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Axis has reported good results as it heightens its focus on specialty business, but it remains to be seen if it can close the value creation gap. -
Speaking on the company's Q4 conference call, the executive said the market should not assume that WRB will become a heavy cat-exposed writer.
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The CEO also heralded the group’s “best full-year brokerage segment organic performance in decades”, with a figure of 9.7%.
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Operating EPS for the quarter jumped 13.7% from Q4 2021 to $1.16, beating analyst consensus of $1.10 per share.
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Gallagher’s adjusted earnings per share climbed 18.5% to $1.54, beating analysts’ consensus of $1.49 earnings per share in Q4.
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RLI renewed its property per-risk treaty with an estimated 40% risk-adjusted rate increase, and the first dollar retention went up to $2mn.
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The executive noted that the quarter marked the 21st quarter of rate increases.
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The carrier estimated losing less than $10mn of desired renewals due to exits from property and property cat reinsurance.
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The charges spanned workforce actions, rationalizing technology and reducing the overall real estate footprint.
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The insurer estimated a 109% combined ratio for Kemper Auto in Q4, which included $7mn of adverse legal cost development for the first three quarters of last year.
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The executive said the January 1 renewal was the “most challenging” in almost two decades.
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