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    Andrew Kligerman • TD Securities

    Andrew Kligerman's questions to Ategrity Specialty Holdings LLC (ASIC) leadership

    Andrew Kligerman's questions to Ategrity Specialty Holdings LLC (ASIC) leadership • Q2 2025

    Question

    Andrew Kligerman inquired about the drivers of the modest property premium growth, seeking to clarify the role of pricing versus exposure management, the anticipated impact of tariffs, and whether Q2's growth is indicative of future quarters.

    Answer

    President & CUO Chris Schenk clarified that property rates increased in the low teens, with slower growth resulting from a deliberate choice to prioritize pricing discipline. CEO Justin Cohen added that a proactive stance on tariffs and reduced coastal exposure also tempered growth but will benefit future catastrophe costs. Cohen reaffirmed the full-year guidance for mid-to-high 20s GWP growth.

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    Andrew Kligerman's questions to Root Inc (ROOT) leadership

    Andrew Kligerman's questions to Root Inc (ROOT) leadership • Q2 2025

    Question

    Andrew Kligerman of TD Securities asked about pricing trends, noting that gross written premium and policies in force grew at a similar rate. He also inquired about customer segmentation, the unique aspects of Root's pricing algorithms that led to a 20% LTV improvement, and the future direction of the net expense ratio.

    Answer

    Co-Founder and CEO Alex Timm explained that Root is currently price-adequate and is not taking significant rate increases, allowing loss cost trends to catch up to its strong loss ratio performance. He attributed the 20% LTV improvement to a new pricing model that enhances segmentation across all customer types (standard, non-standard, preferred), stemming from the company's native AI and machine learning foundation. CFO Megan Binkley stated that the expense ratio will see pressure from targeted investments in technology and product, which could add a couple of points to the gross expense ratio in the near term.

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    Andrew Kligerman's questions to Arthur J. Gallagher & Co. (AJG) leadership

    Andrew Kligerman's questions to Arthur J. Gallagher & Co. (AJG) leadership • Q2 2025

    Question

    Andrew Kligerman of TD Cowen asked if the company's guidance incorporates a significant drop in property pricing, similar to what other E&S writers have suggested, and questioned if the Assured Partners transaction has disrupted the pace of tuck-in M&A.

    Answer

    CEO J. Patrick Gallagher firmly refuted the idea of a 20-30% property rate decrease, calling it a "bad number." CFO Douglas K. Howell clarified that while property renewal premiums were down 7%, this includes increased purchasing by clients. Mr. Gallagher also stated that the M&A pipeline remains robust, with nine deals closed in the quarter, demonstrating no disruption from the larger transaction.

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    Andrew Kligerman's questions to Arthur J. Gallagher & Co. (AJG) leadership • Q2 2025

    Question

    Andrew Kligerman of TD Cowen asked for clarification on property pricing, questioning if a significant 20-30% decline was factored into guidance, and inquired about the health of the M&A pipeline amidst the large Assured Partners transaction.

    Answer

    CEO J. Patrick Gallagher firmly refuted the 20-30% property decline figure, calling it a "bad number" across all account sizes. He also highlighted the strength of the tuck-in M&A pipeline, noting that completing nine deals while managing the Assured Partners transaction is a testament to the company's robust acquisition engine. CFO Douglas K. Howell added that their reported property premium change of down 7% includes offsetting exposure increases.

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    Andrew Kligerman's questions to Arthur J. Gallagher & Co. (AJG) leadership • Q4 2024

    Question

    Andrew Kligerman of TD Securities questioned the change in the Risk Management segment's organic growth guidance, from 9-11% for 2024 to 6-8% for 2025. He also asked about plans for Gallagher's service center in India, including hiring needs for the AssuredPartners deal and the impact of technology.

    Answer

    CFO Douglas Howell explained the lower Risk Management guidance reflects the lumpy nature of winning large contracts, noting the business has a strong pipeline for 2025. CEO J. Gallagher added that while technology enhances efficiency at the India service center, growth demands more staff, and he expects to add 'additional thousands' of employees in the next year. Mr. Howell emphasized that standardization there provides a head start for AI implementation.

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    Andrew Kligerman's questions to Ryan Specialty Holdings Inc (RYAN) leadership

    Andrew Kligerman's questions to Ryan Specialty Holdings Inc (RYAN) leadership • Q2 2025

    Question

    Andrew Kligerman of TD Cowen followed up on the Nationwide-Markel transaction, asking about confidence in renewing the acquired book, the nature of the expanded relationship with Markel, the property rate decline assumptions in guidance, and the reason for the year-over-year increase in the G&A expense ratio.

    Answer

    Founder & Executive Chairman Patrick Ryan expressed high confidence in renewing and improving the Markel reinsurance book, citing the quality of the incoming team. CEO Timothy Turner affirmed the strong, long-standing trading relationship with Markel. CFO Janice Hamilton confirmed the guidance assumes property rate declines of 20-30% continue. She attributed the higher G&A ratio to strategic investments in talent and technology, which are accounted for differently than other cost-saving initiatives.

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    Andrew Kligerman's questions to Ryan Specialty Holdings Inc (RYAN) leadership • Q1 2025

    Question

    Andrew Kligerman inquired about the sustainability of inorganic revenue growth from M&A and the current deal pipeline. He also asked about the scalability of the recent USQRisk acquisition and the strategy to grow its small revenue base.

    Answer

    CEO Tim Turner confirmed the M&A pipeline is 'very, very robust' with opportunities of all sizes. Executive Chairman Patrick Ryan elaborated that the USQRisk acquisition is highly strategic, deepening an alliance with Nationwide Mutual and adding significant intellectual capital through new, highly skilled talent. While declining to project a specific growth rate for USQRisk, Mr. Ryan expressed strong enthusiasm for its potential to expand the company's total addressable market and add a 'new cylinder' to its growth engine.

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    Andrew Kligerman's questions to Skyward Specialty Insurance Group Inc (SKWD) leadership

    Andrew Kligerman's questions to Skyward Specialty Insurance Group Inc (SKWD) leadership • Q2 2025

    Question

    Andrew Kligerman of TD Cowen asked for a deeper explanation of the net premium retention rate, specifically the impact from the captives business and the long-term outlook for the metric. He also asked which areas of the casualty business Skyward finds attractive for growth.

    Answer

    CEO Andrew Robinson detailed that the lower retention is driven by captives (where the captive itself retains the primary layer) and the Global Property book (which uses significant quota share and facultative reinsurance). He estimated that without these factors, the underlying retention would be in the low 80s. For casualty growth, he highlighted opportunities in E&S and Energy, emphasizing a selective approach to avoid classes with the highest loss inflation trends.

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    Andrew Kligerman's questions to Skyward Specialty Insurance Group Inc (SKWD) leadership • Q1 2025

    Question

    Andrew Kligerman of TD Cowen requested more detail on the Global Agriculture business, including its reinsurance structure, key international markets, and returns. He also asked about the pricing environment in global property and the risk of further sharp declines.

    Answer

    CEO Andrew Robinson, while being intentionally guarded for competitive reasons, shared that the Global Ag portfolio includes markets like Canada, Brazil, and China, with approximately 90% of its exposure being quota share. Regarding global property, he acknowledged that pricing is down high-single-digits but stated the company is defending its book with over 95% account retention by writing over larger stretches and leveraging its increased reinsurance capacity, expressing confidence in maintaining strong returns.

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    Andrew Kligerman's questions to Skyward Specialty Insurance Group Inc (SKWD) leadership • Q4 2024

    Question

    Andrew Kligerman of TD Cowen asked about the sources of growth within the Programs and Captives divisions, and also inquired about growth in excess liability.

    Answer

    CEO Andrew Robinson explained that growth in Programs is in specific niches, not broad liability. He clarified that excess liability is written with short limits ($5M) and mostly over their own primary. He attributed the strong 43% growth in Captives primarily to an innovative property captive for automotive dealers developed with an insurtech partner.

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    Andrew Kligerman's questions to Markel Group Inc (MKL) leadership

    Andrew Kligerman's questions to Markel Group Inc (MKL) leadership • Q2 2025

    Question

    Andrew Kligerman of TD Securities inquired about the capital and proceeds from placing the reinsurance business into runoff, the potential use of the freed-up cash, and details on the Programs and Solutions segment, particularly the MGA-written portion and its performance.

    Answer

    CFO Brian Costanzo explained that capital relief from the reinsurance exit will be gradual as reserves run down, but the investments backing them will continue to generate returns. He declined to disclose the deal's financial terms. CEO Tom Gayner added that diminishing capital requirements will create more investment flexibility. Markel Insurance CEO Simon Wilson noted they retain the option for an earlier capital release via a market deal. Regarding the Programs segment, Costanzo stated about a third of its premium comes from delegated underwriting and has performed well. Wilson emphasized their selective, long-term partnership approach in what he sees as a growing market sector.

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    Andrew Kligerman's questions to Markel Group Inc (MKL) leadership • Q2 2025

    Question

    Andrew Kligerman of TD Securities inquired about the capital and proceeds from placing the reinsurance business into runoff, and the potential uses for the freed-up cash. He also asked for details on the Programs and Solutions segment, particularly the MGA-written portion and its performance.

    Answer

    CFO Brian Costanzo explained that capital relief from the reinsurance runoff will be gradual, but the investments backing the reserves will continue generating returns. CEO Tom Gaynor added that this creates future investment flexibility. Regarding the Programs and Solutions segment, Costanzo noted that about one-third of its premium is from delegated underwriting programs. Simon Wilson, CEO of Markel Insurance, emphasized their selective, long-term partnership approach in this area, which he sees as a growth sector.

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    Andrew Kligerman's questions to Markel Group Inc (MKL) leadership • Q1 2025

    Question

    Andrew Kligerman of TD Securities inquired about the drivers of the 7.2% favorable prior year development, the potential for improvement in the 35.8% expense ratio, the company's strategy for data, analytics, and AI, and the reasons for the 1% revenue decline in the Ventures business.

    Answer

    CFO Brian Costanzo attributed the favorable development to a benign quarter combined with a prudent reserving philosophy. On the expense ratio, Costanzo and CEO of Markel Insurance Simon Wilson acknowledged it was high due to investments and lower earned premium but expect improvement from simplification and greater P&L accountability. Wilson detailed significant investments in data and analytics to improve pricing and speed, while noting the Guidewire implementation is focused on enhancing the claims process. Regarding Ventures, CEO Tom Gayner explained the revenue dip was due to tough comparisons against a strong prior-year quarter, particularly in transportation and construction, and that business remains at a good level.

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    Andrew Kligerman's questions to Markel Group Inc (MKL) leadership • Q4 2024

    Question

    Andrew Kligerman inquired about the specific sources of the 5.2 points of favorable prior year development, particularly in casualty lines, and asked if the premium mix was shifting materially to short-tail lines. He also followed up on the elevated expense ratio and the intrinsic value calculation's link to incentive compensation.

    Answer

    Executive Thomas Gayner reiterated the cultural goal of redundant reserves. An executive clarified that net casualty development was fairly flat, with takedowns in international professional lines offset by adverse development in U.S. D&O. Executive Jeremy Noble stated the business mix has not materially changed and remains weighted to longer-tail lines. Noble also explained the Q4 expense ratio spike was due to non-recurring contingent commissions and that the company aims for a couple of points of improvement over 3-5 years. Gayner confirmed incentive comp is based on a 5-year rolling average, with details in the proxy.

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    Andrew Kligerman's questions to Markel Group Inc (MKL) leadership • Q3 2024

    Question

    Andrew Kligerman of TD Cowen questioned the potential for material performance fees from Nephila, asked if the reinsurance segment's loss ratio could normalize, and inquired if the current Markel Ventures EBITDA represents a new baseline.

    Answer

    Jeremy Noble, President of Insurance Operations, stated that Nephila's performance fees would be modest due to hedging and catastrophe activity. He acknowledged the reinsurance segment's weak results, driven by the public entity exit, but expects profitability to improve over time. CEO Tom Gayner strongly cautioned against using a single quarter's Ventures EBITDA as a baseline, emphasizing the importance of 5-year averages to understand performance.

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    Andrew Kligerman's questions to Everest Group Ltd (EG) leadership

    Andrew Kligerman's questions to Everest Group Ltd (EG) leadership • Q2 2025

    Question

    Andrew Kligerman from TD Cowen questioned the elevated underwriting expense ratio in the Insurance segment, asking for the outlook and potential for improvement. He also asked for clarification on the returns being generated by the A&H and property cat businesses, inferring a >25% return for the latter.

    Answer

    Jim Williamson, President & CEO, acknowledged the expense ratio pressure is due to two factors: the deliberate runoff of casualty business and investments to fuel the high-performing international business. He expressed confidence it will improve with scale. Williamson confirmed property cat returns are 'absolutely' north of 25% in the current market. He stated that the A&H business, like any growing line, is expected to generate returns well above the group's mid-teens TSR threshold.

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    Andrew Kligerman's questions to Arch Capital Group Ltd (ACGL) leadership

    Andrew Kligerman's questions to Arch Capital Group Ltd (ACGL) leadership • Q2 2025

    Question

    Andrew Kligerman asked for commentary on casualty reinsurance pricing versus primary rates and requested an update on the Midcorp integration process and its potential pivot to growth.

    Answer

    CEO Nicolas Papadopoulo explained that casualty reinsurance is mostly quota share, so pricing follows the primary market where rates exceed loss trends, but ample reinsurance supply is suppressing ceding commission adjustments. He and CFO & Treasurer François Morin noted the Midcorp integration is on track, with the book nearly rolled over, and the attractive pricing environment in the middle market presents a future growth opportunity.

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    Andrew Kligerman's questions to Arch Capital Group Ltd (ACGL) leadership • Q1 2025

    Question

    Andrew Kligerman asked for details on reserving performance, particularly in commercial auto and other liability, and requested Arch's perspective on the current property and casualty cycles and the role of MGAs.

    Answer

    CFO François Morin described the casualty reserving picture as 'flattish' and comfortable, though it's too early to 'call it victory.' Executive Nicolas Alain Papadopoulo explained that the property reinsurance market remains disciplined, but E&S property is seeing significant rate pressure from MGAs re-entering with large capacity. He believes the casualty market has a longer runway before becoming more competitive.

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    Andrew Kligerman's questions to Arch Capital Group Ltd (ACGL) leadership • Q4 2024

    Question

    Andrew Kligerman of TD Securities asked for a deeper dive into the E&S casualty areas where Arch is growing, including rate changes, and questioned why the company is not concerned about the risks in high-layer excess casualty.

    Answer

    Executive Nicolas Alain Papadopoulo described the growth area as middle-to-high excess E&S liability, where Arch's experience allows it to selectively underwrite risks still achieving double-digit rate increases. He explained that the market's reaction to severity is to cut limits, which makes portfolio loss ratios more stable and improves pricing adequacy as more carriers are needed to complete towers, mitigating the risk of large individual losses.

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    Andrew Kligerman's questions to Arch Capital Group Ltd (ACGL) leadership • Q3 2024

    Question

    Andrew Kligerman of TD Cowen asked for clarification on the run-rate impact of the MidCorp acquisition on the insurance segment's loss ratio and inquired about the rate environment versus loss cost trends in key lines like casualty and property.

    Answer

    Executive François Morin stated that the MidCorp business is expected to be breakeven in its first year, which will slightly increase the segment's combined ratio, but he refrained from providing a long-term run rate. CEO Nicolas Alain Papadopoulo added that in casualty, rates are outpacing trends, creating growth opportunities, while E&S property rates are flattening due to increased competition, though the line remains attractive.

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    Andrew Kligerman's questions to AXIS Capital Holdings Ltd (AXS) leadership

    Andrew Kligerman's questions to AXIS Capital Holdings Ltd (AXS) leadership • Q2 2025

    Question

    Andrew Kligerman of TD Securities inquired about AXIS Capital's long-term strategy for reinsurance cessions in its insurance segment, the sustainability of the reinsurance segment's 68% accident year loss ratio, the evolution of cedents' claims processes, and the company's competitive positioning in AI and technology investments.

    Answer

    President & CEO Vincent Tizzio explained that the company's reinsurance purchase strategy remains agile and dependent on their view of risk, capital position, and expense management. He noted that while cedents are re-evaluating claims processes post-industry reserve strengthening, AXIS remains observant. On technology, he stated their AI strategy is right-sized for efficiency and productivity, with tangible progress in areas like underwriting turnaround times. CFO Peter Vogt confirmed the 68% reinsurance loss ratio is consistent with prior guidance and is expected to hold for the year.

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    Andrew Kligerman's questions to AXIS Capital Holdings Ltd (AXS) leadership • Q1 2025

    Question

    Andrew Kligerman inquired about the future direction of property pricing after a 7% decline in Q1, the viability of achieving upper single-digit net written premium growth for the year, and the context behind prior year reserve development and 'cautious' loss picks.

    Answer

    CEO Vince Tizzio attributed the property rate decline to geographic mix, particularly a more competitive London market, but noted stable terms and conditions. Both Tizzio and CFO Pete Vogt affirmed that mid-to-high single-digit net written premium growth is a reasonable expectation, citing robust submission growth. They clarified that the 'cautious' loss picks were applied to reinsurance short-tail specialty lines due to the macro environment, not an indication of adverse casualty trends.

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    Andrew Kligerman's questions to AXIS Capital Holdings Ltd (AXS) leadership • Q4 2024

    Question

    Andrew Kligerman inquired about the significant Q4 rate increase in U.S. primary casualty, the outlook for 2025, and the apparent disconnect with softness in reinsurance casualty pricing. He also asked about the company's exposure to the Los Angeles wildfires and the drivers behind the Q4 expense ratio.

    Answer

    President and CEO Vincent Tizzio confirmed the 29% rate increase in primary casualty and expects double-digit rates to persist in 2025 due to portfolio reshaping. He noted a cautious underwriting appetite in liability reinsurance. Regarding the wildfires, Tizzio stated it will not be a material event for AXIS. CFO Pete Vogt explained the higher expense ratio was due to variable compensation accruals from strong performance and reaffirmed the company is on track for its 11% G&A target by 2026.

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    Andrew Kligerman's questions to AXIS Capital Holdings Ltd (AXS) leadership • Q3 2024

    Question

    Andrew Kligerman asked about AXIS's confidence in its long-tail casualty reserves ahead of the Q4 review, given last year's charge, and the rationale for continued growth in the property insurance business amid rising competition.

    Answer

    President and CEO Vince Tizzio and CFO Pete Vogt expressed confidence in the company's reserve position. Vogt noted that the significant Q4 2023 charge addressed recent accident years ('20-'22) and that 2024 loss picks reflect those learnings. Tizzio added that the company's actions, such as reshaping the primary casualty book, support this view. Regarding property, Tizzio cited strong portfolio construction, a focus on the E&S market, robust submission activity, and high premium adequacy as key reasons for continued confidence in growth.

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    Andrew Kligerman's questions to Hartford Insurance Group Inc (HIG) leadership

    Andrew Kligerman's questions to Hartford Insurance Group Inc (HIG) leadership • Q2 2025

    Question

    Andrew Kligerman from TD Cowen inquired about the drivers of the 9% premium growth in Global Specialty, its business mix, and specific growth areas. He also asked about the timing for a return to growth in Personal Lines and whether double-digit rate increases in auto and home would continue for the rest of the year.

    Answer

    Chairman & CEO Christopher Swift and President A. Morris Tooker detailed that Global Specialty's growth is broad-based, spanning international casualty, US E&O/D&O, wholesale (construction casualty), and global reinsurance. Regarding Personal Lines, Swift confirmed the company is ready to grow now, targeting policy-in-force count growth in 2026. He projected double-digit auto rates in Q3, moving to high-single digits in Q4, with low-double-digit rates continuing in home.

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    Andrew Kligerman's questions to Hartford Insurance Group Inc (HIG) leadership • Q1 2025

    Question

    Andrew Kligerman of TD Securities questioned the pricing environment in Business Insurance, particularly in Mid & Large, and the sustainability of the strong underlying combined ratio. He also asked if the concept of an "underwriter's market" conflicts with the robust premium growth outlook.

    Answer

    CEO Christopher Swift expressed high confidence in achieving 2025 goals, noting strong pricing ex-comp across SME, property, and GL. Executive Adin Tooker added that underwriters are making disciplined choices, such as managing down the public D&O book. Executive Michael Fish highlighted strong pricing in Employee Benefits. Both Swift and Tooker asserted that being disciplined and growing premium are not conflicting goals, as strong distribution allows them to capitalize on flow while pulling back where rates are inadequate.

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    Andrew Kligerman's questions to Hartford Insurance Group Inc (HIG) leadership • Q4 2024

    Question

    Andrew Kligerman asked for a breakdown of the $130 million prior year development in general liability, inquiring about the mix between older construction defect policies and recent accident years, and sought assurance about future reserve stability. He also questioned the sustainability of growth momentum in Small and Mid-to-Large Commercial lines.

    Answer

    CEO Christopher Swift expressed high confidence that the general liability (GL) reserve issue has been addressed, with higher loss cost trends now factored into 2025 pricing. CFO Beth Bombara clarified the $130 million charge was split roughly half-and-half between older accident years ('15-'18) driven by inflation on a legacy book, and more recent years driven by social inflation. She noted a more proactive reserving approach was taken this quarter. President Mo Tooker addressed commercial growth, stating Small Commercial's momentum is sustainable due to technology and E&S expansion, while the slowdown in Middle & Large was a disciplined, out-of-pattern response to a competitive quarter.

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    Andrew Kligerman's questions to Hartford Insurance Group Inc (HIG) leadership • Q3 2024

    Question

    Andrew Kligerman of TD Cowen questioned The Hartford's ability to gain market share across its Commercial Lines segments given strong premium growth. He also asked about the Group Benefits segment's compelling margin, its trajectory back toward the guided range, and the current competitive landscape.

    Answer

    CEO Christopher Swift and executive Adin Tooker confirmed they believe The Hartford is gaining market share, driven by strong submission flows and investments in technology and data science. On Group Benefits, Swift acknowledged the strong margin performance but noted a highly competitive environment where they remain disciplined on pricing, particularly for life products. Executive Michael Fish highlighted that persistency remains strong at over 90%.

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    Andrew Kligerman's questions to Aon PLC (AON) leadership

    Andrew Kligerman's questions to Aon PLC (AON) leadership • Q2 2025

    Question

    Andrew Kligerman of TD Cowen requested an update on the progress toward NFP revenue and cost synergy targets for 2026 and asked about the dynamic between growth in ILS and facultative placements versus the traditional treaty reinsurance business.

    Answer

    CFO Edmund Reese confirmed Aon is confident in meeting its NFP synergy targets, citing strong producer retention and specific initiatives like transitioning wholesale business to Aon's platform. CEO Greg Case explained that reinsurance solutions like ILS, facultative, and treaty are complementary, client-focused tools rather than competing products, highlighting how reinsurance analytics are amplifying opportunities in the commercial risk space.

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    Andrew Kligerman's questions to Aon PLC (AON) leadership • Q2 2025

    Question

    Andrew Kligerman of TD Cowen asked for an update on NFP acquisition synergies and the outlook for 2026, and also questioned the market dynamic between treaty reinsurance and the growing ILS and facultative placement businesses.

    Answer

    CEO Greg Case stated that the NFP integration has exceeded expectations, driven by an "independent and connected" strategy. CFO Edmund Reese confirmed confidence in the $80 million synergy target for 2025 and $175 million for 2026. On reinsurance, Case explained that ILS, facultative, and treaty are complementary client-oriented solutions, not competing products, integrated within the broader Risk Capital strategy to create new demand, citing the new "Surge Stop Loss" cyber product as an example.

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    Andrew Kligerman's questions to Aon PLC (AON) leadership • Q1 2025

    Question

    Andrew Kligerman inquired about Aon's M&A strategy one year after the NFP acquisition, including the pipeline and potential for another large deal. He also asked for a granular breakdown of the drivers behind Commercial Risk's 5% organic growth, specifically the impact of pricing versus exposures, and the basis for Aon's confidence in sustaining this growth.

    Answer

    CEO Gregory Case stated that the NFP integration has been terrific and that Aon will continue its programmatic M&A approach in the middle market. CFO Edmund Reese clarified that the primary capital allocation objective for 2025 is debt paydown to their target leverage ratio, while still pursuing $45M-$60M in tuck-in M&A via NFP. Regarding Commercial Risk, Mr. Case attributed the strong performance to new business wins and retention driven by the 3x3 plan and Risk Analyzers, rather than market pricing, which he described as generally buyer-friendly with some softness.

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    Andrew Kligerman's questions to Aon PLC (AON) leadership • Q4 2024

    Question

    Andrew Kligerman asked about the NFP integration, including its M&A capacity for another large deal, and questioned the growth drivers for Reinsurance Solutions, particularly the role of the Insurance-Linked Securities (ILS) market.

    Answer

    President Eric Andersen and CEO Gregory Case stated that the NFP integration has exceeded expectations and its M&A pipeline is consistent with its historical performance. Regarding reinsurance, Andersen and CFO Edmund Reese explained that while ILS is a growing boutique business, the segment's overall strength is broad-based, stemming from treaty placements, technology services, and strong client retention.

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    Andrew Kligerman's questions to Aon PLC (AON) leadership • Q3 2024

    Question

    Andrew Kligerman inquired about the nature of recent talent acquisitions in Commercial Risk and the sustainability of double-digit growth in international Health Solutions.

    Answer

    CEO Gregory Case, President Eric Andersen, and CFO Edmund Reese collectively addressed the questions. They confirmed the hiring of high-level talent in priority areas like construction and energy, attracted by Aon's advanced analytics. These hires are expected to contribute to revenue growth within 12-18 months. Regarding Health Solutions, they highlighted strong global demand driven by pressures on nationalized health systems and multinational clients seeking integrated benefits management, affirming it as a significant and sustainable growth opportunity.

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    Andrew Kligerman's questions to Goosehead Insurance Inc (GSHD) leadership

    Andrew Kligerman's questions to Goosehead Insurance Inc (GSHD) leadership • Q2 2025

    Question

    Andrew Kligerman of TD Cowen questioned the slight sequential decline in franchise producers, the year-over-year decrease in certain agent productivity metrics, and the implications of the drop in premium retention.

    Answer

    President & CEO Mark Miller and CFO Mark Jones Jr. attributed the producer count dip to franchise consolidations, which they view as a net positive for the ecosystem. They explained that productivity metrics were affected by a lower tenure mix for new corporate agents and a different mix of franchise launches compared to the prior year. The premium retention decline was linked to moderating premium rate increases, while underlying client retention is improving.

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    Andrew Kligerman's questions to Goosehead Insurance Inc (GSHD) leadership • Q4 2024

    Question

    Andrew Kligerman questioned why the 2025 written premium growth guidance of 22-28% isn't higher given producer growth trends. He also asked about the outlook for home sales and if Goosehead would consider starting its own E&S wholesale brokerage.

    Answer

    CFO Mark Jones Jr. attributed the conservative premium guidance to uncertainty around the interplay between slowing pricing tailwinds and the pace of client retention recovery. He noted positive trends in lead flow and referral partner activations. Regarding E&S, he stated that Goosehead prefers to focus on its core distribution business rather than get distracted by building a wholesale operation, which would serve a small portion of its business.

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    Andrew Kligerman's questions to Goosehead Insurance Inc (GSHD) leadership • Q3 2024

    Question

    Andrew Kligerman questioned the sustainability of the strong Q3 EBITDA margin expansion and asked for the reasons behind the high quality of the latest corporate agent recruiting class.

    Answer

    CFO Mark Jones Jr. reiterated the commitment to annual margin expansion, excluding contingencies, and expects strong margin improvement to continue in Q4. CEO Mark Miller and CFO Mark Jones Jr. attributed the high-quality agent class to a more rigorous and expanded college recruiting process, higher standards, and revamped training programs, which have proven effective even in a challenging market.

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    Andrew Kligerman's questions to W R Berkley Corp (WRB) leadership

    Andrew Kligerman's questions to W R Berkley Corp (WRB) leadership • Q2 2025

    Question

    Andrew Kligerman of TD Securities inquired about pricing trends in the specialized workers' compensation market and the drivers behind the growth in commercial auto premiums.

    Answer

    President & CEO W. Robert Berkley, Jr. noted that the company is pleased with pricing in the higher-hazard, specialty workers' comp space and is leaning into those opportunities. He confirmed the company is confident in its commercial auto book and that its premium growth was driven by rate increases 'and then some.'

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    Andrew Kligerman's questions to W R Berkley Corp (WRB) leadership • Q2 2025

    Question

    Andrew Kligerman from TD Securities inquired about pricing trends in the higher-hazard workers' compensation market and the drivers behind the growth in commercial auto premiums.

    Answer

    President & CEO W. Robert Berkley, Jr. confirmed that the company is pleased with the pricing in higher-hazard workers' compensation and is actively growing in that area. He stated that the growth in commercial auto was driven by rate increases "and then some," expressing confidence in the current book of business.

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    Andrew Kligerman's questions to W R Berkley Corp (WRB) leadership • Q1 2025

    Question

    Andrew Kligerman inquired about the primary drivers behind the 13% growth in short-tail lines, specifically asking which property sublines are attractive and what rate trends are being observed in that segment. He also questioned the sustainability of the Reinsurance segment's low combined ratio.

    Answer

    Executive W. Berkley clarified that growth in short-tail lines was driven by property and Accident & Health (A&H). He noted that the company sees opportunities on the property risk front, in its Berkley One high-net-worth business, and in A&H, while facing more competition in property cat. Regarding the reinsurance combined ratio, Berkley expressed satisfaction with the segment's performance and positioning but did not commit to a specific run rate, stating the portfolio is on firm ground.

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    Andrew Kligerman's questions to W R Berkley Corp (WRB) leadership • Q4 2024

    Question

    Andrew Kligerman of TD Securities asked for an update on pricing momentum in the other liability line, which saw strong premium growth. He also sought to reconcile the company's optimism for primary casualty with its concerns and pullback in reinsurance casualty. Finally, he requested color on the performance and market conditions of the international business.

    Answer

    W. Robert Berkley, Jr. (Executive) confirmed that anecdotal information suggests strong rate momentum continues in the liability lines. He explained the disconnect between primary and reinsurance casualty by stating the reinsurance market needs more discipline and to charge more, similar to the past disconnect in the property market. On international operations, he noted that while markets vary, they include some of the company's highest-margin businesses with exceptional leadership navigating competitive environments.

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    Andrew Kligerman's questions to W R Berkley Corp (WRB) leadership • Q3 2024

    Question

    Andrew Kligerman of TD Cowen sought clarity on the net written premium outlook, contrasting the growth in short-tail lines with declines in liability lines, and asked about any notable prior year development from recent accident years.

    Answer

    Executive W. Berkley confirmed that exposure in the commercial auto line was shrinking due to underwriting discipline, impacting premium growth in liability lines. He noted that growth in the reinsurance segment's property lines reflects favorable market conditions, while casualty reinsurance is flat due to dissatisfaction with ceding commissions. CFO Richard Baio added that prior year development trends were consistent with previous commentary, with a continued focus on commercial auto liability.

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    Andrew Kligerman's questions to Abacus Global Management Inc (ABL) leadership

    Andrew Kligerman's questions to Abacus Global Management Inc (ABL) leadership • Q1 2025

    Question

    Andrew Kligerman of TD Securities asked about the future trajectory of capital deployment, the performance of the recently acquired Carlyle business, the stock's performance relative to strong results, potential M&A interest, and the mix of inbound policy origination channels.

    Answer

    CEO Jay Jackson stated that capital deployment levels are driven by both policyholder demand and investor capital availability, and he feels the company is well-positioned for market volatility. He noted the Carlyle integration is seamless and is successfully raising capital globally. Regarding the stock, Mr. Jackson acknowledged the disconnect with performance but expressed confidence that continued execution and storytelling will lead to a fair valuation, adding that Abacus is more focused on making acquisitions than being acquired. He specified the Q1 origination mix was approximately 40% direct-to-consumer, 40% financial advisors, and 20% brokerage.

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    Andrew Kligerman's questions to Abacus Global Management Inc (ABL) leadership • Q4 2024

    Question

    Andrew Kligerman inquired about the outlook for EBITDA margins in 2025, the growth prospects for the Technology Services segment, and whether steady capital deployment was the baseline for the 2025 guidance.

    Answer

    CEO Jay Jackson reaffirmed a target for EBITDA margins above 50%, expecting more consistency as fee-related earnings from asset management and tech grow. He projected the ABL Tech division is on track to be material to earnings by summer 2026. He also confirmed that the 2025 guidance assumes steady capital deployment, with upside driven by other expanding business areas.

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    Andrew Kligerman's questions to Abacus Global Management Inc (ABL) leadership • Q3 2024

    Question

    Andrew Kligerman of TD Cowen questioned the future trajectory of active management revenue and sought clarification on the recent declines in portfolio servicing and origination revenues.

    Answer

    CEO Jay Jackson stated that strong institutional demand for life settlement assets, supported by a favorable interest rate environment, should continue to drive active management revenue. He explained that portfolio servicing revenue can fluctuate with client activity but expects the pending Carlisle acquisition to be a significant future contributor. Jackson clarified that the decline in origination revenue is an expected result of the company holding more policies on its balance sheet rather than acting as a broker for a fee.

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    Andrew Kligerman's questions to Kemper Corp (KMPR) leadership

    Andrew Kligerman's questions to Kemper Corp (KMPR) leadership • Q1 2025

    Question

    Andrew Kligerman of TD Securities asked about the competitive environment outside of California, current frequency and severity trends, the amount of rate yet to be earned, and growth in states beyond the top three.

    Answer

    EVP and President of Kemper Auto Matthew Hunton described the non-California market as returning to normal competitive levels. EVP and CFO Bradley Camden noted that loss trends were performing as expected, with slightly better frequency and severity in the mid-to-high single digits. Camden advised focusing on PIF growth over earned rate, as profitability targets are already being met, and identified Illinois, Arizona, Colorado, and Oregon as other areas of focus for growth.

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    Andrew Kligerman's questions to Kemper Corp (KMPR) leadership • Q4 2024

    Question

    Andrew Kligerman of TD Securities sought confirmation on the outlook for accelerating year-over-year PIF growth, asked if recent sequential growth was indicative of 2025 trends, questioned the drivers of strong growth in 'other' states, and inquired about the earned rate outlook for the first half of 2025.

    Answer

    CEO Joseph Lacher confirmed that year-over-year PIF growth should continue to improve through mid-2025. He cautioned that Q4's 1.8% sequential growth was a seasonally low figure and expects 'way higher' growth in Q1 and Q2. President of Kemper Auto Matt Hunton added color on market dynamics, noting Florida is normalizing while Texas is being repositioned for growth. CFO Bradley Camden and CEO Joseph Lacher advised that earned rate and loss trends should be viewed as relatively equal, as the California minimum limit increase will distort the earned rate metric without affecting margins.

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    Andrew Kligerman's questions to Kemper Corp (KMPR) leadership • Q3 2024

    Question

    Andrew Kligerman of TD Cowen asked about the expected timeline for the Specialty Auto combined ratio to normalize from its low 91% level to the 93-95% range, the outlook for commercial auto, and the amount of rate left to earn in.

    Answer

    CEO Joseph Lacher stated the combined ratio will migrate to the 93-95% range over the next 4-5 quarters as new business growth normalizes. President of Kemper Auto Matthew Hunton added that commercial auto growth is expected to continue. Lacher noted future rate would offset inflation, while CFO Bradley Camden provided a near-term rate expectation of 2-3 points for Q4.

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    Andrew Kligerman's questions to Kemper Corp (KMPR) leadership • Q2 2024

    Question

    Andrew Kligerman sought clarification on management's 'overshoot' comment regarding the combined ratio, the outlook for low single-digit sequential PIF growth in the second half of the year despite seasonality, and the remaining earned rate expected for 2024.

    Answer

    Executive Joseph Lacher clarified that 'overshoot' referred to the combined ratio improving to a level better than the long-term target (e.g., 90%), from which it will normalize back toward the 96% ceiling. He confirmed the expectation for low single-digit sequential PIF growth in Q3 and Q4. Lacher also detailed the earned rate forecast, with about 5 points expected in Q3 and 2-3 points in Q4, totaling 7-8 points for the second half of the year.

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    Andrew Kligerman's questions to Lemonade Inc (LMND) leadership

    Andrew Kligerman's questions to Lemonade Inc (LMND) leadership • Q1 2025

    Question

    Andrew Kligerman asked about the drivers of increased growth spend, particularly online ad pricing. He also questioned if Lemonade's AI has leveled the playing field against larger competitors and inquired about the direction of rates from recent filings.

    Answer

    CFO Timothy Bixby noted that ad cost efficiency is stable, with a recent lean-in to brand spend. CEO Daniel Schreiber asserted that Lemonade's integrated AI and data infrastructure provides a competitive advantage over incumbents with siloed systems. He clarified that recent rate filings are focused on refining pricing precision using telematics, not just raising overall rates.

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    Andrew Kligerman's questions to Mediaalpha Inc (MAX) leadership

    Andrew Kligerman's questions to Mediaalpha Inc (MAX) leadership • Q1 2025

    Question

    Andrew Kligerman of TD Securities asked for clarification on marketplace dynamics, the potential for further carrier spend given some are 'not punching where they should be,' and the reason for the write-down related to the CHT acquisition.

    Answer

    Executive Steven Yi explained that as the market recovery broadens, more activity from smaller players will flow to the open exchange. He clarified his 'punching their weight' comment by stating that several top carriers are still under-investing in the direct-to-consumer channel, representing a future growth opportunity. Executive Patrick Thompson addressed the CHT write-down, stating the acquisition fell short of expectations and its social marketing activities were sunsetted.

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    Andrew Kligerman's questions to Chubb Ltd (CB) leadership

    Andrew Kligerman's questions to Chubb Ltd (CB) leadership • Q4 2024

    Question

    Andrew Kligerman asked about the disconnect between strong primary casualty pricing and reported softness in casualty reinsurance, and also questioned why competitors remain aggressive in financial lines.

    Answer

    Chairman and CEO Evan G. Greenberg explained that Chubb sees only selective, opportunistic pockets in casualty reinsurance and has been shrinking its book for years. Regarding financial lines, he suggested competitors are reacting to favorable prior-year results while ignoring that current accident year loss trends are reverting to the mean and pressuring margins, a trend Chubb is patiently navigating.

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    Andrew Kligerman's questions to Chubb Ltd (CB) leadership • Q3 2024

    Question

    Andrew Kligerman from TD Cowen asked about the profitability and outlook for the D&O business within financial lines and questioned if exceptional underlying combined ratios could erode due to global competition.

    Answer

    Chairman and CEO Evan G. Greenberg confirmed they are writing D&O profitably, leveraging their brand strength, especially in primary layers. He pushed back on focusing on ex-cat results, arguing the published combined ratio is the key metric. He noted that while industry returns are decent, they are not 'off the charts,' and relentless loss trends necessitate ongoing rate increases to maintain profitability.

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    Andrew Kligerman's questions to Marsh & McLennan Companies Inc (MMC) leadership

    Andrew Kligerman's questions to Marsh & McLennan Companies Inc (MMC) leadership • Q3 2024

    Question

    Andrew Kligerman highlighted the strong but decelerating growth in the Risk & Insurance Services (RIS) segment and asked for the basis of management's confidence that growth will remain at 'mid-single-digit or better.' He also asked for color on MMA's growth rate relative to large corporate business.

    Answer

    President and CEO John Doyle cited several factors for his confidence: a supportive macro and elevated risk environment, ongoing investments in capabilities like McGriff, a strategic shift toward faster-growing segments, and improved internal collaboration. While he did not quantify the difference, he described the MMA business as a 'more consistent growth business' for the company over time.

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