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. "