Release Date: April 21, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Q: Can you elaborate on the growth in short-tail lines, particularly property and A&H? A: We continue to see opportunities in property lines and the A&H space. In property, we are pushing rates at a healthy pace, especially in risk and cat fronts, despite competition from Lloyds. Berkley One, our high net worth personal lines business, is also growing while taking healthy rates.
Q: How should we view the reinsurance segment's performance, given the strong combined ratio despite cat losses? A: We are pleased with the reinsurance segment's performance and how it is positioned. While we can't predict the future with certainty, the portfolio is on firm ground, and we remain encouraged by its current and future potential.
Q: Could you provide details on the reserve development in the insurance and reinsurance segments? A: In the insurance segment, there was an $11 million unfavorable prior year development, while the reinsurance and monoline access segment saw a $12 million favorable development.
Q: How are tariffs impacting your business, particularly in property and high net worth homeowners? A: We are focused on the shorter tail lines like auto and property, but tariffs could also impact other lines like workers' compensation due to pharma costs. We are actively analyzing the situation to understand its implications on loss costs and rate needs.
Q: What are your thoughts on the impact of social inflation and pricing adequacy in liability lines? A: We have been keeping up with social inflation, particularly in auto liability and umbrella lines. While we are encouraged by recent market discipline, we remain focused on rate adequacy and will adjust our growth strategy based on market conditions.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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