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Christian Dunleavy, Group President & CEO of Aspen Bermuda Limited, stated that delegated authority business constitutes about 30% of the insurance portfolio and is focused on strategic, long-term partnerships that provide access to niche lines. He expressed confidence that improved terms and conditions are holding, noting the market is still far from 'soft' and has remained disciplined, particularly on retentions for catastrophe risk.

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CFO Janice Hamilton and CEO Timothy Turner both confirmed that casualty growth was strong in Q1 and Q2 and is expected to remain a significant growth driver with 'no let up.' Miles Wuller, CEO of Underwriting Managers, addressed the US Assure outlook, acknowledging near-term construction headwinds but emphasizing that the long-term investment thesis is intact, supported by a large pipeline of quoted business and a structural housing shortfall in the U.S.

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CEO Tim Turner reported 'very strong construction results' with no noticeable slowdown, citing strength across infrastructure, commercial, and residential segments. Regarding market share, Mr. Turner attributed gains to two main factors: the continued double-digit increase of business flowing into the E&S channel and the ongoing trend of retail broker consolidation of their wholesale intermediaries, a process he believes is in the 'early stages' for the delegated authority space, representing a significant growth opportunity.

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Executive Patrick Ryan expressed strong conviction in sustained double-digit organic growth, citing the rapid expansion of delegated authority, supported by recent acquisitions and favorable market trends. CEO Tim Turner detailed the significant opportunity in personal lines, particularly high net worth, highlighting a new MGU in London and a joint venture with AIG, driven by strong client demand.

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An executive confirmed that the company is seeing strong, double-digit flow from stamping offices, consistent with standard markets shedding unprofitable business. Another executive clarified that while the property mix has ticked up slightly, the 'two-thirds casualty, one-third property' allocation remains the correct way to view their portfolio. Regarding transactional liability, they noted it was a great contributor to organic growth but declined to provide a specific breakout.

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CEO Carl Hess, CFO Andrew Krasner, and President of Health, Wealth & Career Julie Gebauer collectively confirmed that HWC growth was on track, detailing strong demand in Health due to inflation, resilience in Wealth, and a healthy pipeline across the segment. Regarding R&B, CEO Carl Hess and President of Risk & Broking Lucy Clarke affirmed that growth is driven by the continued success of their specialization strategy, talent investments, and technology, with the specialty business continuing to outpace the rest of CRB.

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Chairman & CEO Christopher Swift attributed the expense ratio improvement primarily to operating leverage from higher earned premium, along with ongoing efficiency gains. President A. Morris Tooker expressed confidence in the Small Business growth trajectory, stating that the outlook for their package, auto, and E&S binding products remains very favorable to achieve their goals.

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CFO Beth Bombara stated that securities exposed to variable rates total about $6 billion, or roughly 10% of the portfolio. Regarding small commercial competition, CEO Christopher Swift and Executive Adin Tooker acknowledged interest from peers but asserted The Hartford's advantage comes from deep experience and continuous, hard-to-replicate investment in technology and agent experience.

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EVP, CFO & Treasurer R. Andrew Watts attributed the growth to higher overall profitability for insurance carriers and strong performance within Brown & Brown's own programs. He highlighted an inverse relationship where moderating organic growth from rates often leads to increased contingent commissions due to better underwriting results.

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R. Watts, an executive, clarified that a timing issue impacted Q4 Retail organic growth by 40-60 basis points, which should reverse. J. Powell Brown, an executive, noted that Program segment growth is moderating due to rate pressure but remains positive. R. Watts added that Program's contingent commissions face downward pressure in 2025 from prior-year finalizations and potential California wildfire losses, and that the captive business is nearing its run-rate, which will limit its future growth lift.

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J. Powell Brown, an executive, explained that while new market participants, particularly from London, are putting downward pressure on rates, the company's Wholesale business is balanced between brokerage and binding authority. He noted that Q3 is not a seasonally heavy property quarter and that a 0% to -10% rate environment is a significant moderation from the -20% to -30% decreases seen prior to the recent hurricanes.

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CEO Greg Case emphasized that Aon's talent strategy is about adding capability amplified by its platform and analytics (ABS), not just headcount. CFO Edmund Reese explained this investment is funded by efficiencies from ABS to drive sustainable growth. Regarding the economy, Case noted that while clients face complexity, Aon's analytics provide clarity and options, enabling them to take action with conviction.

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CEO Greg Case emphasized that talent investment is about delivering better client outcomes by amplifying new hires with Aon's proprietary analytics and platform. CFO Edmund Reese added that the ability to invest is funded by operating leverage from Aon Business Services. Regarding the economy, Case noted that while clients face complexity from macro trends, Aon's analytics help them find advantages and take offensive action with conviction.

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CEO Gregory Case described the hiring as a strategic, ongoing investment in priority areas, amplified by Aon's tools, but did not provide granular detail. President Eric Andersen noted the reinsurance portfolio is broad beyond property cat, and CFO Edmund Reese confirmed that market rate dynamics are already factored into the firm's overall mid-single-digit or greater growth guidance.

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President Eric Andersen stated that while recent hurricane events might flatten the descent in reinsurance pricing, substantial market capital and client pressure for relief persist, with negotiations ongoing. Regarding economics, Andersen explained that Aon is agnostic between placing traditional reinsurance or cat bonds. The firm's goal is to be compensated transparently for the value delivered to sophisticated clients, regardless of the specific capital tool used.

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President & CEO W. Robert Berkley, Jr. revised the company's premium growth outlook to a range of 8% to 12%, down from the previous 10% to 15%. He also confirmed that the flat underlying loss ratio in the insurance segment was primarily driven by business mix.

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President & CEO W. Robert Berkley, Jr. revised the company's premium growth outlook downward to a range of 8% to 12%, from a previous 10% to 15%, citing decelerating property pricing. He also confirmed that the relatively flat underlying loss ratio in the insurance segment was primarily due to changes in business mix.

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Executive W. Berkley explained that the company is closely monitoring the fluid tariff situation, with a focus on short-tail lines like auto physical damage and property, but noted it's premature to quantify the impact on loss costs. Regarding pricing, he stated the acceleration was consistent with past trends, highlighting continued rate focus in auto liability and umbrella lines, and suggested not getting overly preoccupied with the 60 basis point move.

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Executive W. Berkley stated that the current rate increases of 8.4% ex-comp are comfortably ahead of loss trends but emphasized a cautious approach to recognizing this margin due to uncertainties like social inflation. Regarding hurricanes, he noted it was too early to determine the full market pricing impact, especially as much of Hurricane Helene's loss occurred in areas not typically modeled for such events, causing carriers to re-evaluate exposure and pricing.

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Chairman and CEO Alan Schnitzer said there has been no meaningful impact from tariffs yet, but any expected impact would be built into loss picks and pricing. He noted that broker consolidation has been a long-term trend and generally a tailwind for Travelers due to strong relationships with acquiring firms.

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Management stated that tariffs have not had a meaningful impact so far but are expected to in the back half of the year, which will be factored into loss picks and pricing. Regarding broker consolidation, management noted it has been a long-term trend and generally a tailwind for Travelers due to strong relationships with acquiring firms.

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Alan Schnitzer, Chairman and CEO, assessed the potential impact of tariffs on liability lines as 'pretty negligible.' Daniel Frey, CFO, addressed the loss ratio, confirming there were no one-time items and that the conservatism added to casualty loss picks in the previous year has been carried forward into 2025.

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Greg Toczydlowski, President of Business Insurance, described the pricing environment as very stable with no meaningful shifts. Dan Frey, CFO, clarified that Hurricane Milton's impact was approximately $60 million and a prior-quarter catastrophe adjustment related to Hurricane Helene. He noted it was too early to quantify the California wildfire impact but confirmed it would be a material event for Q1.

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CEO Dan Burrows explained that Fidelis's short-tail book allows it to price in inflationary effects on new business in real-time, whereas long-tail casualty carriers are exposed to these impacts on legacy portfolios bound years ago. CFO Allan Decleir attributed the lower ceding commission rate to business mix, specifically the inclusion of business from Pine Walk incubators which carry a different commission structure.

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CEO Dan Burrows explained that recent legal progress allowed Fidelis to derisk its exposure through settlements, with the remainder reserved on a probabilistic model. CFO Allan Decleir projected 15-20% net premium earned growth for 2025 due to timing lags, despite 10% written growth. He also guided that the Insurance segment's acquisition costs are in the low 30s, contributing to a target combined ratio in the mid-to-low 80s.

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CEO Dan Burrows attributed pricing resilience to their leadership position, cross-selling leverage, and strong service. CFO Allan Decleir stated they are pleased with the portfolio repositioning, having reinvested at higher rates, and see the current 4.9% book yield as the glide path. He is comfortable with the current duration but will continue to optimize.

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Thomas Wilson (executive) stated that new business levels are maintainable and driven by the rollout of new products, though the 27% year-over-year growth rate is not expected to repeat quarterly. Regarding the loss ratio, Wilson and Mario Rizzo (executive) dismissed the sequential comparison as not meaningful due to seasonality, emphasizing the absolute profitability is excellent and the underlying trend of favorable frequency and moderating severity continues.

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Mario Rizzo, an executive at Allstate, explained that advertising spend is dynamically adjusted based on market tests and state-of-the-art analytics to optimize growth. CEO Thomas Wilson and Mario Rizzo confirmed the goal is to grow total Property-Liability PIF, noting that homeowners is already growing and a multi-faceted plan is in place to return the auto segment to growth by improving retention and leveraging all distribution channels.

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Chairman and CEO Evan G. Greenberg explained that Chubb underwrites based on facts, not conjecture, and there is currently no clarity on tariffs. He noted that the company will adjust pricing as inflationary markers become clear. On E&S growth, he pointed to the 10.1% growth achieved in the quarter and reiterated his earlier commentary that about 80% of Chubb's total business presents good growth prospects, declining to provide a more specific forecast.

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CFO Douglas Howell stated the forecast does not assume a major casualty acceleration, with growth driven half by net new business and a quarter each by rate and exposure. CEO J. Gallagher added that in the current environment, Gallagher's data and analytics capabilities are a key differentiator. Regarding reinsurance, both executives attributed the strong growth to fundamental 'blocking and tackling,' a great sales team, superior analytics, and better integration with Gallagher's retail and wholesale operations.

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CFO Douglas Howell projected that 2025 organic growth would be driven about 50% by net new business, with the remainder split between rate and exposure. Executive J. Gallagher and Howell both affirmed that international growth remains strong, led by Australia and New Zealand, and they are not concerned about any specific international region despite some mix issues in the UK and flattish results in Canada.

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CEO John Doyle agreed that scale matters for both intermediaries and underwriters in the middle market, noting that Marsh McLennan Agency's ability to bring scale benefits to clients is a key part of its strategy. Regarding McGriff's margins, he clarified that the deal was not built around significant expense synergies but on bringing scale benefits to clients, colleagues, and shareholders, which will drive EPS accretion in late 2025 and beyond.

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President and CEO John Doyle affirmed their capital strategy still favors investing in the business over buybacks, stating they have 'great confidence' in earning returns above their cost of capital. Regarding compensation, he noted that he views the recent environment as a 'catch-up period' for insurers, not a hard market, and that average commission rates at Marsh have remained 'fairly stable' over an extended period.

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Chairman and CEO Peter Zaffino clarified that the priority is executing the $10 billion share repurchase plan for 2024-2025, but AIG maintains the financial flexibility and strategic intent to pursue disciplined M&A that complements its business. On the GOE ratio, he expressed satisfaction with Q3 results, noting the business successfully absorbed over $50 million in costs from other operations, with further run-rate benefits from restructuring expected in Q4 and 2025.

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