Sign in

    Charlie Lederer • BMO Capital Markets

    Charlie Lederer's questions to ASPEN INSURANCE HOLDINGS LTD (AHL) leadership

    Charlie Lederer's questions to ASPEN INSURANCE HOLDINGS LTD (AHL) leadership • Q2 2025

    Question

    Charlie Lederer of BMO Capital Markets inquired about Aspen's growth outlook for the second half of the year, the potential trajectory of underlying loss ratios, and the company's strategy regarding opportunities in transactional liability and D&O. He also asked for clarification on the recent increase in the paid-to-incurred loss ratio.

    Answer

    Christian Dunleavy, Group President & CEO of Aspen Bermuda Limited, explained that Aspen is managing through various product 'mini cycles' and expects longer-tail lines to outgrow property lines, without a dramatic shift in the overall portfolio mix. He confirmed Aspen is 'ready to lean in' to transactional liability and D&O as market conditions improve. He also attributed the higher paid-to-incurred ratio to accelerated payments on California wildfire claims, as required by law.

    Ask Fintool Equity Research AI

    Charlie Lederer's questions to Baldwin Insurance Group Inc (BWIN) leadership

    Charlie Lederer's questions to Baldwin Insurance Group Inc (BWIN) leadership • Q2 2025

    Question

    Charlie Lederer of BMO Capital Markets inquired about the outlook for property rate and exposure in 2026 and asked for more detail on the pressures affecting the E&S homeowners book, including its drivers and geographic concentration.

    Answer

    CEO Trevor Baldwin stated that he expects some degree of stabilization in the property market in 2026, as pricing cycles tend to be short. He clarified that the pressure on the E&S home book is entirely driven by increased market competition and aggressive pricing from new entrants, not by reinsurance or capacity issues. This has led to a disciplined underwriting approach that is impacting new business volume in coastal E&S markets like Florida, Texas, and California.

    Ask Fintool Equity Research AI

    Charlie Lederer's questions to Baldwin Insurance Group Inc (BWIN) leadership • Q2 2025

    Question

    Charlie Lederer from BMO Capital Markets inquired about the outlook for property rate and exposure in 2026 and asked for more detail on the pressures in the E&S home business, including the impact of reinsurance and capacity.

    Answer

    CEO Trevor Baldwin anticipates some stabilization in the property market for 2026, noting that property pricing cycles are typically short. Regarding the E&S home business, he clarified the pressure is entirely market-competition driven, not due to reinsurance or capacity issues. He explained that new entrants and aggressive pricing have led Baldwin to maintain underwriting discipline, which impacts new business volume but protects the portfolio's integrity.

    Ask Fintool Equity Research AI

    Charlie Lederer's questions to Arthur J. Gallagher & Co. (AJG) leadership

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

    Question

    Charlie Lederer from BMO Capital Markets requested the all-in renewal premium change (RPC) number and how it would look with a more typical Q3/Q4 business mix. He also asked if the back-half organic growth would be driven by base business acceleration or by supplemental and contingent commissions.

    Answer

    CEO J. Patrick Gallagher estimated the all-in RPC would be around 4%. CFO Douglas K. Howell added that the overall market is still seeing mid-single-digit increases due to strength in casualty, which is more heavily weighted in the second half. Mr. Howell also noted that he views base and supplemental commissions together, which are driving growth around 5%, and expects that to continue.

    Ask Fintool Equity Research AI

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

    Question

    Charlie Lederer of BMO Capital Markets requested the all-in renewal premium change (RPC) figure for the quarter and how it might look with a more typical Q3/Q4 business mix. He also asked if the back-half organic growth would be driven by base business acceleration or by supplemental and contingent commissions.

    Answer

    CEO J. Patrick Gallagher estimated the all-in RPC would be around 4%. CFO Douglas K. Howell elaborated that the overall market is still seeing mid-single-digit rate increases when casualty lines are factored in, a trend he expects to continue. He also noted that base and supplemental commissions combined are driving growth around 5% and expects that to continue.

    Ask Fintool Equity Research AI

    Charlie Lederer's questions to Willis Towers Watson PLC (WTW) leadership

    Charlie Lederer's questions to Willis Towers Watson PLC (WTW) leadership • Q2 2025

    Question

    Charlie Lederer from BMO Capital Markets asked for an analysis of Q2 free cash flow performance and the outlook for the rest of the year. He also inquired about the competitive landscape for insurance brokerage talent and WTW's response.

    Answer

    CFO Andrew Krasner detailed the first-half free cash flow headwinds, such as compensation and the absence of TRANZACT inflows, and outlined expected second-half tailwinds, reaffirming confidence in full-year margin expansion. CEO Carl Hess and President of Risk & Broking Lucy Clarke addressed talent, stating that competition is not new and that WTW's deliberate, strategic hiring approach, part of its long-term strategy, continues to be successful in attracting key talent.

    Ask Fintool Equity Research AI

    Charlie Lederer's questions to AXIS Capital Holdings Ltd (AXS) leadership

    Charlie Lederer's questions to AXIS Capital Holdings Ltd (AXS) leadership • Q2 2025

    Question

    Charlie Lederer from BMO Capital Markets asked whether pricing is currently ahead of loss cost trends in both the insurance and reinsurance segments, sought clarification on the paid loss and IBNR trends in the insurance segment, and questioned the drivers behind the recent moves in the insurance expense ratio.

    Answer

    President & CEO Vincent Tizzio confirmed that in liability and casualty, pricing is comfortably ahead of trend, and while property pricing has seen deterioration, the overall portfolio's premium adequacy remains excellent. Regarding paid losses, both Mr. Tizzio and CFO Peter Vogt attributed the quarterly increase to payments on some larger, older claims and recent wildfire claims, noting the metric can be noisy. Mr. Vogt clarified the expense ratio moves were due to prior-year restructuring charges affecting G&A comparisons and improved ceding commissions impacting the acquisition cost.

    Ask Fintool Equity Research AI

    Charlie Lederer's questions to Brown & Brown Inc (BRO) leadership

    Charlie Lederer's questions to Brown & Brown Inc (BRO) leadership • Q1 2025

    Question

    Charlie Lederer, on for Andrew Anderson, asked about the performance of the lender-placed insurance business in Q1, specifically if there were any incremental headwinds or benefits, and about its seasonality.

    Answer

    Executive R. Watts clarified there were no headwinds to the lender-placed business year-over-year, but its growth rate has moderated from the prior year. He emphasized that growth comes from winning new accounts, not from an increase in the lender-placed ratio, which indicates continued economic health among homeowners. Watts also explained the business lacks traditional seasonality; instead, revenue bumps occur when onboarding large new accounts.

    Ask Fintool Equity Research AI