Everest Re (EG) 30 Apr 242024 Q1 Earnings call transcript

Good morning, everyone, and welcome to the Everest Group Limited First Quarter of 2024 Earnings Conference Call. The Everest executives leading today's call are Juan Andrade, President and CEO; and Mark Kociancic, Executive Vice President and CFO.

We are also joined by other members of the Everest Management team.

Before we begin, I'll preface the comments on today's call by noting that Everest SEC filings include extensive disclosures with respect to forward-looking statements. Management comments regarding estimates, projections and similar are subject to the risks, uncertainties and assumptions as noted in these filings. Management may also refer to certain non-GAAP financial measures. in release reconciled financial are items our and earnings supplement. These

over I'll turn that, to the With call Juan.

to Matt. you We start for you, joining Thank Good us. had morning, a everyone. Thank XXXX. strong

record return underwriting first operating net XX%. We on exceeding a equity and income XX% results cycle in margin risk Our income. management, resulted meaningfully shareholder are growth in profit of selection, of income, This that quarter investment portfolio total significant increases discipline. and and increases in targeted and maintaining included return conservatism underwriting while an rate drove through with space. in expansion this our consistently exposure purposely loss and excess accomplished loss trend, We and operating

our preferred market the in and to X at confident continue lead renewals we January are quality. Everest flight our to how accelerating on in portfolio. In the distinguish shaped position We built have reinsurance, we

remaining our selection we portfolio in targeted Reinsurance returns. In risk-adjusted Our Insurance, while on well strong is disciplined line. expansion driving the bottom and focused prudent advanced positioned markets and risk

We primary objective returns. consistent, financial leading our focused on of delivering are

plan, for laid a strategy X-year and strategic of and and talent. growth Investor well a new we has with the out chapter profitable XXXX during opportunity, are we Day, the With future Everest positioned November entered great focused

premium quarter constant written Now income, Gross a operating net highlights, dollars. I'll from results. beginning prior to $XXX the year. million in financial over We XX% turn by first with delivered XX% our group the increased increase in

by of property Insurance, in and ability in growth and and diversification was line reflects distribution. by execution Everest's the particularly specialty segment, our broad-based supported business was advantage and Reinsurance market lines. and take Our geography, Growth to conditions in quarter best-in-class

the ratio losses in billion strong despite XX.X%, delivered first year. was incurring The the was a combined group $XXX quarter. approximately million in performance This in We improvement is significant catastrophe in industry last $XX underwriting profit. from underwriting quarter. Our the

losses, resulting of points, reinstatement were premiums in Key catastrophe directly $XX just efforts. net pretax million our the driven primarily estimated Everest Scott losses and Francis from optimization were For Everest, Baltimore. decrease X.X Bridge Collapse or portfolio year-over-year by recoveries a catastrophe

to regard million, new of a record. quarterly investment net $XXX generated income investments, With we

to delivered bottom growth. Reinsurance significant our Reinsurance turning Now business. and line top

at success ratio gave Our Reinsurance us underwriting running written portfolio. ratio. We in to higher dollar X combined the higher-margin basis, increased year, the and to delivering $XXX combined ratio XX.X%, a a premiums. We also to January improved $X.X business quarter, the first The renewal in constant attritional with and quality, billion start loss XX% the profit on XX.X% grew over gross attritional with an million, respectively. XX.X% a

casualty losses $XX remained terms rate quarter a attractive resulting lines. grew remain million, property portfolio conditions and We approach This in surgical premiums. excellent to meaningful expanded disciplined portfolio increases returns. We total included levels, of catastrophe and marine estimated attractive and in net risk-adjusted reinstatement continue in and certain Both our and in lines that portfolio aviation. particularly on specialty our should recoveries of pretax achieve business, We significantly, our of at building to XXXX.

capturing creativity again We top-tier deals. once and market apart. deepened responsiveness, oversubscribed approach incremental Our on relationships globally Everest to share constructive set clients and with growing while the demand

growth, with broad-based with returns. expanding demand, the capitalized on overall and momentum targeted positive through We this April cedents, in trading specialty resulting be discipline casualty while renewal, we excellent January property the particularly favorable, conditions lines in to continued remains lines. the risk-adjusted that and property market lines, new nonrenewing thresholds. Overall, renewals, also maintained We in with particularly high-quality, Consistent in not meet partners. and did business certain core growing our disciplined strong continue

are opportunities. leaning we We cedents, continue to see into incremental these and from demand

expect returns remain upcoming into renewals and risk-adjusted attractive We to through XXXX.

turning to insurance. Now

focused our to globally. $X.X in was bringing such generated growth continue strides solid value segment over achieved in business and due elevated lines. rate on terms XX% Loss business, Growth favorable remain and to our markets trends diversified unlock premiums lines. Also, with dollars strong in increases, across rate insurance increase pricing emphasis with in specialty With in and continues rate We new portfolio, profitability, lines. primary they're casualty by compensation financial to meaningfully lines grew We We these energy, growth that and property XX% strong XX% some trend. and trajectories. XX% making in a to capabilities profit stable constant pricing We the on aviation, but for and casualty a modest the in of as in the we billion consistent see marine. saw excluding strong quarter. lines and conditions Insurance outpace surety and we in workers'

most pronounced excess million. in and and of mid-teens increases liability continue conservatism across average ratio overall. loss The liability, lines. The The auto financial underwriting continued rate We in excluding to X resulted combined casualty see commercial ratio was was casualty acceleration rate in pick at in lines casualty XX%, loss This these general $XX business. attritional reflecting an of lines XX.X% lines profit our discipline lines.

which or throughout year. expect We the short-tail benefit also shift margins we will continued the remainder our of proactive underlying lines,

in portfolio will good the the news bad will past, over recognize actions and said rate As time. quickly, our I've from season news we positive

to on geographies business excess loss growing in we while and find lines focused continuing of of trend. are attract profitably in drive rate We

businesses the our ability and I'll the journey to opportunities Our to about financials for trading first of continued our business for the leading returns. With actions favorable. continue our over our demonstrate conditions to review quarter detail. globally, see Everest the years. the and remain of ahead and to excited Mark underwriting significant strength over We in past X it franchise I'm that, more delivering financial turn results

a XX.X% investment operating income, and income to Everest off for strong income Juan, operating EPS quarter. net you, This and drove an start operating or XXXX. attractive headwinds. The growth the TSR team's was and return despite $XX.XX, performance underwriting and shareholder significant strong Thank delivered the of exchange is at ROE to income, net The opportunities. in everyone. first ability of high total our capitalize to by first foreign We of on level annualized led company's strong execution good modest in was quarter morning, XX%.

into at behind markets. renewals excellent We us momentum have global insurance recent significant target by both franchises our driven our across of and expansion disciplined outcomes

at results. lower quarter were CAT losses The Looking was ratio ratio the which the premiums. driven Baltimore premiums quarter, Cat reported of written by XX.X% million dollars loss collapse, The in excluding for underlying improved the billion, driven $XX Cat and losses. an combined representing and gross reinstatement contributed group losses. $X.X constant growth in Everest the to largely by bridge XX.X%

contributing group over The in both within was expense basis talent improvement we the result to with to ratio quarter attritional segments an year. basis ratio both X.X% XX improved quarter, point year's the loss was the and the as excellent franchises. and prior The group a prior ratio in group's points with XX.X% systems commission improvement. The to continue invest XX consistent XX.X%,

we premiums XX.X% property casualty grew towards for segment to in results shift quarter Growth the and an property consistent written lines starting grew during lines to trend the the was certain strong specialty earned which business prior we written basis. reinstatement XX% lines, with XX% more with constant casualty the the versus broad-based the throughout while favor lines, and premium and quarter, to year year, premiums year. on mix and at the Growth and to continue property when casualty in dollars lines. Property will XX% growth XX% casualty continue quarter. will in and throughout and with in which in Gross be Reinsurance. while see pronounced Moving adjusting disciplined quarter, seen XX% trends the remain now in the stands as grew in continue short-tail property the we short-tail XX% prior

and basis more ratio basis and XX.X% in improved expense attritional favorable specialty basis ratio during improved improved attritional combined the as X.X% The the XX.X% loss to quarter. Both particularly year. rate XX.X% combined we the to property to an quarter, continue respectively. terms in ratio of prior XXX from The commission the XXX XX.X% points achieve underwriting to ratio was and lines. XX points modestly and improvement The points ratio

to Moving to dollars Insurance. constant grew $X.X Gross XX% approximately billion. in premiums written

growth with XX.X%, to points methodically most focusing number year. the the improvement from primary while continue related rate proactively accretive lines investment ratio and globally quarter. The at driven The stood by by The increases lines casualty the expense retail We our driven a XX% professional ratio led saw in price year, portfolio scale was American continued continued commission increased short-tail lines global franchise as lines. consistent the XX of to our specialty acceleration the towards in of while business, property loss and was by of prior platform. ratio the basis underwriting this quarter, prior an in our attritional North

Moving an as yields under of for continued on and rebound. equity investment $XX income, million generated the markets higher quarter, improvement $XXX year-over-year by year $XXX to to the investment management driven Net Alternative money prior increased assets. investments. to new assets million nearly net million from income assets primarily have versus higher maturing

security which yield book yields. our of of reinvestment excess rate X.X% year-over-year is remains X.X% and overall X%, to improved Our maturing north from in

years X.X portfolio the We the environment short level is a underwriting investment given by rates. The supported well of duration effect flow. approximately and attractive for and of of strong remains income continue to cash positioned short the current have asset compounding

high-quality consistent Our strong a on basis. built generate portfolio is to returns

XXXX, rate working quarter the our in was tax with of operating For XX.X%, first broadly for year. the line which our income assumption was

with securities. At $XXX.XX, organic equates representing fourth securities of million excluding the us strength at XXXX share year-end available-for-sale Our income quarter. $XXX.XX billion year-end Shareholders' unrealized in on the resulting the or an versus increases. from flow increase equity available-for-sale on at lower of quarter net to $XXX.XX year. repurchased quarter, the losses $X.X to an adjusted billion share $X.XX that, an per portfolio net the the to income million million, the and excluding XXXX I'll compared have and Market ample $XX.X improvement us the opportunistically per end Book value per fixed ended billion stood with per growth. an was modestly capacity for franchises. And conclusion, quarter, unrealized fixed strong end per over X%. Net debt share. we to from increase approximately rate capital available-for-sale unrealized XXXX, across of of fixed ended We amounting $XX well income call operations basis. In for $XXX from profitable year-to-date. to Book when remain when shares on Cash average at depreciation XX,XXX excellent at quarter, the interest on value approximately at fundamentals X.X% positions $XX.X XX.X%, net a year-over-year the as of $XXX of Matt. after-tax and quarter gives end start back for share stood turn an sequential both of dividends Everest at depreciation leverage quarter momentum the had share, underwriting $XXX.XX attractive during

ask ready queue questions questions. open we Mark. if Thanks, are the then your rejoin X to to limit additional you that question have follow for the Operator, up, line do now plus X questions. please you We

Instructions] [Operator

David Motemaden from ISI. from comes question first Evercore Our

like more premium a been at a than X% the you may about towards how you're was little attractive on grow what growth, you property just talk the elaborate conditions Could property bit rata. have shifted chose growth I given I looks a more surprised of Cat. and just are. why to a little question just you Maybe in that, Cat. that instead it thought would seeing on it property I have pro market had

Sure, question. for Williamson. is David, Jim Thanks this the

all, in that of phenomena. premium the the quarter, a really printed XOL on growth that's property First just recognition seeing timing Cat you're

the we renewal so not And that that did only which look was at last if really property renewal, you the grow. XXXX was June the back year renewal, Cat Florida

seeing And in that quarter. numbers so through the this you're roll

by that X which where we've that risk-adjusted the at economics. X perspective, grew about excellent. growth. And dates the was give we and then of recently did our XX% to just All that just at at grew that shown business property Cat of strong you grew outstanding Cat property just some the We of continue XX%, this renewal have experienced we at North XX%, other to able by year, renewal America business, we our outstanding in returns. April And renewal, again, globally we property were growth risk-adjusted January

out My will expectation, blip work a little we as way. that itself of obviously, So it's is bit go it a forward.

contributor just for property In reasons terms okay, we question, like pro saying, the What half your Cat of with XOL then now and I flowing best a in growth pro this of E&S a part rata leaned much financials, in really in rata that into that market. clients growing again property market. year, market, growth Asia, than it been not that rata of of underweight. and property in very pro property rata expansion property to the underwriters underwriters space the the described. last more now better pro in to matter really the starting We property we're up core of tend back of terrific where and particularly it primary that's And other we've it's in is traditionally does meaningful the into it's with and We're just in lines picking market best-in-class business some North our market, we a very economics major is, market our the quarter. And the nicely is with the saw in bigger be wrote America. of our

of really deals some Asia outstanding selecting in And market. seeing the you're so the effects

Thanks growth. Cat on Got appreciate it. I property that the for it. Understood. clarification

ratio And in Juan, on then loss just maybe, Insurance attritional the the business.

of caught XX% through bit that margins I think XXXX just expecting that I just quarter? of could down talk rest a the if was to about should lines to year mentioned drove also just impact of this your I maybe that has accident that you you the and the what benefit view or you just that about if and on the year, the but of the talk the conservatism, little over that course So come maybe sort of wondering XXXX at what on all? you as throughout year. Could more shift you're remainder short-tail elaborate underlying

Juan. Yes. This is

me Mark then to and start ask well. Let I'll add some Kociancic color as

is, the insurance So between over in thing important running most really past start been of we the with attritional XX% sort essentially and ratio XX% think I have framework, the right? the years. X loss

in there's you're to really a the noise, quarter, mix that's in we have timing One, have in things. of have going been very conservative casualty underwriters remain this consistent. divisions, we not we approach Insurance something have so disciplined to And and venues. our some and fact for both but with the every is our and couple fundamentals to about remained lines prior in continue loss that only that picks And talked

even So we're to going and holding we any in loss very disciplined our and loss picks continue manner. we're quarter longer that across a all see lines to given in systematic of if business experience favorable do

more seeing me here that's ask the basically XX% to far so Mark on that. the what a let in as And you're quarter. little bit But add as

couple of the to just to a Juan, Yes. things add equation.

for We're very broadly and we're we tracking writing. in obviously couple points while, Essentially, the about but the trends. has high-level feel that building in quarters, rate stable, excess in on to good you fix, the So elevated margin for addition conservatism the prudence a stable, the that it's we're lost trend, been several lines of been of a that. meaningfully give and of loss

and loss the as the push bit more a a plan. we eventually of over throughout And about loss the spoke we more on I during spoke picks our to the short-tail time mix good. should lines in over Juan Day. I lower the about call, happen of feel bit X-year those business had that that Investor given we So little overall. prudence issue the mix think would will loss have extra, and No do ratio to environment mechanically side level what the year

comes Meredith question next from from UBS. Our Brian

a was more seeing Juan, pricing hearing ample on signs hoping your we're Is talk expectations could capacity your out. there's midyear for that little brokers renewals. you We're bit about property I some of perspective peaking kind from Reinsurance that things? maybe and

So sure, Brian.

a and color few as minutes a ago, little Jim extra ask to remarks in this. Look, give think answer -- renewal. a renewal an and question on to in had both excellent and X/X of I we Jim's my we've terrific all said, we Let David started, me X/X I'll you of get bit had prepared

we continues So are we of been for be got XX% what close good. pretty at risk-adjusted at market this our believe excellent point to in returns. The book to renewed time, that's us

If in these geographies you some rate think But about it rate, on from keep perspective, more that particularly to that would that critical to forward think time. hold. future. a think is over mind pricing have you the importantly moderate, of pricing rate the I given a expect had going attachment conditions some terms on to of I point for in and is the fact points And continued and we've

other The which in said my is disciplined. prepared thing I is remain our remarks, what competitors

favorable. more conditions Jim he So let as of X/X, views be to me continue the the color perspective and a from how well. give to trading X/X ask renewals some that then bit But little Florida at on

Thanks Sure, question. for Brian. the

Juan reinforce the on. are made, Just some to points I think which maybe of spot

and seen that we discipline that the the seen results which people under interested We certainly renewals, risk-adjusted going upward you floor this is conditions, on we've is really market, given much terrific how have the keeping underwriters the including which to be so to that's would economics are true, expected, the took that year, more in applying April. And sustaining most are a also find writing rate last from business. resulting just And trajectory, while in terms rate the have recent market attractive. what's

is things that that's fact are the pursuing. et Cats still weather, to elevated a disasters, focus cetera, market man-made is around while result, I and QX earthquake, those is think keeping the discipline world. a it's had on happening, And mind we're whether remain in keep we other losses the The the thing Cat experiencing terrific elevated,

really happening those the an increasing also we between factor Everest's I as I then deploy sustain really to pipeline that think some the lot the position market. to both we a And market, will eye renewals. opportunities help best our that incremental And in clients. other demand rates. but on that's capacity think from is at there's have at keep given And strong lead renewals of some major attractive a And more and see preferred to

the discipline in so then that And economics we the that, is, our by Florida would terrific. risk-adjusted continue rest be maintained, remains to Australia, renewal into with expect driven should then roll be say we that of perspective as renewal, into and primarily June XXXX further XXXX. I X/X will our And expectation

That's really mid helpful. then loss know some it call that here. one-offs. underlying, to wanted stop Insurance back ratio quickly to year, And pivot you just loss I just had the I last

lines looks financial year-over-year, points how I'm in workers' just much built gave of about it up your comp. you've year-over-year XXX -- in. perhaps is So if that a And lines curious, the financial one XXx contributing increase? rate us I'm due of like you basis all that to maybe I you know factors comp? is year-over-year. But that put and to the and everything conservatism was curious, of

Yes. Brian, it is. I think don't it's Mark.

workers' in is last comp years. think the I few broadly stable

not driving it. So that's

that picks what because a those I prudent is loss say range. healthy is year And bit our XX% basis had in here our casualty, a of -- ratio. last to But skewed you're keeping XX% we're that points level year delta and attritional just You're mix level, a rate is right, the more longer-tail loss There that side. down is business was a seeing last at mix on more of the bit roughly a think to we XXX to delta something run sub-XX% I'd drove XXX of A&H. of from

in first Do what kind include like quarter comp? you all-in the have for number rate of when you financial and the looked

over Yes, bit that would be about X%. a little

And our coming Zaremski Michael from is next question from BMO.

on insurance Follow-up pricing. the primary

inflation, -- what and XX%. decelerated have guess, in of in so might the the you think, think associated lines math I of flat rates accelerated have how this, kind property, I is but at kept the I social answered the part

what feel social marketplace Or kind progresses? to very do is up lines, potentially that kind the as of you still year be is inflationary is into -- in kind jump the social kind an inflationary a like inching the of protect healthy of there's trends? that low level that looks higher the a against to to of On the of momentum mid-teens,

this Mike, Juan. Yes, is

a let break perspective, of can you little think different and me give bit of it into I you down lines. So sort

have the at, -- If [ the just you I last same not basis. about frankly, the has consistent se, done quarters, trend umbrella for So or the a rate and quarters, look about pretty we trend, up right? quarter right? so General ] example, seen per for X gives liability liability, with commercial auto last that X this excess is that other. a over, X It's quarters the for X sense a a last it's fluke, over essentially

think of the obviously, I known. have all issues discussed with look, And that, in have with are the It's all you. well of industry discussed you, we something competitors

continues that would the business depending I to rest you quarters, see the expect X XXXX. Again, that it's X of momentum. that to of continue that, on So line through

that But of still more the in good particularly and I trend. been property, there's quarter. and first loss When pricing significantly at excess we in, saw adequate bit capacity E&S is the an it's into the that's in come a look market, still certainly

still things of very feel the primary property the on good as So business well. we about side

I thinking about believe the Okay. at follow-up I feel in in when XOL? my side, we're Am Got earnings incorrectly? on disclosure the what much Is liability something lower looking it. An for that see seeing. release, property we given believe. I grew -- I Cat a the XX%, I number think, like that by Williamson we're encouraging said trend remarks, Jim Cat prepared the

was we the the earlier growth a number. this had that an lower about fact Cat Yes, Mike, printed -- is Jim. question Yes,

on flowing written I the had seen And about have stringent underwriting quarter the the a actually bit through because indicated would where we back approach. You which impact the XX own of the XOL. is premium really X% last our growth June what renewal step recognition a chose to first of of Cat number a year, renewal stringent financials, financial -- Florida that's on included

And now flowing the of kind into so that's financials.

What renewal, then our XOL really at at is X well commented January for business business April at property XX% risk-adjusted America our at X/X XX%. growing we said, terrific by about that on And further we I overall, did renewal economics. Cat also the grew by we XX% further renewal, the very property grew North the

so future growth And rates outstanding and quarters. just you'll see in that show up

from next question Our Bank of comes Josh Shanker America. from

property A lot of questions.

the pro your talk and big can that what utilization? exposures affects means growth, your about on So that rata for you how capital

Sure, Josh. This Jim. is

it room the would to Obviously, being appetite, available as then plenty would you more we're rata modestly. they're XOL risk in couple no where a have are look there's by to you advantage up One, on Cat would of that's gross exists, in as over the relative pro driven they've market. property further several of book. of further I much pretty our balance. I things. taking and but about the we're been that the renewals, So our still we maneuver. our PML property taking trajected thoughtful at We've say how investor presentation, cautious our last given we capacity, seen PMLs net say, have being if exposure Cat constraint,

some the is to And clients want we're XOL, on key with any we book of And trade-off other the to rata where the we disadvantage property making. go can't a be not and where then where a property point definitely advantage Cat opportunity. not really going opportunities so grow in taken that exciting there's would we space, we've fact the Cat pro not -- that for

And capital utilization?

we to how Are you terms referring work? of capital the in put

Yes.

grown this capital. pro a book, -- much does guess, that is you constraint can binding how you've that it rata is write? property more I on efficiently, that of As -- obviously, Does there

market No no. answer in to see on level issue Despite we the large degrees that forward. it's of going full manageable the Josh, No. underwrite of Mark. The very side. growth, is as freedom

social taken gears a the switching think loss claims enough? you're of about by on -- you with terms versus years side disclosed they deal set accident reinsurance. playing game inflation? they're of they your are sort then that Can that you space? as And Or to for you've picks casualty talk on seeing do incurred picks catch-up what reinsurance Have their in you customers up of in based the activity the as older

Yes, accident on Jim Josh, the say is to more certainly selection. ultimate to not again. to reinsurance years take years. I as and approach very a are I'm We prudent recent would is it's that lost selection. that other strengthened What comment and ratio of reserves years accident going companies We Look, loss approach in this pick older the did we've over last true taking -- few casualty.

view accident a that's set we then those would have. ultimate same rearview in independent to expected. have You view had due the and loss heard of may on we loss been the a our which, ratio of us recent more we the cases, saw you last clients thing means us have that, ensure at January that do some stepped in the put have fact in mirror. And in renewal. describe a X own call what our actions. and from back the that clients the earnings that we the management that years, ultimate And different about our some our expiring loss in -- We do in that to to many casualty XX% And than higher portfolio how ourselves ratios position cases, expected that. book We took that due very conservative to reduced approach the by we was pick,

what others disciplines in it our puts in reporting or reporting their us and to analytics stead. their us we absolutely they're own we're financials So and applying reporting, that think submissions are in to good whether

question from Fargo. Greenspan have from we Elyse a And now Wells

lags the would again a I just there's I net the basis that at question, you the as book gross on I I of like Cat property Sorry growth. XX%, you guess, you lag that didn't, would, back earn flow the that written you appreciate know just guess, to debt Cat to on just, property lag or year. follow written on but grew going of business up just guess, understand the later? premiums XOL a in to the just reported that premium X% written months me, I business. said sorry Jim, middle Can X/X. write kind last X on I just that that through that concept have explain And

of We might be out. Cat, you in don't a Jim. don't It's Yes, recognize premium Instead, way contract typically and contract a rata Elyse. Sure, on recognize the the recognition you property period incepted originally premium you recognized straight recognized a of written. In pro rata. premium is written the spread the over would period in primary premium you all is X-quarter the like deal. we've where Yes. X-quarter casualty written that an line, period, case the typically reinsurance particularly over whereas a of casualty insurance for pro written something recognize it the all on

renewal relative of lot the recall may to XXXX and year about relative this casualty. And we a growth the to from last earlier year, you in talked Jan the X, recognition

started was reduction to smaller stepped lot time correct. since seeing But we're bit earlier, going 'XX, of showed renewal renewal going back The -- that be of only strong the XXXX a financial because a pretty every June And approach. in market the a so that underwriting in I as Florida there clients meet much seen effects. actually to as June of that at XXXX we able because had are back these growth we've into to indicated we've January stringent our quite and weren't renewal entire

statistics, some Jan XX% actually growth. to was the where 'XX, 'XX, you XX% July January we X.X%. And talked about 'XX almost So we growth. 'XX, book 'XX, growth, XX% almost about by it June only April give reduced

at growth So a and quarter sense are terrific a this of expect a it that delivering of renewals. economics that in bit little the just of to we gives you all fact correct. Got we at these blip strong

XX%, indicate, which might for course, is see as was I XOL much Now the thing what you earned consistent almost premium more would the with financials other Cat in is expect. up of you'll

a guys -- then started buy on capital to you Okay. the of this the stock your And on side, bit little back quarter.

used opportunistic that. word you think around the I

a And we guess, sense growth? closer just can So season? obviously, thoughts to just here give capital just win kind as of us of balancing from I you get return

Elyse, it's Mark.

share we level. all no time, right. that along. We did organic quarter, actions going like modest some capital won't you're an forward, it's no same reason been reason March share demonstrated start and privileging we've it So At management first can't We're growth, do continue buybacks. saying the the in buybacks the no change in attractive what from we really

And from comes our next question from Gregory James. Raymond Peters

look wondering TSR on when So for an I'm guys excuse that in view updated been pivot your at target going hitting was [ deck, rolled the I X/X/XX And disclosed there's first have PMLs. noticed you X:XXX we curious out. -- TSR how might target, TSA slide I to and back me. that the And -- to ]? looking I'm question, to the risks your get your to target I'm just you that if your regard,

talking. -- So Mark it's it's Greg,

kind of of getting this X TSR, into and Let pieces split PMLs me of there. ways

So as presentation shareholder during that Day, the the made achieving of return. by had back I avenues of one lots points was to leading financial different Investor in measured we that the total returns

standpoint, really underwriting there's and minuses pluses coming pricing markets, matter from from our doesn't it if different rate. and So

the that a investment to at little the the well-developed franchise, of add combined and to We bit very over income. have terms a I'll maybe and diversified Jim growth with set color portfolio of really of hand out. PMLs, unchanged manage and end. we management, it cycle strong management target I'll set in achieving franchises of That's drive

it's Jim. Yes. Greg,

question the have presentation. referencing your PMLs in would that So you seen and the investor

couple a have So little look, PMLs last this zones the from of of bit a our One, to we certainly growth in that represented net things. July are year there, of X/X year. seen peak

talked the that's optimized in I've this we're taking of at risk about taken grown net growth we've We've basis, That's call, our and of market on we've great factors. One, a and couple a contributed which net and the PMLs. of advantage on is to hedging fantastic. economics, portfolio also our our as more Cat the

quake the which for peak see us bag will we the growth, is and in pricing the assuming would investor to pretty terms peak are expect. you I Southeast continue particular little zones Florida California more that those wind expect the our We'll of in at bit where see much the market year, conditions featured lean zones. presentation. a is hold, June Now into that X/X the renewal, in outside renewal through

of in to plenty shows position. there And we risk and And think of I maneuver we our which plenty you best to illustrated other appetite both -- risk grow advantage other our have to by think on to way capacity, about want that conditions PMLs need take where and of our and so to and current our within And great to. room grow. risk exhibit earnings see really the have we that's any capital page, stated that and our you we're capital market at continue

points Juan. essentially X have and would Greg, made. Mark Jim I this just that is And reinforce

one, see target. So at where the see started number we we change year XX.X%. XX% the to you And absolutely the no

the appetite. But one is just are critical we Cat is within well Jim that our I which think the second underwriting probably one, made point more

growing in be so property us given returns seeing And and to the keep that gives we're the, right book that able excellent Cat to the confidence book, frankly, risk-adjusted maneuver now. frankly that

little hearing how bit of market value more is just about and messages because a evolving talk sort that. the of question, market you follow-up Can mixed my specific. facultative guess, perspective your the on I out

It's Greg. Jim Yes. again. Sure,

really in to short back larger cycle. market they business. means by might uncomfortable. cases, we in able Their to some That that's had in particular, where our risks. attachment business facultative increase be feeling XX% the tail last exposed a very year. So had about prior And We grow in terrific And terms were our the that demand significant on of cedents. to facultative, quarter over nicely, of that, they're limits year lines points on in per-risk their XOL manage Cat

to try to And Everest so they're exposure. that to manage coming

results we're And we'll so excited continue to great I expect really getting into. lean that and about we're

in That our thoughtful approach. we like risk parts need this very management of all be to business, said,

you, an significantly about We're are would being of We've pretty any limit area very this certainly, being very the surprise or And lines. there reduced being auto where we're prudent. so parts and careful cautious where exited of be deployment casualty. prudent. none And would very or financial portfolio, excess in we're much commercial professional exposure to

obviously, So getting we're adequately. being deals some we're but about writing ensuring limits, paid terrific careful we there, are

whether insurance, or cycle to opportunities strong carefully, the to business, continue primary need it's So like fact. any reinsurance manage see really we but in

our Bob next Stanley. is Jian Morgan from question And coming Huang from

is reserving. So on first question

will are year. XXXX understand large or in year's to last the a that regarding positions update charge, the I XXXX year at But looking as came this from particular you and portion reserving later that as do on the studies at more curious well reserve as cohort XXXX just reserve So accident the that of XXXX cohort. to new developments any point if there current well? probably

Bob, it's Mark.

quite our QX process. It's do So review comprehensive. quarterly did we

we're but to all studies real data You're the first of through right, at, go plenty anecdotal looking of that kinds information. reserve quarter, no in

of review across see years, we a only we those anything board, after altered our really portfolio. And did the reserve view but not of that's don't our so

So steady as she goes.

Got That's helpful. it. very

more a Second of question. modeling is one

understand the near-term segment? quarters, next should How on about this? next to to we a think build-out. was ratio that way there So segment element think Insurance Insurance years? I Is your a run that Is expense for this good something elevated few a the for international on due will expense few rate little about bit the persist maybe

Bob, again. Mark it's

for it will elevated think several I So quarters. be

earns over earned So The talent, can time. is adding premium, meaningfully. technology. is you The we're growing obviously as see, in trailing and

in scaling. ago. expense coming in QX the you in division comparatives, a just something see, of can XX% of still ratio we're year a we're versus insurance so process And XX.X% to closer the for And

So embedded. ratios stable the margins The ratio. The the business is thing writing -- that accretive. our in this trailing the good seeing quite side technical well, diversifies expense our we're the North there, from are American got what's We're international growth operations think good are very on effect. I nice fairly is that is

pace So that -- the at. we and going like we're

but So for starts eventually up scale I trending foundation see size building. we're catch as can with that the of down the the several being elevated quarters, to

Bob, this is Juan.

add a as Mark couple just Let what well of me said. to comments

and really range, maintain things discipline our build-out throughout to hallmark the low entire things and important that X% say matter of the we've prioritize thing look expense the to of international in at that mind that that to to of if component one think Everest. you X.X%, our keep I been expense And because that discipline ratio is expense ability X.X%, at really group no able don't.

forward as think industry, is most that is company something the international So component. continue expect the build have is you invest going and in I we and to one the we frankly, to change grow that the and ratios can for competitive going expense that, not of

in next is question Kinar from And Jefferies. Yaron

there the quarter? combined this like on does loss to Yaron. stand, the year. full This the considering reported guide for remainder XX% it XX% is some of for the the still Insurance, could Within year Andrew of for sounds underlying But ratio for be reported on XX% benefit 'XX

The Mark. yes. short it's Andrew, is Yes, answer

that several factors are towards there that. are I think going

speak from previous some You heard of to that expect in me insurance benefits the we particularly franchise. to scaling the the question get,

factors, mix we've with proportion will terms ratios. overall there come that several us So range. I we a to with start book are that trend more lower that have help think its bit of achieve that combined a that's tailwinds short-tail going the will I in would got to little --

the we have. The the the as manage portfolio expense X being points. You're different still that really we cycle very seeing the ratio, margin across through opportunities strong board to that's added

gross the the it the is So international side more as written. trails earned going grow quickly to on

And over the are math. whole, overall So start expenses fact over spent foundation, to as that's those then going as when off do the we've to to given year you ratio. a an help a the and benefits well building level year, out mechanically a pay expenses will the going start to think I

range. XX%, drive XX% back are to that factors what's those into us going So overall

growth strong casualty some this XOL. pro some talk you opportunities of quarter? and within Could about Reinsurance, the on maybe casualty rata And there

Yes.

it me Andrew. over is and Juan, turn start, to let Jim. So then I'll This

of X little was about business think the pro drove earnings of business talked Jim some written that bit pattern how that it timing rata. the And X/X/XX works. think a on that has things particularly at is I Again, year. So the casualty last I

So I the we think that's And about an well. pricing for of good that. as important felt business that part

saw can where we both have you is you some attractive bit it United don't outside the maybe of of color? additional opportunities you issues Jim, States part Europe, But little inflation a the have provide U.S. in second in and of social that The Canada the

rata of think right. on recognition. pro is timing It that's I the side, largely is it Yes,

As written we we XXXX really had over that indicated X, should of you recognized see after in And renewal, middle casualty the the premium pro period that say, largest or the January X quarters. it's I premium. recognition earn of rata

et quarter, more quarter very taking have in on We as Cat's And the period. and strong opportunities. than way, in there those are outside U.S. rata, happy printed in a particular, balanced we're And lean indicated. been place to that in those pro last And we're numbers to incremental same really so opportunities, when had this Juan cetera.

rate portfolio our On seeing the be that and not going you're some numbers that in line, part that expectation, the a support of That's our in a side, of to top the relatively other the that is which of helps I thing to we have that certainly in mean, is particular, will through amount elevated. small is be flowing But that our that with you'll story. quarter. in growth the line different chosen an to targeted entirely XOL see cedents. in grow way

have we from question Meyer from KBW. next, Shields a And

line for in X.X% professional growth, on XQ. Meyer. kind from the accelerated I Jean It's a on of question have

continue? color please? that, on you instead give So you of you rate if acceleration. Can rates more expecting XX.X%, mentioned Are more guys

you Actually, Williamson. Jim the part, in to lines arrangement our was in really for operation. it's for Yes, fronting our the seen the business acceleration one large Thanks the growth have quarter the in question. most professional would of Insurance related some Canadian for

you our general business. trend a So of really rest that it's can not apply to the

] Yes. some into would had is Jim that The also well. described, has seeing is Canada. growth other I you're the [ in as really make is comment what and Juan, this implications deal fronting freight only But that that is

Got you.

year? continue to the rest for that expect don't of the we So

No, expect I think rest in don't the due of year. that deal Again, Canada. to we the specific for that was to would continue one just

it. Got Okay.

Just one question question, Reinsurance. board a on more just

you can curious, Just buying for share any Insurance for the segment? plans reinsurance

of buyer North perspective. a it Yes, that reinsurance, Jim rata to America within again. procure Yes. a line. for helps ceding our good obviously, consistent a number we've from lot reinsurance Williamson Sure. pro of quite reasons It's In cases, are commission pretty our business. of us been Insurance to There treaties in manage volatility a particularly are accretive

strategically will our economics strategy using manage our think and exposure of that reinsurance I So continue. to

course, then, net gradually expect, as those and we time America the modest occur and you business gross our international will changes retain of business. our will matures ratio in as expect I to But increase think be of both more over would business, to time. could North in over our I

expect I approach So near-term that changes in way. our wouldn't any

like closing to I Please would session. Andrade turn the conference And to over some question-and-answer this back for our Juan concludes remarks. ahead. go

for a market XX% you trading growth remaining certainly past strong And first generating see of in with both that opportunities over heard part for that that are you we then see the the in saw overall about conditions, still Insurance year. XXXX, you with combined I'll I for for a the Great. good in where you the started, ROE. and and prepared ratio quarter that very XX% found remarks Thank the the is commentary all end And And a which excellent we really XX% and questions discussion. from quarter. Reinsurance hour, the the and the off the to start we we're an

on from And think of pretty lastly, ability we're And we and TSR see very basis. clearly that excess plan. to us XX% focused on still I ongoing X-year generate that from you've delivering heard an Mark our

next much, very in talk you thank we'll and that, with So quarter. the

presentation. you has now attending And Thank the concluded. for today's conference

disconnect. now You may Have a great day.