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    Ryan Tunis • Cantor Fitzgerald

    Ryan Tunis's questions to W R Berkley Corp (WRB) leadership

    Ryan Tunis's questions to W R Berkley Corp (WRB) leadership • Q2 2025

    Question

    Ryan Tunis of Cantor Fitzgerald questioned why property lines are still showing strong growth given market commentary and asked about the recent increase in corporate costs.

    Answer

    President & CEO W. Robert Berkley, Jr. attributed property growth to remaining opportunities in commercial lines and strong performance in the private client business. EVP & CFO Richard Baio explained that higher corporate costs were due to compensation expenses tied to a special dividend and incubation costs for two new operations.

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    Ryan Tunis's questions to W R Berkley Corp (WRB) leadership • Q2 2025

    Question

    Ryan Tunis from Cantor Fitzgerald asked why property lines continue to outpace liability lines in growth and requested an explanation for the increase in corporate expenses.

    Answer

    President & CEO W. Robert Berkley, Jr. attributed the strong property growth to remaining market opportunities and significant contributions from the private client business. EVP & CFO Richard Baio explained that higher corporate costs were driven by compensation expenses tied to the special dividend and incubation costs for two new business units.

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    Ryan Tunis's questions to W R Berkley Corp (WRB) leadership • Q3 2024

    Question

    Ryan Tunis of Autonomous Research asked for clarification on the 10-15% growth target in light of near-term risk reduction in commercial auto. He also inquired about the loss from Hurricane Helene and the potential magnitude of the Hurricane Milton loss.

    Answer

    Executive W. Berkley reiterated the 10-15% annual growth target, characterizing the Q3 slowdown from commercial auto underwriting actions as a temporary 'speed bump' that appeared to be subsiding based on October trends. He stated that Hurricane Helene accounted for about half of the quarter's catastrophe losses. For Hurricane Milton, he declined to give a specific number but assured that any loss would be within expectations for an organization that manages volatility closely.

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    Ryan Tunis's questions to Travelers Companies Inc (TRV) leadership

    Ryan Tunis's questions to Travelers Companies Inc (TRV) leadership • Q2 2025

    Question

    Ryan Tunis asked how the macroeconomic environment is impacting the business, noting the small decrease in exposure in Business Insurance. He also questioned the pro forma impact of the Canadian business sale on key financial ratios.

    Answer

    Greg Tislowski, President of Business Insurance, explained that the exposure trend is aligned with general economic activity and moderating inflation. CFO Dan Fry stated the Canada sale will not have a significant impact on the combined or expense ratios because it's a very small part of the overall business, leading to a modestly favorable EPS impact.

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    Ryan Tunis's questions to Travelers Companies Inc (TRV) leadership • Q2 2025

    Question

    Ryan Tunis asked about the macroeconomic impact on the business, noting the slight downturn in exposure in Business Insurance. He also inquired about the pro forma impact of the Canadian business sale on the company's combined and expense ratios.

    Answer

    Greg Tislowski, President of Business Insurance, explained that the exposure trend aligns with broader economic activity and moderating inflation. CFO Dan Fry stated the Canada sale is not expected to have a significant impact on margins or ratios due to its small size relative to the overall business, projecting a modestly favorable impact on EPS.

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    Ryan Tunis's questions to Renaissancere Holdings Ltd (RNR) leadership

    Ryan Tunis's questions to Renaissancere Holdings Ltd (RNR) leadership • Q3 2024

    Question

    Ryan Tunis sought to quantify the amount of undeployed capital on the balance sheet, asking how much equity the combined RenRe and Validus business truly needs. He also asked if the impact of recent U.S. hurricanes would be more evident in the June 1 renewal rather than the more Europe-focused January 1 renewal.

    Answer

    President and CEO Kevin O'Donnell declined to specify an exact amount of excess capital but confirmed the company is in an "above-average period of financial flexibility." Regarding renewals, Group Chief Underwriting Officer David Marra noted that European loss activity is already supporting stable structures for January 1. O'Donnell added that Hurricane Milton is a Florida event, making loss-specific discussions more relevant for the June 1 renewal, and that the market has matured beyond needing single loss events to maintain rate discipline.

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    Ryan Tunis's questions to Chubb Ltd (CB) leadership

    Ryan Tunis's questions to Chubb Ltd (CB) leadership • Q3 2024

    Question

    Ryan Tunis from Autonomous Research sought clarification on whether the commentary about competitive behavior in London was a warning for the broader market and asked for a timeline for the next billion in international life earnings.

    Answer

    Chairman and CEO Evan G. Greenberg specified his comments were particular to the London market, where he sees behavior that historically leads to underperformance. Regarding international life earnings, he confidently replied that achieving the next billion in operating income 'is not going to take a decade.'

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    Ryan Tunis's questions to Hartford Insurance Group Inc (HIG) leadership

    Ryan Tunis's questions to Hartford Insurance Group Inc (HIG) leadership • Q3 2024

    Question

    Ryan Tunis from Autonomous Research asked about pricing expectations for the upcoming Q1 Group Benefits renewal season in light of the competitive market. He also inquired if any new claim trends have emerged in group disability this year amid the volatile macro environment.

    Answer

    CEO Christopher Swift indicated that the 1/1/25 national account renewal season is largely complete and that the company competed effectively while remaining disciplined, particularly on multi-year rate guarantees. He stated there are no significant new claim trends in group disability, describing it as "more of the same," though he noted the growth of complementary paid family and medical leave products.

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