Retail Organic Growth
Q: What affected Retail's organic growth in Q3?
A: Incentive commissions were down, and nonrecurring one-time revenues like bonds didn't occur, impacting organic growth in the Retail segment in Q3. However, management feels good about the Retail business and doesn't believe one quarter makes a trend.

Retail Growth Outlook
Q: Is 5% growth a baseline for Retail in Q4?
A: While management doesn't give guidance, they feel good about the business and expect factors affecting Q3 to be similar in Q4, unless something unusual happens.

Programs Segment Growth
Q: Is Programs' exceptional growth sustainable?
A: The Programs business has experienced exceptional growth due to continued interest in the space, which represents $85–$100 billion in premiums in the U.S. While sustaining 20% growth long-term is high, management believes the Programs space will continue to grow nicely.

Impact of CAT Rates on Wholesale
Q: Can wholesale sustain growth with flat to down 10% CAT rates?
A: There is interest from risk bearers to keep rates closer to flat, but aggressive markets like London may add pressure. The product mix is balanced, and while rate decreases can impact growth, management is monitoring market discipline in Q4.

Pressure on Contingent Commissions
Q: Which lines are causing pressure on contingents?
A: Higher loss ratios at carrier partners are causing pressure, primarily in auto lines, both personal and commercial, due to increased frequency and severity of claims. This trend is expected to continue.

Investment Income Increase
Q: What drove investment income up in Q3?
A: Holding the $600 million in bonds issued in Q2 until paying off September bonds added $6–$7 million in interest income for the quarter. This increase won't continue, and investment income will decrease in Q4.

Underwriter Compensation
Q: Are underwriters at Brown compensated more than at carriers?
A: Compensation is typically different, often including cash, base plus bonus, and equity. Generally, underwriters can be compensated more than what a carrier can pay.

Employee Benefits Outlook
Q: What's the outlook for the employee benefits business?
A: Management is excited about opportunities in employee benefits, having invested in capabilities to handle customers of all sizes. They are actively seeking additional firms to join but are confident in organic growth regardless.

Impact of NCI on Programs
Q: What's the impact of selling captives on Programs' margins?
A: Selling a portion of the captives and consolidating through noncontrolling interest has no impact on organic growth or margins. Accounting rules require reporting on a gross basis.

Revenue from Onboarding Customers
Q: Is the $15 million from onboarding new customers recurring?
A: The $15 million represents about six months of revenue and will be spread out during 2025, mostly in the first half. It won't recur in Q3 next year, affecting comparables.

Investment in Teammates
Q: Was increased spending on teammates deliberate?
A: The investment was opportunistic. When they find the right people, they invest in them, anticipating growth from these investments in future quarters.

Casualty Pricing Trends
Q: Have casualty pricing trends changed?
A: There continues to be pressure on casualty lines—both primary and excess, admitted and non-admitted. Rate pressure is expected to continue in casualty, general liability, excess liability, and auto.

Advocacy Business Trends
Q: Any changes in Social Security claim adjudications?
A: No significant changes; the advocacy business remains similar to recent years, with good inflow but limited progression through the process.