W. Berkley
much. very you thank Rich,
think me let on it depends offer though time I just So comments. and it a promise I every of I'll few say on definition do, I I rarely I keep that brief your but side, the brief. guess
from perspective. market a that that the of There are overall interesting extremely very surprising marketplace the remain and the pockets there our level is competition. are one So remains attractive, others of
and That that marching see are observations are we points ever. continue at to any cycle own in translates as time. been the shared lines not the having said, how still is in very different their is which the of the in to moment have as lockstep to, past product but drum, they reality cyclical a beat much the different of market very One we in much at
you the E&S in space, tell particular, would remains attractive. space, I very the specialty that
a particularly willing a market, to you tell if would In us I standard that carriers, that some participants carrier business competitive are is of falls the and that, piece it national regional how addition appetite to be. shocking of some the to is within it
the and opportunity opinion, look different indicator to if having release you our X, if look there property, of and think into growing at seen is is When are there, at been various certainly, is it. healthy in a look coming leading the lines, would That if you from. as at growth you short-tail is means where we it Certainly, the opportunity. have product product and particular, Page have rate, in we lines that you at our more lines, demonstrating a an we leaning said, margin late are
space, that, is you'll seeing a look reinsurance at you and to we even into likely the leaning opportunity, are addition us it In similar when see that more.
the standing compensation, that other that listen an been as that liability are and time period for to level a competition. you particularly increasingly we've the talking workers' of public line line willing D&O product been is of those product hand, by surprised has with out have that become On professional we've competitive, that a to extended
You will, long To if with it's might you in make say, during "How payroll. product reconcile just the that have the line the growth story short, period?" you that you do in rate growth exposure, a
of benefit an diversity from Overall, our we organization as product the offering.
growing moment that parts and of As dramatically. that and that, our result a growing there of are are portfolio portfolio time, our in of shrinking, are parts at there are any
at that every may us. the move think we are from rate The towards optimize. market may We are us, in or consistently away appropriate marketplace then a move some. trying there It day is but we to
approximately the of little I liability ago, to headwind. bit you Rich talked moments quarter, healthy. at When about professional growth that the on created in XX%, a Again, the think, we is a has think, discipline few that reasonably alluded I the look a
relative think, more because discipline been in which And approximately our of and as are remains new we've portfolio, we about we with existing bit discussed business know retention at having book ratio renewal premium you said, book. our to your past, new getting a XX%. sense renewal makes your That the our on remaining a
would that also made you release, front workers' rate keeping comp. it's on the -- in aggregate, pace, in quite during at we're ex X.X% progress in some comfortable trend. the coming that picked good have are with somewhere up the we we at As up And
in back point is if to that growth over have. And extent, going you I what that's you're another to making in period audit pleased to premiums, that our sure audit were collect after everything market, an see data the capturing the the is important, particularly up corresponding you last incepts are that year, policy inflationary should think exposure and we growing, premiums XX%. the and
Rich walked the ratio through you with with all, the loss XX.X%.
subscribe X in last it piece my at that as the breaking as envision the how view XX.X%, best see Rich of far as to the as knowledge cats the do related XX.X%. this And as opinion, this those down, we as been essentially it, situations, us development That that ongoing model, isolated to from day isolated the not done, stemming being define would through and For was events looks clearly goes of and it what an having to X.X. it's it said, When all to I the Again, to and unique can that's walked COVID. reality. point. issue. we but-for the is unique we you our entirely at is And
the best to of that's So knowledge. our
a when direction, something Look, the accident in done, a XX not bit cat the pushing is With right an the going as improvement Rich XX.X%, flagged, rate, we points of the done all comes call your day exposed and and of, accident basis of improving victory we on well both more?" that are it, declare small ex are step the ex on year. to inflation loss it's in "Well, financial why as the math said, isn't are cat understand year as we prematurely. have some called And I flavors that X or social. different economic to, people because ratio
measure, writer. ratio a we Expense for XX%, any pretty that at by healthy specialty is think particularly
entertainment COVID also, Some people the that talked expenses, are back up. during traveling to we to our on That benefit and said, going of of part dissipate those realities starting business. and the costs had as are COVID coming about having are is been be
and and remuneration increases. what impacts our as in loss Also, we expenses operational or making any our rates not other how with whether We are far -- rate costs it focused just we're it responding as be that means on costs that our it for have. raising inflation to
quite and I'm story the on Rich were were duration And touched day compromising went a at short came they not frankly, not couple the being very comment and guess quality. investments. are to, the short, others rewarded our tomorrow. the made for but years his echo is that particularly compromising cost. that well much Tomorrow going taking did on in And we for out, served discipline. think themselves on the here. I well I what? for of guess, that just many There quality we I keeping for position comments. Long themselves duration past and a how have
the maybe are book been the far the as discipline, perhaps what to that and we being that, impact much And foresight as in higher benefit as are benefits realizing some value quickly that at has money have of result to a unrealized our more others. to it. put we of on other to addition As rates the enjoying work organizations or able than
as given today. the in likely flagged as all up would where you, that math book is where ticked as X.X% about easily new would rate to period considerably going Rich X%. to And as as money interest from our XX-day for you going headed are are the tomorrow. seem a You they And -- rates can though obviously, have do it can yield we
getting to we that out bit duration are a room push are very think positioned. for sense, it think So the a of makes we we if lot paid we it. if well have And we
long think an we is about that be we take has, is punch volatility word to punch continue very live So The risk-adjusted short, into and return. I that story on short, to keep up risk-adjusted to are would my it return, what's line we trying I and account. desperately line? guess focused organization the will that When clearly
products ability the fit, have to conditions. as we We another, to from line deemphasizing and product one pivot see on market emphasizing depending
Certainly, a it significant be to a see unlikely participate It year cat in property chose to that than is will or you attractive us extent more how expectation for X possible, example, depending space. participate, the significantly my the very would X, for more participate we the market that gets, on probably we would in way.
are deploy an to shy towards it We return, going to are eye when not business going we to let makes be risk-adjusted sense capital think and go with the anymore. we don't
return as or that focus our to activities. investment risk-adjusted same mentioned moment also, That applies to a applies I ago, on underwriting X
disciplined. are We
return. are towards are we risk-adjusted We much able our on value focused idea all for that the been because have we taking appropriately it. on build getting again When to we business how day we to that the eye done, risk we are of and of in are And do shareholders. is paid for book think
pause please. to it let could, like And there. So open questions, for if up would we me Bo, we
