Question · Q3 2025
David Kenneth Motemaden asked about the nature of reserve releases, specifically the movement between long-tail and short-tail lines within the insurance and reinsurance segments. He also inquired about the impact of the mix shift towards casualty lines on underlying loss ratios in both segments and its potential future implications.
Answer
François Morin (EVP, CFO, and Treasurer) noted that reserve movements were similar to prior quarters, with small, unsurprising adverse development in casualty, but overall favorable actual versus expected results, and strong performance from short-tail lines. Nicolas Papadopoulo (CEO) explained that while the mix shift to casualty hasn't fundamentally changed yet, it could impact loss ratios down the road, as casualty lines typically have a higher loss peak than short-tail lines.