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Gallagher’s adjusted earnings per share soared 29% to $1.72, beating analysts’ consensus of $1.66 earnings per share in Q2. -
The Floridian's loss ratio increased 42.8 points, reflecting $111mn of retained Hurricane Ian losses and a higher attritional initial accident year loss pick.
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In a Q3 earnings call today, Arch CEO Marc Grandisson also told investors that events like Hurricane Ian “almost always result in opportunities”.
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Benchimol said there was a risk of losing business, but more important was the transition to a specialty carrier with low volatility.
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Growth is accelerating at the broker in the wake of a challenging period following the collapse of the Aon merger.
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The executive described the hardening property cat market as a “tremendous opportunity” for the Bermudian.
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The commercial lines giant is continuing to execute on its long-term vision of pursuing a global balanced book of business.
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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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