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Tracy Benguigui

Research Analyst at Wolfe Research

Tracy Benguigui's questions to BERKLEY W R (WRB) leadership

Tracy Benguigui's questions to BERKLEY W R (WRB) leadership • Q3 2025

Question

Tracy Benguigui inquired about the industry-wide phenomenon of excess capital, potential competitor behavior, and catalysts that could turn pricing around. She also followed up on auto growth, exposure reduction, and pricing.

Answer

Rob Berkley (President and CEO) stated W. R. Berkley focuses on its own value proposition and is prepared to shrink business if competitors become irrational, leveraging its broad offering for resilience. Regarding auto, he confirmed the company is meaningfully reducing exposure and taking rate, but specific details are not publicly disclosed, noting some market participants misjudge loss costs.

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Tracy Benguigui's questions to BERKLEY W R (WRB) leadership • Q3 2025

Question

Tracy Benguigui inquired about the industry's excess capital, potential competitive pressures from growth-focused peers, and catalysts for a pricing turnaround. She also asked for details on auto exposure reduction versus pricing.

Answer

Rob Berkley, President and CEO, stated W. R. Berkley focuses on risk-adjusted returns and is prepared to shrink business if competition becomes irrational, leveraging its diversified market participation for resilience. Regarding auto, he confirmed meaningful exposure reduction but did not provide specific figures, noting some market participants misjudge loss costs.

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Tracy Benguigui's questions to TRAVELERS COMPANIES (TRV) leadership

Tracy Benguigui's questions to TRAVELERS COMPANIES (TRV) leadership • Q3 2025

Question

Tracy Benguigui asked about the drivers of favorable loss experience in bodily injury and vehicle coverages within Personal Auto. She also questioned if Travelers' excess capital position surpasses its stated buyback targets and if concurrent deployment of capital for technology and/or M&A is expected.

Answer

Michael Klein, EVP and President of Personal Insurance, attributed the favorable loss experience in Personal Auto to a combination of favorable frequency and continued moderation in severity across bodily injury and physical damage coverages. Dan Frey, EVP and CFO, reiterated Travelers' capital management philosophy: deploy excess capital for technology investments and M&A first, then return it to shareholders via dividends and buybacks, confirming no change to this long-standing approach.

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