Midyear Renewals Outlook
Q: Is property reinsurance pricing peaking at midyear renewals?
A: The company had terrific renewals at 1/1 and 4/1, with about 70% of the book renewed at excellent risk-adjusted returns. While some pricing moderation is expected, attachment points and terms and conditions are holding. Competitors remain disciplined, and they see strong increasing demand from top clients. They expect discipline to be maintained and risk-adjusted economics to remain terrific into 2025.

Attritional Loss Ratio
Q: Why was the attritional loss ratio 64%, and will it improve?
A: The 64% attritional loss ratio is due to timing and mix, as well as conservative loss picks in casualty lines. They have been running between 63%-64% over the past two years. The loss ratio should come down as they shift to more short-tail lines throughout the year and over the three-year plan.

Property Cat Growth
Q: Why was property Cat growth only 4%?
A: The 4% growth is due to premium recognition timing. At the January 1 renewal, they grew property Cat business by 24% at outstanding risk-adjusted returns. At the April 1 renewal, they grew globally by 10% and North America property Cat by 76%. The lower growth will correct itself over time.

Capital Utilization and Constraints
Q: Are there constraints on growth due to capital utilization?
A: There are no constraints given their available capacity. Despite growth in property pro rata, they have full degrees of freedom to underwrite as they see fit. Their net PMLs have increased modestly, but they are well within their risk appetite and have plenty of room to maneuver.

Total Shareholder Return Target
Q: Are there risks to hitting the 17% TSR target?
A: They see no change to the 17% TSR target and started the year at 18.1%. They have various avenues to achieve leading financial returns and are within their Cat underwriting appetite.

Reserves Update
Q: Any updates on reserves for 2016-2019 accident years?
A: After a comprehensive Q1 review, they see nothing that alters their view of their reserve portfolio.

Casualty Reinsurance and Social Inflation
Q: What's happening with casualty reinsurance amid social inflation?
A: They take a prudent approach to ultimate loss ratios and have strengthened reserves in reinsurance casualty over the last few years. At the January 1 renewal, they reduced their expiring casualty book by about 15% due to portfolio management actions.

Insurance Expense Ratio
Q: Why is the Insurance expense ratio elevated, and will it persist?
A: The expense ratio will be elevated for several quarters due to international build-out. They're adding talent and technology, with premiums growing meaningfully but earned premiums trailing. Expenses will level out as scale catches up, and they maintain a competitive group expense ratio at low 6%.

Capital Return and Share Buybacks
Q: Thoughts on capital return and share buybacks?
A: They started modest share buybacks in the first quarter and see no reason they cannot do capital management actions like share buybacks while prioritizing organic growth.

Facultative Market Evolution
Q: How is the facultative market evolving?
A: They had a terrific quarter in facultative business, growing about 14% over prior year. There's significant demand from cedents, especially in short-tail lines. They are cautious and prudent in areas like commercial auto and professional lines.

Professional Lines Growth
Q: What caused the acceleration in professional lines growth?
A: The growth was due to one large fronting arrangement in their Canadian operation, not indicative of a general trend.

Reinsurance for Insurance Segment
Q: Plans for buying reinsurance for Insurance segment?
A: They consistently buy reinsurance for their Insurance business to manage volatility and exposure. Over time, their net-to-gross ratio may increase as they retain more business, but changes will be modest and gradual.

Insurance Combined Ratio Guidance
Q: Does the 90%-92% combined ratio guidance still stand?
A: Yes, they expect to achieve that range. Factors include mix shifting to short-tail lines, strong margins, and expenses leveling out as the business scales.