.28 per share.
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The cat and expense developments offset favorable reserve developments during the quarter, as the Bermudian released $178mn.
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Chubb CEO Evan Greenberg said he expects casualty business to grow faster on the admitted market side than in excess and surplus (E&S) channels going forward.
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The executive pointed out that the company is looking at sufficient compensation and geographic concentration as two factors in its participation in the property cat market.
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The two specialty insurers reported strong Q3 2022 earnings, continuing to outperform the commercial industry in underwriting gains and value creation.
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The underwriting results benefited from an improvement of 1.3 points on the expense ratio to 23.5%, offsetting a one-point gain in the loss ratio to 69.6% on the year.
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The firm’s contingent commissions were negatively impacted by $15mn while the captives division estimates $11.5mn of Ian-related losses.
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Q3’s consolidated organic growth number marked the lowest organic expansion for the company since the last quarter of 2020, when it reported a 4.7% figure.