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The executive added that the carrier already has some of its professional liability programs in surplus lines. -
The carrier reported Q3 cat losses of $114mn and an improved loss ratio of 64.6%.
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The chief executive said his company has clearly communicated to underwriters the need to expand or maintain margins while “prudently growing” the book of business.
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The CEO’s comments follow yesterday’s Q3 earnings report, in which the carrier’s GWP grew 24% year-on-year, accelerating for the third consecutive quarter.
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CEO Mike Kehoe said the company’s commercial property book outperformed expectations related to the storm.
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The executive added that while the Florida market has seen benefits from recent legislation, the major issue remaining is one-way attorney fees.
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CEO Greg Case said dislocation in the reinsurance market created “tremendous opportunities” for the firm.
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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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