Earnings

John Howard, CEO and chairman of Truist Insurance Holdings, noted that the response to its minority sale to Stone Point had been “very positive”.

Primary insurance rate increases were 10% for property in Q1 compared to 7% in Q4.

The broker said US property cat reinsurance rates increased by 40% to 60% in April for clean renewals.

Mark Cloutier set out Aspen’s plans for top-line 2023 growth in the range of 10%, and a continued strategy of pursuing rate rather than exposure growth in property cat.

The increased growth from Q4 halts a trend of gradual deceleration experienced through 2022.

Organic growth fell 90 basis points from 5.6% in Q4 2022 due to carrier capacity constraints and slower growth in wholesale.

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The Bermudian carrier reported GWP of just over $4.3bn in 2022, a 10% increase on the year prior.

The specialty carrier booked $4mn of net incurred losses associated with 2023 storms.

Losses stemmed from over 20 weather events, including severe freezes in February and widespread wind and tornadic activity in mid- to late March.

The firm expects to raise personal auto rates further after a 4.6-point deterioration in its Q1 core CoR due to increased vehicle replacement, repair costs and higher severity.

The main drivers were severe weather and tornado events in the US, with a majority of claims caused by wind and hail.