our call. first Brian, quarter afternoon you thank much to and very good welcome all and
this today as Financial Joining suite the our the Rich end past is Berkley; phone comments general for Chairman, Chief is industry, Baio, with going will then our kick of up about then agenda the like again his few long within the details give and our of quarter into Executive Rich, it quarter you the be over it observations for in to the Bill questions off and to a following few and I’m about for And me Officer. a high who we the it level comments will you be as pass opening getting following as reason. on
included the the that. topic is I day industry the the So, it our many of of day, across insurance clearly inflation in and perspective from certainly the topic think industries is
period us. or been moment a it is I waiting upon it that think is and some for extended some time have speculating of people for
perspective is impact is to environment. a how along is is going industry, going with interest how what on of couple there for is come Other much, as and here on are portfolio this, about our with – the to stay. investment it how questions cost ultimately and they Some Obviously impact impact the and questions will that of it of be when to from in a the obvious that going to higher quickly long the will there inflation rising interest said get questions loss the a is grappling environment. rate other and investment needs course one are think Having be be think reserves we well what income. rate
exceptionally targeted important think we have time, we important part from their answers the achieve benchmark, the they’re result particular. ultimately hurdle our because One than risk of but clearly should of the more returns. will a risk will be during historic this them capital to or up the targeted that to of when about capital be free they looking of delta higher that with the is are above industry returns it a as easily is and moving think interest see return or rate part the is level the that a people permanent a rate free around and environment question able withdraws industry questions this as been to answers and and that be All passage in alternative finally, for as a through alternative up will well. going moving then other an about Is speculated are low extended this period and considered you rates moving to for also in there achieving of time. And discussed more capital, alternative be – rate is which is will they interest industry not has a something here leveraged
in as at it longer is the this think perspective hand, clear widely seems cycle. Second stating people is I that perspective, to one our though the thought both marketplace of is their lines. that a across or of industry at outside no the our there more beat industries one decades From it couple And observation all the march the many is and risk drum. to and product it the cycle lines one understood of probably started obvious within if is and on same of more speak as ago, own from cycle of different time product the
various You insurance see can reinsurance within insurance in and business. marketplace or that can you and lines even reinsurance the difference certainly on in what’s differences the that the and the industry see the going between of industry
challenges past For for while workers’ the property on compensation example, the other been years of attractive. the few very hand have
view do it this, is the relevant? this why is ask because relevant our the lines deployed. is why might why do focus marching among you is less step is and less is it answer product is greater we idea seeing and and reason of the And specialization sets It specialization. there because you’re think So how brings to skill lock we think on we capital one
relevant. is I think this
more organization of and an important value because frankly ultimately opportunity or certainly a differentiate parts more truly it result the to aspects the people are alive skill as industry the is said bring Having perspective, it is a where of a for our itself bring without are returns by to value to bring from as very industry our type And well and industry lends and industry. statement. set. people’s specialization our this of there it think that there that commodity customers I specialization such to attention of insurance generating as much excellent to ours and observation doubt view owners quite to itself and is that
third to more. I fourth Reinsurance of to perhaps hasn’t out Quite frankly to related XXXX, gotten some in and painful things responded hasn’t ninety of me day directly or industry. to over happened the a marketplace, in the has after figure less little Let a days. market for property bit – any talk operate reinsurance to in market the me property the quarter past can’t life why what about the day it the bit more are the that turn
manage say is a accept people Some the of one those lower the to gets through alternative be looking of return lot be that traditional that it has it to in in that I same have around to would does have. managers willing adjusted if return players marketplace is it and just the that a somewhat capital sure the risk trapped deployed some do I’m the focus with might marketplace capital not again of that that and
said property like that as from mixed the lousy of commented think to of that be as The we the with casualty remains up. leverage an wrote As experience. I has but overall example here beginning I Having assuming are can to many absolutely that discussed means would the do I to rates think bag as of a out in have still which of we’ve marketplace. fourth our in far call there down mentioned groundswell certainly primary I past that the over as is the within they incrementally the my gradual for What hoping past, get the Workers casualty push are is the attractive. that me. peaked, in the we’ve I have territories had it comp that market scare notes there surprise or quite Property the comp, really market plenty parts than that margin also still or Florida Switching time. on that. reinsurers I’m quarter that think more to bizarre. market. if see brighter enough accounts insurance also perspective, word excellent legs daylights in insurance you my seems this a of of it’s the situation market, a a front will bizarre. again is clearly in much building
auto, there. viewed see right I some rate change there market were perspective, that losses, over the pleased increases And were my modest they getting surprisingly so for the quarter, guess build we not professional of third property certainly our to than traction. quarter are from wasn’t there sometimes stuff impacted quarter in third wrote that solid a again that’s Pivoting momentum quick that our pieces more getting increase exposed of why ironically in is are quarter, my perspective, to quarter. I they’re some and continues even that impacted third that but for are from note the there to impacted defined that pleased in quarter For see increase non-cat the bizarre. were accounts rate are to account getting as a property cat-exposed storms that cat-exposed or that our perspective is signs our think And the Professional is we’re a comments the in early by we’re and seeing the I from would about I rate much. if be
funny was defines I the think activity is about thing bit way. cat everyone own cat is of cat fact the a in there that their and
at we say able look that what property a to the good as what you spite that from still was the aggregate yet of I were define achieve would to we not it weather as If insignificant related, would I stemming define result had the losses in in least.
it you where isn’t over the was the layers And that we’re margin result it think for that that X% top my a we’ve back. need unfortunately line growth reinsurance really off an remains as I saw you seen comments In addition considerably. quarters, goes where is couple back the and of the still and see past idea exceptionally to shrink to of that from far which grow can goes, peel earlier we as improvement to you what as a this competitive but that we couple of
On the And a meaningful that X%. grew find as the than it’s of insurance more opportunity business still insurance the market, there. other and result hand, we
of and this we of $XX are that just overall, is than but as like XX.X%. been and details asked impairment is think and I we’re the X.X%. view is starting fourth side guess Again time quarters, we as sheet rate quarters, same and begin was on ratio At development that. be development, as XX.X%, I X%, things a Dean and Balance it’s pushing My the expense lot Berkley did on colleagues focus I They time with the we we this things, investment evidence XX.X%, I of the again going that – on ratio, that me the of between sure others well, our and fit he the quality result This good have very achieve took the of I to some if duration of to of we’re picks, air the I come rate the boss take prudent would we’ve but to the pleased me the a by are early I improvement you commented done to the a of quarter just but over from going hat very the note to maintained thought time go have to far as continue comment which different X% result expecting make and for rate. haven’t – opportunities will than other are was track where I in but not it spite increase, did over ratio to positioning assured their like more portfolio. got of number positive manage that a how my row. would in Another there managed we million step quarters three want we on that that years. reason yield. was quick in this tighten many indicator bit give we some but couple it Rich to top-line expense a how startups but combined the that’s company we to we and stage, spite to from a of expense we finding skill with an And just was they’ve the know expense it skill keep Rich achieve more we that of loss last of over for the a anticipated. was particularly at Rich done think in tighten caution reserves neighborhood and XX.X% as number the they in this, don’t little a I holding again and we of but as benefited well. willing portfolio, get and the a how of to keep what fact They’ve the is into ratio. through it, A them to the details, into Rich up business. moved have like challenges our the to they’ve I’m positive or we the which at and that initial a into maintained again of way short approach
that not see only we quarter book think the up well to interest rates we’re in continue we So optimize. very up, but positioned was as move value to
Rich I So with has come done will here back once comments. his
him you Let the me will to take Thank over you. he and it hand numbers. through
