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    Jing Li • Keefe, Bruyette & Woods (KBW)

    Jing Li's questions to Mediaalpha Inc (MAX) leadership

    Jing Li's questions to Mediaalpha Inc (MAX) leadership • Q2 2025

    Question

    Jing Li, on for Tommy McJoynt, asked for a breakdown of the 71% P&C transaction value growth between existing and new carriers, and questioned the strategy for optimizing the trade-off between volume growth and take rate.

    Answer

    CFO Patrick Thompson clarified that growth was driven primarily by increased spending from existing top-tier carriers. CEO Steve Yi added that the current strategy prioritizes gaining market share and transaction volume, with a plan to shift focus toward optimizing for gross profit in future quarters as the market environment stabilizes.

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    Jing Li's questions to Arthur J. Gallagher & Co. (AJG) leadership

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

    Question

    Jing Li of KBW sought more detail on casualty pricing trends, asking which lines are firming versus bottoming out. She also asked if Gallagher is observing a trend of business moving from the E&S market back to the standard market.

    Answer

    CEO J. Patrick Gallagher reiterated the specific casualty pricing breakdown from his script, including increases in commercial auto (+7%) and umbrella (+11%), noting continued caution from reinsurers is keeping the market firm. Regarding the E&S market, Mr. Gallagher acknowledged retailers always try to go direct in softening markets, but CFO Douglas K. Howell noted their submission counts are up, and their E&S and specialty business grew a strong 7%.

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

    Question

    Jing Li of KBW sought more detail on casualty pricing trends, asking which lines were seeing the most movement, and inquired about trends in the E&S market, specifically whether business was flowing back to the standard market.

    Answer

    CEO J. Patrick Gallagher reiterated the breakdown of casualty RPCs, with umbrella up 11% and commercial auto up 7%, noting continued carrier caution. Regarding the E&S market, he explained that while retailers always try to place business directly, Gallagher's wholesale and specialty business grew a strong 7%, driven by MGA programs and continued high submission counts.

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    Jing Li's questions to Allstate Corp (ALL) leadership

    Jing Li's questions to Allstate Corp (ALL) leadership • Q2 2025

    Question

    Jing Li of Keefe, Bruyette & Woods asked for more detail on the specific impact of the 'SAVE' retention program versus natural improvements from smaller rate increases. She also inquired about the new business conversion and retention rates for the 'affordable, simple, connected' (ASC) auto product.

    Answer

    Tom Wilson, Chairman, President & CEO, provided details on the 'SAVE' program's goals, noting the company had achieved its enterprise-wide target of 25 million improved customer interactions. Regarding the ASC auto product, Mr. Wilson praised its performance, stating that the company likes its close rates, profitability, and customer satisfaction, but does not disclose specific metrics. He highlighted the rapid rollout of the new product as a major accomplishment.

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    Jing Li's questions to Selective Insurance Group Inc (SIGI) leadership

    Jing Li's questions to Selective Insurance Group Inc (SIGI) leadership • Q4 2024

    Question

    Jing Li asked for more detail on the data driving the General Liability (GL) reserve charge and inquired if the $20 million charge in Excess & Surplus (E&S) indicated a shift in underwriting or pricing strategy.

    Answer

    John J. Marchioni, Chairman, President & CEO, described social inflation as a broad-based issue, particularly for bodily injury, noting that certain states like Georgia have seen exacerbated impacts. For E&S, he explained that while similar inflationary trends exist, they have been offset by favorable frequency and strong pricing. The $20 million charge was a prudent 'top up' of severity assumptions rather than a signal of a major strategic shift, given the segment's strong profitability.

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    Jing Li's questions to Cincinnati Financial Corp (CINF) leadership

    Jing Li's questions to Cincinnati Financial Corp (CINF) leadership • Q3 2024

    Question

    Jing Li asked for more color on the small unfavorable development in the Excess & Surplus (E&S) segment and inquired about the outlook for personal auto rates reaching adequacy, asking if double-digit increases are needed for 2025.

    Answer

    President and CEO Steve Spray attributed the E&S development to case incurred losses emerging higher than expected in the inherently volatile, casualty-heavy book, reaffirming a prudent reserving stance. On personal auto rates, he noted that significant rate is still earning into the book and that prospective rates are ahead of loss cost trends, but did not provide a specific forecast for 2025.

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