Results
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The company did not take questions on its recently announced business review.
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The carrier has not added new business in the state since 2007.
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The carrier disclosed it will book $1.1bn in net losses from the California fires.
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The insurer acknowledged additional claims in 2025 would be “reasonably possible”.
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The specialty insurer reported favorable developments in both its insurance and reinsurance segments.
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The specialty carrier expects to report a 91.6% Q4 CoR and GWP growth of 20.8% to $388.4mn.
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A majority of losses come from property-oriented businesses and inland marine.
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The carrier anticipates the impact of the wildfires to drive January cat losses up to $40mn.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The arrival of Marsh’s Donnelly will "accelerate" US specialty growth, the CEO said.
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At January 1 renewals, prices dropped 5%-15% for loss-free programs.
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CEO Carl Hess said WTW is entering 2025 with “considerable momentum”.