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CEO Dan Burrows clarified that as a market leader, Fidelis sees pricing that is flat to down 10%, far better than the double-digit reductions in the subscription market. He attributed this to their ability to cross-sell and leverage their position, noting competition comes from smaller, late-to-market players rather than a specific group like Lloyd's. Regarding growth, he stated the company has a strong pipeline and is comfortable with its full-year estimates, despite quarterly lumpiness and walking away from underpriced business like in aviation.

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CEO Dan Burrows noted the overall portfolio RPI was around 104% and that the D&F market is 'flatter' but margins remain excellent. He quantified the outwards buying benefit, stating the retrocessional program was purchased at an RPI of around 80%, implying a 20% rate reduction. CFO Allan Decleir affirmed the company's capital position is strong and that it will continue to opportunistically use its $103 million remaining repurchase authorization.

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CFO Allan Decleir explained the higher acquisition ratio was driven by increased variable profit commissions tied to strong underlying profitability, calling it lumpy and not a new run rate. He suggested the year-to-date rate of 28-29% is more representative. CEO Dan Burrows confirmed that while it's early, the 14-16% ROE target remains their focus for 2025.

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CFO Douglas K. Howell confirmed the outlook assumes June's property pricing continues but noted the second half is less weighted to property. He provided a sensitivity, stating a 2% net drop in property rates/exposure impacts organic by about 40 basis points. For 2026, Mr. Howell suggested that the company could potentially repeat its 2025 full-year organic growth performance.

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CFO Douglas K. Howell confirmed the outlook assumes similar property pricing trends but noted property is less weighted in the second half. He provided a sensitivity, stating a 2% net drop in property rates impacts organic growth by about 40 basis points. For 2026, he suggested that wherever 2025 organic growth lands, the company has a "shot at that next year."

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CFO Douglas Howell stated the outlook assumes a similar RPC environment to Q1, with property rates slightly down and casualty rates still rising. J. Gallagher, an executive, added that the market is behaving rationally and doesn't expect major changes. Regarding U.S. retail growth, Howell attributed the 1-point difference from prior expectations to normal business mix variations and emphasized the overall strength of the market.

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CFO Douglas Howell confirmed the organic growth differential was due to the contingent commission shortfall. He and CEO J. Gallagher explained that as property rates moderate, clients are buying more coverage, which supports renewal premium levels. Regarding the 2025 outlook, Mr. Howell stated the 6-8% range is consistent with prior views and does not assume major tailwinds from market events like wildfires or casualty reserve strengthening.

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CFO Douglas Howell attributed the contingent commission growth to a few extra million dollars from the benefits and U.S. retail businesses, calling it 'nothing special.' Executive J. Gallagher stated there's no specific close-rate stat for the M&A pipeline, but getting to a letter of intent is a serious step. Howell noted the U.S. retail slowdown was minimal, only about half a point, and consistent with the prior quarter.

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Tom Wilson, Chairman, President & CEO, declined to comment on monthly fluctuations but reiterated confidence in the overall growth trajectory from the Transformative Growth strategy. He explained the strategic decision to sunset Esurance and Encompass was to consolidate marketing behind the Allstate brand and leverage National General's stronger IA platform. Mario Rizzo, President of Property-Liability, added that the runoff impact from these brands will diminish over time as their policy counts decrease.

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Executive Thomas Wilson stated that while 'sooner is better than later' for retention improvement and some states are already showing gains, the company is not providing a specific timeline or projection. He pushed back on the idea of passively waiting for an inflection point, emphasizing that Allstate is actively working to improve the customer experience and fine-tune pricing with tools like Milewise to proactively earn back and retain customers, rather than just waiting for rate impacts to fade.

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Jim Williamson, President & CEO, confirmed that the property loss picks have been consistent and prudent, with the improvement driven by mix. He added that there is still potential for further benefit as the earned premium mix catches up to the written mix. On aggregates, Williamson stated they are not deploying significant capacity, as he believes a 'bid-ask spread' still exists between what clients will pay and what reinsurers can responsibly charge.

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CFO Mark Kociancic attributed the attritional loss ratio performance primarily to the conservative risk margin being applied to the casualty side of the business. CEO Jim Williamson declined to specify a rate reduction threshold for property cat, instead stressing the importance of the industry maintaining pricing discipline to ensure sustainable returns over the cycle.

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CFO Mark Kociancic and CEO Jim Williamson explained the cat load is broadly consistent, with the company taking more gross exposure net by reducing reliance on cat bonds. Williamson confirmed that rigorous data engagement with cedents, including actuary-to-actuary discussions, has been a consistent, multi-year discipline, and capacity is only deployed to clients who demonstrate strong portfolio management via their data.

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Executive James Williamson attributed the 2018-2019 improvement to an industry-wide reaction against the prior soft market. Executive Mark Kociancic added that 2017 was an outlier due to specific poor-performing treaties. Regarding the risk margin, Kociancic stated it places the insurance casualty reserves at the 'high end' of the actuarial spectrum and reinsurance casualty reserves in the 'upper part'.

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CFO & Treasurer François Morin attributed the higher attritional losses to normal volatility, citing a few large events like a plane crash and refinery explosions, contrasting with an unusually benign prior-year quarter. CEO Nicolas Papadopoulo noted that while cyber pricing is a headwind in specialty, the company is finding new opportunities, particularly on the international side, and remains positive on the outlook despite a competitive market.

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CFO François Morin noted that while there are always chunky deals, the non-renewed deal this quarter was on the larger side and it's hard to predict future renewals. He cautioned against overweighting a single quarter's loss ratio, citing the random element of large losses and stating he would not expect significant movements from the current level for either the legacy or MCE business.

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Executive Nicolas Alain Papadopoulo explained that casualty reinsurance growth is highly selective, targeting specialty E&S-style programs where Arch was previously underweight. Executive François Morin detailed that the insurance loss pick increase was driven by the MidCorp acquisition, rate decreases in professional lines like D&O and cyber, and other minor mix shifts, not by adverse trends in general liability or umbrella lines.

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Executive François Morin explained the loss ratio increase was due to a business mix shift towards casualty and other liability lines, which have a higher loss ratio than property. He confirmed that reserve development was very favorable in short-tail lines, with some manageable adverse development in long-tail lines, a trend consistent with recent quarters.

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CFO Elizabeth Mann acknowledged that the acquisition is accretive to Verisk's growth profile. However, she noted that because it represents a smaller portion of the company's total revenue, they will need to evaluate any potential changes to the long-term guidance as they approach 2027 when it enters the organic base.

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President and CEO Lee Shavel responded that clients have been consistently focused on efficiency and he has not observed a material change driven by pricing trends. He pointed out that the industry's return to underwriting profitability in 2024 suggests a continued appetite for investment in solutions that drive efficiency.

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President and CEO Lee Shavel affirmed that each new module adds client value, creating an opportunity to capture a portion of it. However, CFO Elizabeth Mann clarified that because many large clients are on multi-year contracts, the pricing benefit is realized as a gradual and sustained opportunity over time, not as a sharp, single-year uptick.

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Chairman & CEO Christopher Swift confirmed that observed medical severity in workers' comp is trending around 3%, which is well within their 5% loss pick assumption. Regarding non-cat weather, Swift and President A. Morris Tooker clarified that year-to-date performance is largely in line with their plan, with no major favorability, unlike the prior year. Tooker added that strong terms and conditions provide confidence that their expectations remain within reach.

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CEO Christopher Swift and Executive Adin Tooker stated that workers' comp pricing is slightly favorable to their initial negative expectations and that trends are holding up as planned. CFO Beth Bombara addressed the expense ratio, explaining that improvement will be gradual over the long term as the company continues to invest in technology and other initiatives to drive topline growth and efficiency, rather than seeking a dramatic step-change.

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CEO Christopher Swift stated the aggregate liability loss cost trend assumption is in the 'low double-digit range' and is now baked into 2025 pricing. Regarding the Personal Lines expense ratio, Swift and executive Melinda Thompson attributed the increase to marketing spend and commissions tied to new business growth. On A&E reserves, Swift noted that while claim frequency is down, severity is up, and CFO Beth Bombara added that recent charges were also driven by specific insured accounts and higher environmental remediation costs.

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CFO Beth Bombara stated there were no significant one-off items, noting only minor favorability in non-cat property. Regarding commercial auto, she characterized the recent development as consistent with the prior quarter, stemming from a few specific accounts. She reminded that the company increased its loss pick in Q4 2023 to address macro trends, and executive Adin Tooker added that they are actively managing underperforming accounts.

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CFO Edmund Reese declined to size the M&A impact, stating it's a modest tailwind and that growth is primarily driven by core P&C, construction, and new business. He stressed Aon is not dependent on an M&A recovery. CEO Greg Case added that hiring is opportunity-driven, not target-driven, focusing on bringing in talent that can be amplified by Aon's unique platform and capabilities to better serve clients.

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CFO Edmund Reese declined to size the M&A tailwind, stating it was not yet a significant driver of overall growth, which is instead powered by core P&C business, new business from investment hires, and strong retention. CEO Greg Case added that Aon will continue to invest in talent where opportunities exist to enhance client service, rather than being driven by a specific headcount target, emphasizing the draw of Aon's analytical platform.

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CFO Edmund Reese explained that it is still early to see the full impact from new hires, as they typically take 18-24 months to reach full productivity, but early signs are positive. CEO Gregory Case added that these investments are funded by Aon Business Services (ABS) efficiencies and are not a drag on margins. On margins, Mr. Reese stated that on a comparable basis, core margin expansion in Q1 was over 100 basis points, and reaffirmed the full-year guidance of 80-90 basis points expansion, driven by restructuring savings and operating leverage.

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CFO Edmund Reese detailed that growth will be driven by new business, priority hiring, and NFP synergies, with a 0-2 point net market impact. President Eric Andersen added that retention in North America Commercial Risk is returning to historical norms, with a continued focus on improvement through enhanced client value and service.

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CFO Edmund Reese expressed high confidence in achieving the NFP M&A target, stating the deal pipeline is very rich. Regarding the organic growth breakdown, Reese noted that the drivers are quite similar across all solution lines and that the company is considering what additional disclosures to provide in the future.

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EVP & Group Chief Underwriting Officer David Marra confirmed that pricing on the private deals was above market, which was critical to achieving a flat overall rate for the Florida book. President & CEO Kevin O'Donnell stated that while they have previously shifted some reserve redundancy to the GL portfolio from other lines, the overall casualty book is healthy and no unusual reserve actions were taken in the quarter related to the exposure reduction.

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CEO Kevin O'Donnell responded that while the market is growing and provides opportunities, the company's primary focus is on preserving margin and maintaining the capital efficiency of the portfolio. He indicated that decisions to grow will be made on a deal-by-deal basis, contingent on whether the new business enhances portfolio efficiency, rather than pursuing top-line growth for its own sake.

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CFO Bob Qutub clarified that the volatility mentioned was in the current accident year, not prior years. He explained that the prior year development has consistently involved a balancing act, where adverse trends in lines like general liability are offset by favorable trends in shorter-tail lines. He emphasized this is part of their ongoing reserving process across many classes of business and not a new development this quarter.

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President and CEO Kevin O'Donnell did not provide specific numbers but reiterated their conservative process of setting initial picks higher than primaries and being slow to recognize good news. He framed the current push for rate as a forward-looking effort to enhance margins. Group Chief Underwriting Officer David Marra explained that the engagement with cedents began much earlier this year, and the focus is on using the enhanced data to correctly price risk and select their portfolio for 2025.

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Chairman & CEO Evan Greenberg affirmed the durability of double-digit growth in the core businesses, citing secular opportunities in U.S. middle market, high-net-worth lines, and enduring themes in Asia and Latin America. He explained that the personal lines improvement is a combination of achieving rate over trend over several years and, crucially, superior underwriting insight, risk selection, and risk engineering in the complex high-net-worth space.

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Chairman & CEO Evan Greenberg affirmed the growth is durable, citing secular opportunities in U.S. middle market, strength in high-net-worth lines, and enduring themes in Asia and Latin America. For personal lines, he explained the margin improvement is a combination of achieving rate over trend over several years and, crucially, more insightful underwriting, risk selection, and risk engineering.

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Chairman and CEO Evan G. Greenberg explained that the markets are structurally different. Large account business is a brokerage-driven capacity play, whereas middle and small commercial requires broad geographic reach and deep local capabilities, making its pricing dynamics more durable. Regarding Europe, he noted that fiscal stimulus, particularly in Germany, should support economic growth, but reiterated his confidence in Chubb's ability to achieve double-digit EPS growth despite a moderated global economic outlook.

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Chairman and CEO Evan G. Greenberg explained that the company studies different casualty portfolios each quarter, and the cohort reviewed in Q4 had favorable development due to its specific reserve strength, which is not indicative of a broader trend change. He also confirmed that structured transactions carry a higher loss ratio and the noted 40 basis point impact on the combined ratio is a reasonable proxy for the loss ratio impact.

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Chairman and CEO Evan G. Greenberg explained that the remediation effort has another one to two quarters remaining but emphasized its small scale relative to the total North America premium base. He affirmed the company's continued appetite for property and catastrophe risk, attributing the quarter's lower-than-modeled cat losses to normal volatility and stating they will continue to lean into growth opportunities.

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President & CEO W. Robert Berkley, Jr. explained that while social inflation impacts the full spectrum of casualty, larger accounts are seeing more rate pressure, which then waterfalls through the market. He confirmed that potential tariff impacts are being factored into required rate needs and pricing actions, particularly in shorter-tail lines.

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President & CEO W. Robert Berkley, Jr. explained that while social inflation affects all casualty accounts, the rate environment for smaller accounts tends to be stickier. He confirmed that the company is actively factoring potential tariff impacts into its pricing and rate requirements, especially for shorter-tail lines like property.

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Executive W. Berkley declined to provide a detailed breakdown of the reserve development on the call, citing its immateriality relative to total reserves, and suggested a follow-up. On property reinsurance, he noted that while the market is still reasonably priced, it was less attractive than a year ago, and the company would pull back if conditions change. Regarding Georgia tort reform, he viewed it as a positive step but was uncertain if it would be sufficient.

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W. Robert Berkley, Jr. (Executive) responded that the company is always conscious of the cost of capital, both owned and rented (reinsurance), and balances market conditions with maintaining long-term partnerships. He confirmed that current rates in commercial auto and other liability are satisfactory for growth, noting that competitors coming to grips with reality is creating opportunity. He reiterated that the company is focused on product lines with potential for bodily injury, as they seem to 'turbocharge' social inflation.

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Executive W. Berkley attributed the loss ratio improvement primarily to better performance in the attritional property book, which he believes reflects fundamental underwriting improvements rather than luck. He suggested that while there could be further gains, he could not guarantee future results. Regarding prior year development, he indicated there was nothing concerning or alarming and directed the analyst to the upcoming 10-Q for detailed breakdowns.

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CFO Andrew Wiechmann explained that the hedge fund segment is inherently lumpy and can be skewed by individual cancels, noting a specific client event-driven cancel on the index side affected the Q2 rate. He reiterated long-term conviction in the segment as an attractive growth opportunity, driven by the expanding index ecosystem and new product offerings.

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President and COO C. Pettit reiterated that the situation was part of 'normal sales activity' and not indicative of a broader issue. He specified that the delayed deals were spread across a number of different product lines, not concentrated in one area. The key message was that MSCI expects these deals to close in Q2.

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CFO Andrew Wiechmann declined to compare the 2024 price increase to historical averages directly. He reiterated that the contribution from price increases in 2024 was slightly less than in 2023, which was an elevated year for pricing. He emphasized that MSCI's approach remains consistent: to be thoughtful and measured, linking price increases to the value delivered to clients.

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CFO Andrew Wiechmann responded that while active asset managers are moving into a more 'constructive mode' which should help 2025 budgets, they are not yet in 'expansionary mode.' He emphasized that MSCI's growth is diversified, with strong momentum in other client segments like wealth, insurance, and asset owners providing multiple avenues for growth beyond the active manager recovery.

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Martin South, President & CEO of Marsh, detailed the international strength, citing strong new business and broad-based growth across EMEA, Asia Pacific, and Latin America, driven by capabilities in construction, credit, cyber, and benefits. President & CEO John Doyle estimated that roughly 15-20% of the total revenue base is more exposed to economic softness. Nick Studer, President & CEO of Oliver Wyman, added color on consulting, noting resilience in areas like AI strategy and energy transition, balanced by softness in M&A-related work.

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Martin South, President & CEO of Marsh, detailed that strong international growth was driven by new business wins and strength in construction, credit, cyber, and benefits across key regions like EMEA, Japan, and India. President & CEO John Doyle estimated that 15-20% of the revenue base is more exposed to economic softness. Nick Studer, President & CEO of Oliver Wyman, added that while some consulting work is affected by client uncertainty, demand remains for strategic advice on growth, AI, and resilience.

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President and CEO John Doyle stated that while the company does work for governments globally, the exposure is not material to overall results. Regarding the Marsh division, Doyle and Marsh CEO Martin South clarified the slowdown was unrelated to McGriff. South attributed the 4% growth, which was on top of a tough 8% comp, to weakness in the construction practice and declining property rates, which offset strong performance in MMA and specialty.

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CEO John Doyle and Guy Carpenter CEO Dean Kilsura stated it's too early to determine the full market impact of the wildfires, though Kilsura noted it could temper the rate reductions seen in January. Doyle emphasized the need for resilience over insurance subsidies. Mercer CEO Pat Tomlinson addressed the Health business, stating the 8% full-year growth is more reflective of performance than the 5% in Q4, which can have quarterly variability. He cited strong ongoing demand driven by medical cost inflation and regulatory changes.

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Chairman and CEO Alan Schnitzer described the overall property landscape as positive and historically distinct from national accounts. CFO Dan Fry confirmed a small amount of favorability from non-cat weather, similar to the prior year, but emphasized that the underlying combined ratio in Business Insurance remains outstanding regardless.

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Chairman and CEO Alan Schnitzer stated the overall property landscape is very positive and that segments outside national property historically perform differently. CFO Dan Fry confirmed there was a small amount of favorable non-cat weather again this quarter, similar to last year, but emphasized that the underlying combined ratio in Business Insurance remains outstanding regardless.

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Alan Schnitzer, Chairman and CEO, explained that the direct impact of tariffs is manageable, with the most significant effect being a potential one-time, mid-single-digit increase in personal auto physical damage severity. He noted that the company might absorb this impact within its current loss pick if favorable trends continue. Regarding Business Insurance growth, Mr. Schnitzer confirmed that adding back the 4-point reinsurance drag to the reported 2% growth is a reasonable starting point, but emphasized that underlying production metrics like retention and new business remain very strong.

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CFO Dan Frey confirmed the underlying loss ratio was a 'pretty clean jump-off point' driven by earned price with no significant one-time benefits. Chairman and CEO Alan Schnitzer explained the decision to enhance casualty reinsurance was an opportunistic move made 'because we could,' securing more coverage at a lower attachment point on a margin-neutral basis due to favorable market conditions.

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Chairman and CEO Alan Schnitzer responded that he expects renewal price changes to remain 'positive and strong,' noting that property pricing is rational relative to its returns. He added that reacting quickly to loss cost trends gives the company confidence to pursue growth and profitability in liability lines like umbrella.

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CEO Philip Snow confirmed that FactSet is tracking toward its GenAI target, with multiple products reaching seven-figure revenue levels. He expressed optimism for future acceleration as new products are released, such as fixed income portfolio commentary, and as the company develops more advanced agentic AI workflows.

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Chief Revenue Officer Goran Skoko attributed the improvement to new processes that resulted in fewer full client cancellations. Chief Financial Officer Helen Shan added that with a large client base, a 1% change can be driven by churn at the low end and is less impactful than ASV retention, which remains strong at over 95%.

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Chief Revenue Officer Goran Skoko noted that the improvement was driven by fewer full client cancellations and that retention efforts are showing results in specific areas like investment management in the Americas. CFO Helen Shan added that given the large number of clients, a 1% change can be influenced by churn among smaller clients and is less impactful than the ASV retention rate, which remained above 95%.

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Chairman and CEO Mac Armstrong explained that the guidance contains conservatism as a large portion of the treaty is yet to be placed, though all placements to date have been favorable. He noted the La Lima separation is a long-term strategy to establish it as a stand-alone, fee-generating entity. Regarding earthquake growth, Armstrong and President Jon Christianson confirmed strong performance in both residential and commercial segments, with residential benefiting from heightened awareness and new partnerships.

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Mac Armstrong, Chairman and CEO, responded that this year's cat load is slightly elevated and that a 3-4 point impact is a more appropriate steady-state expectation, as the company plans to reduce some hurricane exposure. Chris Uchida, executive, clarified that the Q3 underwriting expense ratio was artificially low due to crop seasonality and a mid-6% to 7% range is a better run-rate expectation, noting continued investment in talent. Regarding commercial earthquake, Mac Armstrong attributed the rate plateau to rate fatigue after years of increases, a strategic trade-off of rate for better terms, and new capacity from MGAs and Lloyd's syndicates.

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CEO Robert Fauber described potential Fed rate cuts as a 'mixed bag,' as the benefit of lower rates could be offset by the negative impact of the decelerating economic growth that would likely trigger them. Regarding M&A, he provided a sensitivity metric, stating that every 10% change in M&A volume corresponds to approximately $35 million in rating revenue.

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CEO Robert Fauber clarified that the updated outlook is anchored to strong performance already achieved since the 2022 base year. Michael West, President of MIS, detailed the durable growth drivers beyond traditional markets, highlighting the significant, multi-trillion dollar opportunities in private credit, sustainable and transition finance, and digital infrastructure, which are all areas of focused investment.

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CEO Robert Fauber explained that there has been more pull-forward in speculative-grade debt, which is typical, but less in investment-grade. On an aggregate basis, he stated that the pull-forward from one-year forward maturities is almost exactly in line with historical averages. He concluded that the overall refunding wall profile remains a net tailwind for near-term issuance.

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President and CEO Martina Cheung confirmed that S&P Global is seeing a gradual improvement in the external environment. She stated that this is reflected in the sales pipeline, which started at a 'good, strong point for 2025.'

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President and CEO Douglas Peterson clarified that the pressure is more about client price sensitivity and elongated sales cycles due to their expense management, rather than direct competitive pricing. Incoming President and CEO Martina Cheung added that it's an end-market story and that the company's focus on innovation and customer engagement will drive value as the market recovers.

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