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Frank D'Orazio, Director & CEO, responded that there were no material changes to the quota share terms and the ceding commission was 'fairly flat.' He highlighted positive signs such as receiving more offered participation than purchased and adding new reinsurance partners. Regarding competition, he noted that MGAs are most pronounced in the excess property portfolio, commercial auto, and larger excess casualty accounts.

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CEO Frank D'Orazio stated the 2024 loss trend view is high single-digits and that reserve development was concentrated in the 2019-2021 accident years, primarily in other liability occurrence. He also noted the Specialty Admitted business continues to grow steadily. CFO Sarah Doran and Frank D'Orazio confirmed the Enstar deal only has standard regulatory approval conditions and no contingencies related to Enstar's other corporate activities.

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President of Risk & Broking Lucy Clarke described the softening rate environment as an expected and moderate headwind, noting that WTW does not rely on pricing for growth due to its business mix and client behavior. CEO Carl Hess outlined a disciplined M&A strategy focused on bolt-ons in specialty broking and wealth, while remaining open to larger opportunities that offer compelling returns and a strong strategic and cultural fit, affirming WTW has the capacity to integrate targets.

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Jim Williamson, President & CEO, clarified that he considers the 1-in-20 to 1-in-50 year layer to be the 'sweet spot' of cat programs, not 'down low,' offering the best risk-adjusted returns. Regarding the international insurance business, Williamson expressed pride in its growth and profitability, stating the strategy has shifted to 'going deeper' in existing markets rather than expanding the geographic footprint, while the core focus on large, specialty commercial risk remains consistent.

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CEO Jim Williamson stated he expects no degradation in terms and conditions at the midyear renewal, citing continued market discipline as a key factor in sustainability. He concluded that, looking past the near-term impact of conservative loss picks, the underlying economic return on capital for both of Everest's business segments is improving due to favorable market dynamics and mix shift.

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CFO Mark Kociancic estimated the 2025 effective tax rate for the group to be in the 17% to 18% range, assuming a normal distribution of income. He also stated that he expects operating cash flow to be in a similar range to 2024's approximately $5 billion, with natural catastrophe payments being the largest variable.

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Executive James Williamson confirmed they reviewed all options, including an LPT, but concluded their robust capital position made a decisive reserve charge the clearest and best solution. On operations, he stated that while they are always investing in systems and analytics, the core issue was not a lack of data but a lack of 'fortitude' to act on it, a situation that has now been rectified.

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CEO Nicolas Papadopoulo and CFO & Treasurer François Morin specified the program business is about one-third of the MCE portfolio, with full earned benefits from remediation expected in 12-18 months. Morin stated there is no official news on Bermuda tax credits but that any such credit would likely be for jobs and would reduce operating expenses rather than affect the tax rate.

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Executive François Morin sees no significant direct impact from tariffs but is monitoring indirect effects. He and executive Nicolas Alain Papadopoulo stated GL loss trends are assumed at 12-14% for excess business and 5-6% for primary E&S. They added that structured deal opportunities are reactive and not actively targeted, typically arising from existing client relationships when a cedent has a specific capital need.

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CEO Nicolas Alain Papadopoulo stated that while loss trends are high in excess layers, Arch's growth is highly selective, focusing on specific pockets it deems profitable. In reinsurance, the strategy is to partner with high-quality cedents it can now access due to market dislocation. Executive François Morin noted new money yields are around 4.5%, similar to the book yield, and the MidCorp assets are being prudently invested.

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CFO Peter Vogt stated that share buybacks are opportunistic and capital is being deployed into organic growth and technology investments, with $110 million remaining on the authorization. President & CEO Vincent Tizzio added that capital was used to hire new teams and invest in the operating model. On the LMM initiative, Mr. Tizzio described it as a key strategic focus that was a ~$400 million business in 2024, is seeing strong submission growth, and is a cornerstone of the 'How We Work' investment program.

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CFO Pete Vogt explained that based on OECD guidance, the Bermuda ETA would likely be acceptable for 2025 and 2026, but adjustments may be needed before 2027. President and CEO Vincent Tizzio detailed a successful 1/1 renewal for ceded reinsurance, highlighting improved terms and a larger participation in its cyber program. Tizzio also noted that the delegated component of the portfolio reshaping will extend into the first half of 2025.

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Chairman & CEO Christopher Swift and President A. Morris Tooker explained that while large and wholesale property pricing is seeing pressure, their core small-to-midsize property book is holding up well. Tooker noted that E&S submission flows remain strong with no significant pivot back to the admitted market. He acknowledged that MGAs are creating some disruption in certain specialty lines but stated it's not a major impact on their core business.

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CEO Christopher Swift stated that tariffs would likely be a one-time step change affecting auto parts and building materials. He expressed confidence that prudent 2025 loss picks could absorb some impact, but the company is prepared to adjust pricing. Regarding small business pricing, Swift and Executive Adin Tooker attributed the sequential dip primarily to the weighting of workers' comp and a marginal decrease in E&S binding premium, noting that pricing ex-comp remains very strong at 12.9%.

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CEO Christopher Swift quantified the general liability true-up as a 1-point impact on the year-to-date combined ratio and noted that non-cat property experience was favorable by about 0.9 points versus the prior year. Regarding the wildfires, Swift confirmed it is both a commercial and personal lines event, with low personal lines share but a larger commercial presence. CFO Beth Bombara detailed the reinsurance structure, stating it is 'very likely' they will be in the first reinsurance layer which attaches at $200 million, but it is 'not entirely clear' if losses will reach the next layer at $350 million.

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Chairman and CEO Christopher Swift explained the GL reserve adjustment was driven by increased attorney representation and higher average settlement costs. CFO Beth Bombara confirmed the current year loss pick included a true-up for the first half of the year. Both Swift and executive Adin Tooker expressed confidence in their new business underwriting, citing advanced data science, pricing tools, and proactive risk management, stating they would not pause growth.

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EVP & CFO Robert Qutub reported no change on the Bermuda tax situation, stating a commission is still developing recommendations for an economic tax adjustment (ETA) that would offset cash tax payments, not the effective tax rate. President & CEO Kevin O'Donnell characterized new capital entering the market as disciplined and return-focused.

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CEO Kevin O'Donnell stated that Florida rates are expected to rise due to Hurricane Milton, and more broadly, he anticipates a reversal of the rate reductions seen at January 1. He also confirmed that the company's third-party capital vehicles are all well-capitalized and do not have an immediate need to raise new funds, noting they have strong access to capital and can manage their needs internally, for instance by redeploying a dividend within DaVinci.

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President and CEO Kevin O'Donnell declined to disclose specific details on the Tokio Marine cover but confirmed it is a "last to pay" cover that remains available and unpaid. On the retro market, O'Donnell stated that while it's a tough call, the limited impact from this year's catastrophe events is a good sign for stable capacity. He anticipates RenRe will likely purchase slightly less retro coverage in 2025 but believes it will be available.

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Chairman & CEO Evan Greenberg cautioned against a simplistic view on margins, highlighting that strong casualty pricing and a favorable business mix shift offset property pricing weakness, so he does not foresee significant deterioration. On medical inflation, he stated that the drivers in workers' comp are different from health insurance and that Chubb's reserving already uses conservative loss cost trend factors.

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Chairman & CEO Evan Greenberg advised against a simplistic view on margins, noting that while property pricing is negative, casualty pricing is ahead of trend and financial lines are firming. He added that a mix shift to middle market business also supports margins. On medical inflation, he stated that the drivers in workers' comp are different from general healthcare, and Chubb's reserving already uses conservative trend factors, so they are not seeing the same pressures.

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Chairman and CEO Evan G. Greenberg confirmed the reinsurance program renewal was fairly similar to what was previously disclosed. On capital allocation, he described the strategy as 'steady as she goes,' emphasizing a long-term investment approach. While mindful of geopolitical volatility, he stated that Chubb has not been investing additional capital in China and is currently focused on organic growth and investing in its high-yielding fixed income portfolio.

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Chairman and CEO Evan G. Greenberg clarified that the $1.5 billion wildfire loss is a ground-up estimate from on-the-ground adjusters, includes a FAIR Plan assessment, and does not factor in potential subrogation. Regarding growth, he acknowledged the logic for mid-to-high single-digit organic growth was reasonable but did not provide formal guidance, stating that inorganic growth remains opportunistic.

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Chairman and CEO Evan G. Greenberg stated that property pricing remains firm in the middle market, while the large account E&S segment faces some rate pressure from new capital, particularly from London. Regarding reserves, he specified the adverse development was from accident years 2019-2022 and primarily related to excess casualty, which was part of a mixed result across long-tail classes.

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President & CEO W. Robert Berkley, Jr. stated that the company is gaining traction in the private client space through expertise and value, not by being the cheapest. He attributed the higher reinsurance combined ratio to pressure from high ceding commissions and moderating property reinsurance rates.

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President & CEO W. Robert Berkley, Jr. attributed their success in the private client space to expertise and value rather than price. He explained that the higher reinsurance combined ratio was a result of softening property rates and continued pressure on ceding commissions, which the company is actively managing.

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Executive W. Berkley confirmed that reinstatement premiums were not material. Executive Chairman William Berkley recalled that the 1970s stagflation involved pricing pressures but the industry adapted by raising rates. He noted that while economic growth was low, rising interest rates were a benefit, and flexible companies performed well in a highly differentiated market.

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W. Robert Berkley, Jr. (Executive) gave a direct response regarding competition from standard carriers in E&S, stating, 'We don't see them.' Regarding Berkley One, he described it as an exceptional, accretive franchise with a strong team, and expects it to make a 'considerable' contribution to the group's profitability in the 2025 year.

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CFO Richard Baio noted that four new operating units contributed over $25 million in net written premium in the quarter. Executive W. Berkley added that as these businesses scale, they will become less dilutive to the expense ratio. For investment funds, which are booked on a lag, he suggested using a run-rate of $10 million per quarter in the short term, with hopes of it returning toward $20 million over time, while cautioning that short-term results can be lumpy.

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Chairman and CEO Alan Schnitzer affirmed that tort inflation is significant and is factored into their pricing, which the market appears to be accepting. Michael Klein, President of Personal Insurance, acknowledged that auto retention remains below historical levels due to a competitive environment but that returning to growth remains a key focus.

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Chairman and CEO Alan Schnitzer responded that tort inflation is ongoing but is factored into their pricing and expectations, as it appears to be for the entire market. Michael Klein, President of Personal Insurance, acknowledged that auto retention at 82% is below historical levels of ~84% and has not recovered as expected due to a competitive environment, but improving it remains a focus.

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Daniel Frey, CFO, explained that for catastrophe events over $100 million, the amount exceeding that threshold erodes the $4 billion aggregate deductible. Jeffrey Klenk, President of Specialty Insurance, addressed the Surety question, acknowledging the government component in large projects but expressing confidence in continued demand from infrastructure investments and the high credit quality of their contractor book.

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Chairman and CEO Alan Schnitzer acknowledged the 'terrific' margins but stopped short of forecasting their direction, highlighting strong pricing and market stability. Regarding the tort environment, he noted it remains a key issue but pointed to positive developments, such as legislative action in some states and new rules on third-party litigation financing disclosure.

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Michael Klein, President of Personal Insurance, explained that while new auto business is growing in many states, overall growth is still tempered by actions in challenging states and the cross-line impact of managing property exposure. Greg Toczydlowski, President of Business Insurance, expects workers' comp pricing to remain stable, with 2025 loss cost recommendations similar to 2024.

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CFO Allan Decleir confirmed that the $80 million in reinstatement premiums was 'substantially all' within the Reinsurance segment. CEO Dan Burrows described the Property D&F market as having 'attractive margins' and being nearly as strong as the peak environments of 2023-2024, noting that Fidelis focuses on higher-margin excess layers rather than more competitive primary business.

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President and CEO Joseph Lacher quantified the California minimum limit change as contributing 6-7 points to written premium growth, noting the overall 24% growth rate would likely moderate to the high teens. Regarding M&A, Lacher reiterated capital priorities focused first on organic growth, then on strategic inorganic opportunities that improve the franchise, and finally on returning capital to shareholders, stating Kemper is 'playing offense' from a position of strength.

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CEO Joseph Lacher detailed that the CA limit change would increase relevant liability premiums by about 30%, equating to a 15-16% lift on total CA premium without impacting margins. He and CFO Bradley Camden clarified that the Commercial Auto development was a minor year-end reserve adjustment for extra contractual obligations (ECOs), not a change in underlying trends. Lacher also explained that Kemper is actively diversifying its geographic mix by growing faster outside of California, rather than shrinking its profitable operations within the state.

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CEO Joseph Lacher noted that heightened consumer shopping is offsetting typical seasonality, but declined to give a specific Q4 forecast, expressing confidence in H1 2025. EVP & CFO Bradley Camden confirmed that frequency trends remain favorable. Lacher added the reciprocal exchange rollout is proceeding, albeit slightly slower than first projected.

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Peter Zaffino, Chairman and CEO, and executive Donald Bailey clarified that while Q1 net written premium growth benefited from property reinsurance, the underlying growth in casualty and programs is strong and sustainable. Zaffino added that they have not yet adjusted casualty loss cost assumptions based on recent developments but will review them mid-year.

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Chairman and CEO Peter Zaffino confirmed strong growth opportunities, which executive Donald Bailey elaborated on, highlighting balanced growth in North America, robust submission activity in Lexington (E&S), and a flight to quality in the expanding E&S market. Regarding ROE, Peter Zaffino outlined a clear path to achieving 10% in 2025 through multiple levers, including underwriting discipline, capital management, net investment income growth, and expense savings from the AIG Next initiative.

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CFO Mark Jones Jr. and CEO Mark Miller stated the business is insulated from macro factors like recessions and tariffs. Regarding the NPS score, they attributed the dip to industry-wide client dissatisfaction with rising premiums but noted Goosehead's score remains world-class. Mr. Jones confirmed the share buyback provides optionality to act on market dislocations, as they have in the past.

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CFO Mark Jones Jr. stated that he expects average commission rates to increase as the admitted market heals and carriers incentivize growth. The guidance assumes pricing tailwinds will abate and is conservative on the pace of client retention recovery. CEO Mark Miller added that the company is actively developing a direct-to-consumer offering, likely starting with auto, but did not commit to a specific launch date.

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CEO Mark Miller stated that while competition with captives is intense, Goosehead remains competitive, noting that captives are also beginning to raise their prices. He confirmed some carrier partners have temporarily pulled back from certain markets. CFO Mark Jones Jr. addressed retention, suggesting the 84% rate has stabilized due to moderating premium increases and should gradually improve through 2025, assuming pricing remains stable.

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Executive J. Powell Brown stated that there is not significant interest in the Florida state senate or the governor's office for implementing the proposed legislative rollbacks. Regarding the MGA business, Brown explained that carrier interest remains high due to the potential for large premium blocks and the improved quality and data analytics of modern MGAs. He believes carrier interest will continue to grow.

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R. Watts, an executive, indicated that the full impact is still being determined, particularly for Hurricane Milton, but that some negative adjustments in Q4 are probable. J. Powell Brown, an executive, added context, noting significant auto losses from the storms and that property damage was highly correlated to structures built with older, less stringent building codes.

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CFO Janice Hamilton stated the company does not guide by specialty but noted all are capable of double-digit growth, with delegated authority being a key growth area due to recent M&A. Regarding M&A, Janice Hamilton and CEO Tim Turner clarified that leverage would not be a constraint, pointing to ample borrowing capacity. They emphasized that the pace of M&A is dictated by finding assets that meet their strategic and cultural criteria.

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President and CEO Keith Demmings stated that the reinsurance program is in a favorable position as the reinsurance tower has not been utilized, suggesting stable pricing for 2025. For Global Lifestyle, he anticipates accelerated growth in 2025 as 2024 investments begin to yield revenue, alongside growth in the auto business from rate increases and moderating inflation. CFO Keith Meier added that the reinsurance program's retention will likely remain at the 1-in-5 probable maximum loss point. Demmings also noted that solid underlying growth is expected in Housing for 2025.

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Dean Klisura, CEO of Guy Carpenter, responded that despite reinsurer concerns over U.S. casualty, he expects market conditions to 'largely prevail' at 1/1, with continued pressure on ceding commissions and rate increases on excess of loss deals. President and CEO John Doyle clarified that MMC is not losing share to the E&S market, as they access it directly, and their strategy is to secure capital as efficiently as possible for clients, preferring admitted solutions when available.

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