W. R. Berkley (WRB) 24 Jan 242023 Q4 Earnings call transcript

Company Profile

Participants

W. Berkley	executive
Richard Baio	executive
Elyse Greenspan	analyst
Mark Hughes	analyst
Michael Zaremski	analyst
William Berkley	executive
David Motemaden	analyst
Ryan Tunis	analyst
Meyer Shields	analyst
Brian Meredith	analyst
Joshua Shanker	analyst
Yaron Kinar	analyst
Taylor Scott	analyst
Scott Heleniak	analyst

Call transcript

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Operator

Good day, and welcome to the W.R. Berkley Corporation's Fourth Quarter and Full Year 2023 Earnings Call. Today's conference call is being recorded. The speaker's remarks may contain forward-looking statements.

Some of the forward-looking statements can be identified by the use of forward-looking words, including, without limitation, believes, expects or estimates. will, such by should plans, us expectations by that as be estimates you achieved. contemplated representation be a that us caution forward-looking not statements regarded or We fact, in the future affect Please that refer Form the the results. other ended we our year environment SEC our and report may for XX, important and of made operate XX-K in the XXXX, business for December filings our to annual materially on with factors a the description which W.R. Berkley update forward-looking and of obligation as Corporation or any disclaims expressly obligation result events is not or under otherwise. any such new a statements to information, future its alter whether call I to Mr. would like now turn the over to Berkley. Rob Please sir. go ahead,

W. Berkley

our year Sarah, that and thank you call. much, 'XX good very to quarter matter, fourth for and full afternoon welcome call and all,

In of also addition Executive Chief the call; Bill Baio, company. well Chairman the Financial on Berkley, our to as Rich you as Officer have me,

going hand it own. where We for walk some are usual quarter. my Q&A. I'm highlights a going his I'll we'll couple from of over pleased Once us be offer Rich. it going thoughts of to through comments, the then agenda open He's shortly, very completed to he And to to follow our to up

that Rich, probably be in won't had Before offer I guess, to new And this we've participants, hand to it want I discussion to just a two. did some over the a thought for I past. or

of a One that to to as for on created past, course, risk approach flag this that volatility equal. that question, again, risk? that not recognition plays. that our value We that exercise I the the considering a a enough the amongst as are one All of taking to consider I'll ask volatility to role of order risk-adjusted lens needs risk, goal type is One the consider in refer For needs all us And in colleagues, without that. achieve is that themselves what returns And that but we've needs component a of am in are shared on organization, we there it doubt paid you return. touched return. a contemplating creation. and getting lens the to again through of

by In the one report should 'XX, needs about about several fourth When numbers. it's the quarter past there our need many taking just be One year. participants the of When just of consistently to forward. step to comes beyond people results needs so a those very very not the look think One no I steps look look market years. many at quarter. But forward, this at that encourage would to look taking successfully quarter, the to It's the years that robust any look But year risk cornerstone I years. quarter order they at strong, the are shareholders ability value we been without returns exception. why our to doubt, able achieve create is build over accepting into and to account that are in we've value, look year, the for to past to And creation, at steps a it and you taking really many at it's backwards. value full a avoiding good measure. and about this

and I the capital thank very the done. a privilege over outstanding throughout another year What job have you my it over So on for us? And to on behalf the I there. my of shareholders to behalf. and like pause colleagues organization managing you. like I their outstanding would that for of end, to allowing before to us to and year on Rich, well colleagues, do quarter, a thank really congratulate will Rich, our Also yet would I for opportunity hand

Richard Baio

quarter. Rob. in equity the share on $X.XX outstanding million leading record-setting or in $X.XX return of $X.XX Record was financial $XXX Appreciate to company the results than increased equity compared with Annualized increased on per more prior The income to everyone. XX.X%. to beginning per report an share return million million good an $XXX and year full to with or beginning XX.X%. afternoon, of year. year $XXX or share, quarter, per XX% operating continued it, Thanks, year Net income annualized of

risk-adjusted Our return do income, record year extreme income. operating full and in investment net everything maximizing contributed underwriting to income we ownership net in our income,

with more than the to growth XX% the premiums top a full bringing billion, increase Our year almost throughout a $XX in line of billion. net record $X.X the reflecting quarter, fourth to accelerated written year

On XX.X% and segment rate increased adversely for the basis, segment more and U.S. to more was a exchange full to $XXX growth. full and currency year This than reinsurance for constant insurance XX.X% improvement and On written gross a a exposure level basis, the points premiums Monoline quarterly in approximately net segment. XX from by million. billion the impacted The basis $X.X foreign rate dollar. growth grew due to record marks year each than quarter weakening Excess

primarily business in year the The year points comparable by attritional quarter, X.X Turning current income Current ratio the accident were property million points points to accident XX and to XXXX, losses increased the $XX loss lower a due with favorable was losses. XX full $XX catastrophe respectively. million loss quarterly our XXXX XX.X% to in and to year's XXXX over and performance. quarters cats at underwriting flat ratio combined flat for year current The X.X% million, Record expense ratio ratio ex XX.X%. basis improvement to of $X development fourth quarter $XXX underwriting Prior million, year reported mix basis year. prior the to of increased pretax calendar representing XX.X%. bringing was quarter

resulting from lower business The commissions quarter year. consistent mix is ceding communication, increase over changes from the structure prior prior that and our reinsurance year's the past with being

operating start-up and costs increase. contributed to compensation expenses also small have the increased unit addition, In

our technology analytics like new in and that below full expenses. into expense well unit comfortably and as ratio expect should taking consideration We such start-up year data and things be XXXX XX% operating investments as

So catastrophes in for accident XX.X%. combined was excluding our quarter the current summary, ratio, year

continued of us more than year securities to quarterly million to book XX-month with the interest invest full to in on year history. portfolio company's $X.X X.X% advance Record record positioned throughout operating short yield basis. rates. year bringing the than in net XX% $X has more the the maturity higher time investment a cash $XXX well combination more full the our for of pretax to on level first fixed flow income than in to The duration and increased billion billion the The

credit assets quality equivalents the Our the X.X at in net years. approximately portfolio billion. and with $XX including of invested increased AA- almost cash very the to strong portfolio, on cash year of XX% duration our maturity past remains fixed The

investment The market improved from the $XX adjustments real quarter in estate fund million, in the funds part from to due area. the although to declined year, value consecutive large prior

the a are As reminder, a investment on funds generally X-quarter reported lag.

equity since adjustment noting, currencies. currency to record $X.X in effect dollar offset stockholders' the other net the the weakening quarter than more relative most currency income Foreign our almost to to increased is the of translation that to the in however, billion. the a amount negligible worth equity related It's statement. U.S. in Stockholders' reflected improvement losses

of special in regular the Careful dividends million. capital per share management resulted throughout each three year dividends totaling quarterly plus $XXX $X.XX

to year repurchases addition, repurchased amounting almost X.X than quarter In $XX.XX during share. total shares the of to share in a shares contributed the per or $XXX million million X.X more of million

than $X The I'll value you. year And capital XX.X% the to turn support So in our capital more in Book most XX.X% shareholders' while billion. quarter than in per management and growth share than to the to XX% increased full XXXX during shareholders with equity and maintaining returned we've and more aggregated year it more business. back growing adequate to Rob, repurchases. before share ongoing and dividends and that, X

W. Berkley

Rich, it encouraging. other a conservative make and sound couldn't attractive picture CPA even thank much. very anything you than Pretty

that pleased with end. making past the progress line to So relative a observations the top Obviously, few my couple growth, on of we're we're quarters. the

this think I suggested. unfolding is we as exactly

few about much we that I that specialty Just Furthermore, the that from that market we pieces are of python. E&S, flow, of puzzle. in general we is quite continues When over. that highlight don't to things be some talked especially. separating think the attractive. calling continue The be I encouraged. particularly far the were through at we is portfolios of would a submission pig to as had as out Clearly, party looking

release, as space, On you'd examples, within I as you certainly, see delicate the expect. the and the numbers I'll in the we one our treacherous are it is think out and thoughtfully other in professional and extreme of D&O treading hand, liability perhaps can as public call

businesses the quarterly is line, geez, by some at been on say, X%, exceeding business lines any know in reference, there rate just businesses pretty or the said, have quarter. assessment, different below trend are And we that we this amongst and which well. umbrella comfortably is in and at of product time, in well, some that a on rate that. is based moment I third obviously, than more reasonable hanging any that time around are more and and by XX as loss group are where encouraged under clear fourth others the rate sort Rich chicken mix group cost point X.X we but having the touched number opportunity are And of was equal couple on driven just would share 'XX, got assumption I a caution people points as and there rate on correct all coming our you'll That all recall basis that out we little that are to of statement. not product that and please factually understand growing a in it comp. not a down this really of the quarter might we than of the it's is

trend we are year margin. are ago, are and we So again, where a comfortably were meaningful again, confident, a we that we above exceeding by

stage. in quarters I us just and which focus along the talked this floating not don't And that arguably Rich get about underwriting at are losses. writing for The flag quarter sort allowing XX, -- and say least. with just rate change. many pretty the is to and of the I came Again, only reflection between a is at margin loss going into I XX that our at I'm is really a how that of be will that. for of to it know colleagues ratio healthy discipline thing It's to the paid action the the think XX business

on piece. touched the Rich expense Again,

full 'XX, we going we make in going as those into So some as the the as even our to relatively I'm a of going that's comment not they is be with modest are coming matter businesses for than business of are year. the fact that The have those going benefit expense drag to ratio other will and to way be a goes. I other Though rehash purposes the prior one ratio. that far started impacting expense for that

can see how happened know all to be premium with and and in in through written You certainly our clearly QX the positive. 'XX, which trickle we that's earned what will in going impact and a QX,

investment on that comment the Rich as Last book touched yield. on as far the portfolio.

going, money concerned, rate percent. are put the we humming hung about us still we're as far As with all interest today, at money still X-plus can work where even to and for new rates the

So opportunity we there's that there. think

As we are nudge years, looking the for the duration to of window X.X out. opportunity mentioned, Rich that

in are rush. a We not

the We going. moving of much And here. the from different than as itself, a window slightly likely are world where have rates you that X.X to will of interest opportunity when see presents out view

and had I I encouraging again, exciting year of It's had think top encouraging and thing and on. so place. the table where quarter. beyond, when the is But in the we in for only say, and very we underwriting are a a I -- think good should rewarding the it's look or side. 'XX how 'XX investment is at good and not a a set on year good we So that side, but on good you that most

beyond, you economic So continue I see to cylinders. firing all on this 'XX and likely to believe going are model in

it to but relatively pleased as Sarah, wasn't up we I I'm probably brief open would it that you. So going for And be questions. was Thank And brief promised, me. pause there. very for to as

Operator

first Instructions] Fargo. question Thank you. line [Operator comes of with from Elyse the Your Wells Greenspan

Elyse Greenspan

the picked with Premium My fourth quarter, up, fourth right, growth third in picking you first the quarter. up of comments. in question, the Rob, kind and where were XX% ending probably ending your at

that you highlighting -- call? So all to the of the is baseline out the XX% just be of momentum would as greater think on 'XX given expect or that quarters the been you 'XX, kind you've to

W. Berkley

answer colleagues what your can opportunity market me do to Elyse, to the a today truth opposed be. build before better think I and us. assumptions. what question. is and appreciate thoughtful of you use. certainly I see you to this I XX% isn't as that can fumbling than is matter you it's on again, Do a making that? the are tell me and market There thoughtful And me it certain It tell number that other possible But will models I conditions conditions to then meaningful number there more could I around trying that I And that nothing possible. that answer end. again, leaves going give the are think be believe is the give Yes. reasonable to is to a be But

Elyse Greenspan

maybe about market start the whether We've casualty Well, we strengthening right? sticking conjecture of see broader with market. heard a of to a that lot thought,

go where broad-based more are Do we that? momentum pricing within we'll through you think so lines And see to casualty start XXXX? on you as

W. Berkley

I far there alive And drivers as obviously, think social our as big is of it's and inflation. From one concerned, you well. we're should. the perspective,

the pressure as but as In starting side, the far addition the particularly marketplace, reinsurance I to think board. see you're to that, across another point, on treaty

the into them to of really the some market that liability the up property not focus saw, be to to discipline will the the the liability that lines, going marketplace. see pressure you're kind further market. line, wake while some I on the same challenges it may and casualty of extent, faces and introduce you really perhaps But to think, reinsurance recognize I on think that I think and start the of Sorry

it's back we started been our down, on you and go for Quite time, jumping in head rate of we've sort and what pretty inflation party And means to is, frankly, social up recognizing about that if people action. been and years. this see loss standing the to on showing talking pushing early. trend many that cost the more And and up good what taking recently, recognizing for loss

market particularly of lot more umbrella, liability So legs to long liability story just overall. there's short, Go that the I and some think auto a market, the excess

Elyse Greenspan

And one more. then

or favorable said $X filed. know development quarter? when and more million, within But the fourth any we that significant quarter. were guys think, more in the significant typically I in a You I years color -- lines nature get is the accident K movements more

W. Berkley

Karen one same. would Nothing at detail, more of kind call a me earth [indiscernible] But particularly that's if you can't and you I say more for if us. them just it's looking to of the encourage give Rich I'd shattering. . to get or you're of

Operator

with question next line from of Your Hughes Mark comes the Truist.

Mark Hughes

those in of loss this in you are in trajectory seeing particularly change development prior older compared terms lines? on the years, years? casualty to -- Any what accident How year some of

W. Berkley

reserves this the going stage. or life is suggest that some news. that some at X this think loss show years at are duration beginning our encouraging, of look as season And average recognize will reserves, shy if more which of years of would signs out. to I to older of you years, stage, of just inclined the more I years the But out loss recent petering be our X.X-plus at look we good more, the think I average the of to particularly an

may particularly with lot have years sales little our inflation. our were I think and that the caught have gotten that completely flat-footed where arms from a I around, are the frustrating insulated a of We not industry think, those

'XX but encouraging. I that through are but the out, not I years think And close. top group, darn I nevertheless, are I are maybe is gotten That been considerably. pretty think 'XX a fully some not think, have we through on little its of the it without slowing earlier may some of think have challenges. of But recent 'XX more certainly, quicker than having 'XX said, played

Mark Hughes

had the premiums written Yes, comp, thinking How you about very you in How about growth are some good. on workers' quarter. that? net this

W. Berkley

Yes. inflation, just you That will, you due if wage if was primarily payroll like? to

Mark Hughes

on... update Any

W. Berkley

little participate stage. reservations at pleased by product if more We we colleagues a a well. and the market. there's about expertise neutral our still the certainly have the managing that the in capital We're defensive are space We this of line. But think have large, posture are in exceptional bit to that and

going the we've be as challenging. that think medical think in prove past, the is trend talked we to to I about

As the an from as broad bottoming U.S. that leading and hear eye I far market would is California the on keep I more both out. far are charge knowledgeable deep. colleagues comp I. what my as market far than for obviously, And from as a

Operator

Mike Your line next the BMO of question Markets. Capital comes from Zerameski of

Michael Zaremski

take you we true-up loss bit do of from smoother I'm sailing costs specific a you've forces market kind of curious more doing just of -- and it's think and kind python a was kind I it the of -- need thing. talking competitors guess wanted their months, Or bit. hey, was growth past of the a it been -- terms XX and but about, so a the reflection to more reflect downwards if a kind of you've the in was the what change discussed you've of bit, here. much marketplace through and how XX Did pivot to are kind that was on just of we to a versus the just there competition? orally more the for gotten pivot now a

W. Berkley

every D&O, it, professional the years go if characterize the I ago, liability, is it, in than back, place is different an example, as you it think X way day. market And I changing today. was that Mike, a is So call

So you have that us. for

X other is ago, place the On it clearly, property different today. hand, a in than years was

that all that our moment have pieces any are appetite and how is. some firming, these at or some how we feel things and you not So instructs obviously, in things are time, softening strong

scale-wise each In that addition media were to to there I describe as came have disagree that, to flagged shared I what earlier well. of result we to as role what think an was appropriate least action earlier in we a would we of played understanding that And required. need some them calls, at relationships agreed is in a as wish couple it what as wish rate and well a we we that, or And comments. the may a in other to that addition

do XX% is The one-off? So a that's the number answer I that like is no. this think phenomenal

there I is as an been think lot And somewhat of that what shift drag. things served a that year the were in extreme some seeing the first you're away of half now has that processed. of

Michael Zaremski

for the context. being That's Okay. up ended helpful year ROE the Clearly, excellent.

just guess switching I bit. So a gears little

your the terms garner reinsurers Anything higher the progresses of should guidance successfully you if think in able year whatnot I just what things. too, reinsurance they mentioned are or if ratio about we ceding so just thinking be Test their commissions on the there's to reinsurers. reinsurance? charge curious pricing, expense but or as maybe for obviously, arm, as offset, a counterparty an casualty of some there's such Berkeley within

W. Berkley

pocket. we then the and it some one Obviously, it hopefully, from take other getting in back we're pocket and

marketplace to is that as The trying think one do reinsurance having with or action, limits news that things how our of I makes dependent. I going of million for allowed the less limit operated that profile our of take have do. $X reinsurance of example, legally we've of you're it's good seeding organization, discussed, a for commissions? XX% and policies because -- are less. think see to our approximately That us I possible some Yes, the the business limits to

some ability And So to peers. can the consequently, we what than about and shift we think have pivot perhaps we our differently structurally. also buy of

the to excuse has -- around why Part where ceding partly of seed earlier with cut expense reason the people wanted ratio mentioned commission. Rich seed the me, as do the to around So

structure environment. an to and to switch that maybe sense out. the rate So we worked us made that XOL given

hardening this, pricing comes we'll will because to will the to is punchline be Mike, casualty it force be it when market. in sure discipline opportunity. the further primary colleagues So for and the right reinsurance as us net-net power an consequently addition lines, a organization on And for the side, very there, market the that, in seizing I'm reinsurance my good

Michael Zaremski

it's guard, guys Okay. one this That's that I the his helpful. a you market-wise, And wise portfolio dry thinks in. year a if or terms to election is extent can outcome or just harder thinking the sneak of of investment interest are if worthy outcome change an like one anything the maybe for pivot Presidential wisdom. last If question there of is is in rate-wise, of year? Bill

W. Berkley

I to that, answers need again. harbor we safe he may the think read Before

William Berkley

doesn't XX% the demand democratic tax. we've world's So that of only to going are sales is I countries the have of have two, think significant got an for a kind money. the $X bottom be line Number deficit. countries is national any There trillion enormous deficits. we

We flexibility. have some

have to the you there's has a to to been or at spend conclusion both Republican, money. every need a look more parties However, come been Democrat conclusion. time

policies taxes At to tax doing. spending or someone up, to or both have So we're parties to taxes follow. tells for is whether to increasing And to value-added that's all have whatever. the income you going having have our cornerstone not some of and . pay what is we're go going chosen that a money decide point,

We during do jeopardy. it's are to security going Medicare, be period so in happen in or something have presidential are going to to going next to Medicaid and the

at pressure on coming don't best things on government rates flat. that until the think I Whoever I spending. happen will or some elected problem be going means I mean have face. And don't is won't It That's interest after election. pressure matter. that's going who's it to think going we're we're And So interest I think to matters elected. a to that expect rates won't inflation, down, is good would

don't but don't fact are period I interest than an extended It's we're interest think think a probably lower we see crazy, are little are by be that had higher. low with extraordinarily rates rates. the biased now. to consequentially going I them I to they think people going

Operator

question Motemaden ISI. David of comes next of from Your the Evercore line

David Motemaden

quarter? liability on just if rates you I had the for mentioned exclude in question fourth I'm to to if rates evidence in lines. to we are for see to higher were if and lines your mix financial adjust move of those in I'm comp a in we the the exclude sense the in -- accelerate the guys that a to trying starting now just you seeing opening get see we're dynamics just actually that those started you if response rates quarter remarks, wondering environment.

W. Berkley

So the liability tell generally to you product the the you color, we a we in of of are that happy to don't give that bit But by say we break are rate little line. market achieving out guess, the very I least. would much rate I data speaking, increases with

then We professional that by space, some rest are We keeping are of are with comfortable margin. the the that clearing within and putting trend, we liability think meaningful trend up a aside some challenges it.

it better on I don't in front But numbers that as really the than that, year. me that have were referring believe So momentum leads having And moment. comfortable are I QX. nothing is you're finger lines that pulse possibly for things QX to was the every in to me the they the specific somewhat just environment earlier in in the healthy going there's at QX bit that better. to am my underwriting is diminish. very as the from of in

quite more making by think, And I and driven frankly, appropriately, focus environment, loss the on more. it people just which it's is simply costs and being

we're feel good a we in like place. So

David Motemaden

Okay. to encouraging. year move Great. loss cat. could ratio I just That's then if maybe ex And the accident

those I absence know but the some at of improvement losses? the just here forward? prior really improvement I and losses -- going getting think the clean period we the had So I I is fire little bit sort fire are if was there. this at year-over-year, Was of in a a wondering baseline And look granular,

W. Berkley

to to Rich, speak do want you that?

Richard Baio

would last calls, Rob. making quarter-over-quarter, of yes, some side reunderwriting the certainly some few the quarters, of the with I for the Rob things. the part been reason Sure, as risk I it some think certainly, change of changes is say, to, has over earlier alluded on regards of to we property

improvement. say I so been can't but made. much do better it's completely that I Certainly, has anticipate been And yes, an progress certainly position a has completed, there forward. going

Operator

question of next Tunis from Autonomous comes Your Research. Ryan with line the

Ryan Tunis

couple growth from a Just -- from an me insurance standpoint. on

that First one, of kind to after lapping based it conditions started those when growth where market it? on this again think we lines. that Is we'd are... even I Is being looks see from right way year ago, hoping the down down I as aligned like of was a guess of year but comps was in on growth, just last maybe was a quarter. professional -- fourth the about bit some that this started better not little

W. Berkley

sure. professional to want just About I make sorry, Ryan,

Ryan Tunis

yes... I'm just trying lines. Yes, -- Professional like to understand

W. Berkley

rates D&O to coming And from a what my down. somewhat The if then a it fall. go, back chase pricing has is. and is have in been [indiscernible] rate on at particularly going view ultimately, up they're to that, drain. market, And we it now free the not D&O we're it sorry perspective the down of to it went see public opinion goes, market least as adequacy through goes, while And we're considerably

to a out I'd quite of colleagues frankly, would reason couple credit. of pause. medical I there have a of with specifically professionals, the lines hospital call be line where the given that couple other D&O, product also been to the addition years, lack over has past, think, discipline professional liability In To discipline. in They our operating product that

has I frankly, that sense flag that's things line be is So architects an accounts, think some do come to that as the the with on engineers and willing we areas would impact and market we other one have quite don't the up. of price well. the would top Other makes again, having larger found maybe where,

attractive, a think So responsible trying space. then category, that within professional with flavor there But bit which referenced, pause. particularly are nonstandard. of to that you are I to the chunks yes, pieces professional professional broad find of liability, notably still we of some anyone the a give lines, just and that disciplined real should some giving reason areas some puzzle. And who's extraordinarily bigger little of of some I big just be the there

Ryan Tunis

year And Got Growth the guess full lines. I follow-up short-tail a then the was just it. for like on XX%. around

much is a this how writing the growth you've XXXX. the rate Just that because change Was than and how standpoint, composition, environment? on trying it past in to composition that been Or action most was stuff did from of normal exposure already much of understand rate more year?

W. Berkley

it's combination both. a of So

As we the pretty front, you it's rate on hard are sticking. and would pushing expect,

on operation. rate of to we're see domestic as the our property into had reinsurance would going to that. And are in front addition growth as well lean example, E&S London growth, the for adequacy our the XX-year. more the during well, that, And both In property businesses as take in short-tail you we more note and the course, attractive lines through then and we specifically space business meaningful through as

Ryan Tunis

it. Got

Has how like have? guess is of at all? you that the outlook I cat type exposure for changed your So

W. Berkley

done. a few Not our is all by growth meaningfully moments driven I said rate. majority of I as ago, when the the is day mean,

hasn't but changed, considerably of So we're charging our things there's where more. a exposure lot

context. with some can to XX% don't that business some as like, to to write But a you'd has have well. tomorrow, follow specific what's breakout more additional led you But up the I if on rate welcome us we you're give exposure. versus Also opportunity

Operator

from line the of with KBW. Your Meyer next comes question Shields

Meyer Shields

question. was wondering accelerated the X rates in quarters. last Brian's growth exposure? there over in I is changing there? We've commercial in And seen Or a Follow-up auto is something change that

W. Berkley

I intended. think -- more. on a driving a discharging we're rates. That's is pun primarily, more big a what's no lot driver, lot we're insisting We're getting it

Meyer Shields

helpful. that's No,

of I what you're reserve of on that accident bit. for, know you've those talked peak even hoping XXXX to little a terms a subsequent any take in mature get I say, little waiting and years. seeing you Second, of bit actions before a let's about was you can sort years

W. Berkley

also the at I would look a reality. because you Well, ratios. paid that's loss suggest I'd

would a you And further, are how relative to look those reserves. would some much were carrying total relative In at case to to we IBNR have to I that, how look I addition of at to encourage IBNR encourage carrying you years. much our for

to For your those -- hat should you directionally I hang something and think that on. give

Meyer Shields

XXXX, Perfect. does experience back leave really tell at or wanting expanded look less I question you had more you one XXXX? as property other of cat quickly. the exposure in sort And that if into you modestly on in you When can

W. Berkley

very that 'XX, is to a as opportunity. based think I provide XXXX mean quite saw attractive as longer what answer that I even no Is isn't, The But X/X continue perhaps that to at at good doesn't not. likely is an going far if that be attractive on least we it's to think it opportunity. it

to we be continue as a would profile. growth a in rate. earlier, by far but our the But we risk cat measured in a the dramatic doing way, going as don't driven very think really shift opportunity. I -- is to -- bit you're bullish the you see more, on So are I said not property as goes

Operator

question next . of Brian from line Your Meredith with UBS. the comes

Brian Meredith

A couple here. things of

First just here. one, just clarity that, on some

did do type see won't in in we I we So obviously, all assuming growth at of area. property 'XX. X/X? in opportunistic know you that growth you the saw in XXXX XXXX pretty that big I'm in reinsurance. same were What

W. Berkley

property far writings? as our sorry, as I'm

Brian Meredith

Property [indiscernible]

W. Berkley

moment. I market cat I check I was at at share was that X/X market can said make was know property differently, view that I peaked, you I Brian, with maybe that our I'm the what still [ not But to counsel attractive, believe I'm at want general ] X/X/XX to but that to share with general it is share you. happy least still allowed quite I think but or is to with very the has it for the also sure it on as think that with I as attractive attractive, that very think our you,

Brian Meredith

retain and then to is of business time bit Interesting. we adequate. the there. earlier. reinsurance I'm a you Rob, rates program want curious, market ceded maybe in are about I this next that guess because the my Okay. kind quite The question, just more your do And that this flexibility talked of little just

of retain compared wouldn't it? still relatively low and history. kind lean Why to is leverage here operating of in Your just you more

W. Berkley

business the have are to we're thin, colleagues at are that the some if are to it's transactional is some whether what and you figure use we are that that capital. and partners to thin, and renting relationship. pretty And them a And that of off, parts perspective we our table, rent are people and our And we makes ultimately, likely are are try the are recognizing through my are we're much nature, theirs. going our own those thick there we out people and not that going partners in there more the cut choice, math, And we questions. to thick grappling whether with Those a going of will. we more come good exactly transactional where marketplace there our their reinsurance doing or Those to sense. are from

parts the So that push business flagging. we option the that for were keeping of reasons us, exercise more are marketplace there you're to of exactly where reinsurance might the if

Brian Meredith

what's push guess rate, inflation right when pushback now client incredibly I it XX, about a industry that you've to Got picture you. and attractive. been and And I little of trying right? they've ratios that couple is good the I if in the I'm XX at can with are years, look returns the just incremental last as been, but cost the I get they're reporting industry there of pretty I is, question big and for mean, one then and my as years, the least the question. you're in curious, the lines companies improving consistent generating the is have broker margins loss then combined and been pushback commercial at kind ever ask but so bigger,

W. Berkley

enough to pretty close broad not I'm it, but I think a using we're brush.

a look think by you necessarily the it's property even better line finer at for think years of I write of product that some one of it been lines commercial the or wonderful if some personal look folks hasn't line X books, I at that back today. done, to Maybe the really needs a is day bit them. all when line. use it product But at brush a players, and

I XXXX is I all experience remarkable to attractive be carriers. quarter participants. think be I for I QX But for think as earlier, going don't think this a really proved many to market suggested

think that in industry for it's with on the moments lot total you I other many a today better at Yes, that companies than year, head is a of for So I again, I But time. everyone's for look not return with do hanging two. the the XX agree the place results, think insurance been at a lines if product comment. their in that starts

Operator

Your Josh line next the with question Bank comes of of from Shanker America.

Joshua Shanker

a probably question up the looking stepped and Rich $XXX income at here. traditional That's million third the I'm investment quarter. materially in

a onetime large that about in a the think yield is in implied the approximation pretty of type that the there coupons yield fourth was where lot. good quarter? step-up the book have of Or onetime for this up number? through on change I XXX, can XXX dividends stepped a You're That's quarter. or Is any

Richard Baio

and have the seen Rob a roll-off rate in higher where at to increase, terms his earlier is. perspective, where alluding is been rates, fixed in new an and have Josh, of overall money some was we I'd able remarks to say as from So the in certainly maturity we of yield. book reinvest the deploy capital

So Argentina as some adjusted you certainly, a inflation well. of are securities have that with bit own a we contributor We to been big regards little that's an if will, to uptick, it. did that in

I say, be the you third an where from tell the uptick. the around So core in we which that did create book quarter, would is I that of a certainly the would little would were at up yield X.X%, But bit end of quarter.

Joshua Shanker

X.X the Rob, rates have spoke, now even about the and X% money and the in available since these of new all yield the action whatnot and at company, going yield began. any the there given the you new yields in happened of intention desire right at year years. now? And lot on chatter some market everything, Is a may being higher about excess to crystallize there or still Is duration right

W. Berkley

is We're goal bit to I move your out opportunity if it to our if duration to Josh, presents move understanding that that is to want going make a I'm it. question, from here, itself the out sure regulatory...

Joshua Shanker

way, a it. way putting of Same works different This yes. to,

W. Berkley

Yes.

when to out is So it to move we're going opportunity. out, our the we it of see window desire move but

time? way X.X out move X.X, we Yes, that we're sense. that So X.X, to would that but over ] a makes like do [ see would, to to we in going

when going punches. lean a So a would volatility. see the working encourage stay with that things And into tuned. in remarkable to the roll I we're again, world. lot we're you And trying it's we're of there's to and the just with And volatility But to we try us, window.

Joshua Shanker

And question. one investment-oriented last

to type lean macro make the investment of to in the time, for outlook sense portfolio at this investments? does more it Given fund in and point the things perhaps of contribute

W. Berkley

that this the given what We're or think don't once think with I see a there's was And while same as to quite not I fixed very I the where just income portfolio in alternative encouragement it's general traditional stage, think to level look fixed alternatives. is I contrary. at still mix, Actually, it income pleased directions the rates exiting as don't us us. of compelling the as are. offering

Operator

Your next line Kinar of the from Yaron Jefferies. question comes with

Yaron Kinar

property question, first just Just looking at market. the

like So pretty it still a but sounds returns maybe there. seat attractive

if correctly, as more have well. [indiscernible] more of I look at your [indiscernible] exposure. book that we through remediation that in correct? costs you think thinking than guess, I property as guys growing 'XX, you're through on still efforts some the Is gone through rate with mind, book exposures. that I

W. Berkley

I want to draw a distinction.

was like in that reinsurance to distinction and between may I'd primary they market, peaking the versus risk a peaking clearly are addition off, not comment in First far I the the they market And opinion. as to one draw property between market suggest or that same in property market the cat draw it's suggested that, insurance as in a things be market. the our to important the versus that property would reinsurance because distinction cat

the particularly the it look, reinsurance I moment. Generally And it. exist property, going certainly well lot that forgotten, space, lean basis the grow relates the it opportunity for the on well as the the net on are E&S far if worth a of of the exists and business, opportunity to speaking, they to at opportunity as we front, using margin, is continues both in to reminder, As the colleagues also. property as paying our we be in as we in not are a are And when nonadmitted comes we as at our marketplace that like desire just as that admitted like to meaningful to insurance high think lines. into to opportunity the course, to paper One primary commercial rate attention Berkley the creating

Yaron Kinar

Schedule and this namely stage. the at maybe And we've on later When and helpful. be you'd if reserves by year my answer That's see then and XXXX offset maybe the willing we a second not we this at look favorable the question, similar so strengthening in 'XX? liability what sure older vintages, trend we [ Would some ] seen XX-K in of P and I'm to even quarter. to far releases results through from see year-to-date, the this

W. Berkley

this I to very I see having our that. Look, far different think not. it all or have a approach. for will done right. our take after make We after us? well and think probably take And do. Do a this we it reserves you getting to that massive of folks XX to problem directionally, that some just deal take other comes think XX charge. that are are There through Yes, to need then behind that year way that a quarter than they sudden, and with when approach we on year. they we're ignore organizations quarter, giant I they trying it I Do monitoring some it's different yes, sure

that needs more the it is XX we And think we and every think approach. where more it we're at frequently, looking to tweaking it view days to that's or Our we're be. sensible

going the you'll some good years news has how the recent that more been some I of had along as that very information. Do we've coming see way challenges think again, we to out But continue years. to the clearly, optimistic play and the So about I of that's out. be older used

carry to those lot of the rearview again, amount to think we shrinking in IBNR the there encouraging in continues some by continue a referenced think, signs, challenges I years. the recent of I be mirror are around and of And I minute. earlier . the as more

Operator

have we more do to continue? questions. like Would We two

W. Berkley

ahead and those go Thank much. we you so . if get don't Why Yes. Sarah. to two, please, we could,

Operator

from the comes of with Alex question next Your Sachs. Goldman line Scott

Taylor Scott

have one just I one you. quick for

fixed at good very Obviously, before But similar been estate estate? is real have of are is market? asked kind to trends stabilizing higher now yields. attractive in what in estate income right what real seeing time. of you guys a You opportunity . lot there real over any Mike a you question ask investors thought more I the just you I'd sort

W. Berkley

particularly Residential on of a more clearly, been has and office far be, As been as estate been been commercial real has a goes, to lot place good front challenging. stable there's reasonably the opportunity. has

market attention. including you close real or paying We're alternatives, that hurdle, much for But when cetera. will, we high-quality indirect the Are et if opportunities? good income we're of be occupancy, own et direct us, you assets in like at for both fixed Fortunately, the quality to as some is estate very with where is the a look very assets the place and there, feel higher. the cetera, as well there going

which there step do a is adjusted, fixed prepared are money hurdle higher we good great we with when where attention but like income can you if risk forward? the on we considerably to new yield, it. good that and gives are we look liquidity So paying portfolio, opportunity, was Yes, this us at

Operator

from final comes Markets. Your with of Heleniak the Scott line Capital RBC question

Scott Heleniak

quick Just two here. questions had

kind opportunity here. any you're submission there's about QX sounds submission just quarters, If there? it's most you past you where can talked few attractive you pretty that's Can lines of areas and be much? on -- encouraging versus changed The it's an count, market asked, like Ian still. count the Just how particular to comment or the trended for the seeing where more

W. Berkley

the So been most as far has encouraged not that that to would an very broadcasting. for. robust have the and it to remains to that thirst as where the That's unquenchable continue as or answer something as that you are. as going opportunities I give area take, an market seems remain encouraging products standard we liability be is ever, tell we're

David Motemaden

mentioned appreciate able that in those the later. How are year. the then you I just And many you had last of did one talk that. you particular? those, the is some have if But startups to about you during can And is Okay. there know now, give you on have can what it -- on I if comment it get is you that just don't out. you premium don't anything that? more I

W. Berkley

of else recommend and Scott, if share what what we and up what it's get with I'd a accessible Karen manner. is to as Rich can or and can. that us that trouble anyone in sense better to SEC the I to in have follow all you you they'll don't we with want

Operator

turn Mr. over call closing will I remarks. Berkley the Rob for to

W. Berkley

exciting how Have speaks April. level. speaks you forward year thank beyond. 'XX, at you for to with positioned We for The well most the much, likely we to high a very and time for Sarah, 'XX the all and news as you earlier, a we your you in And again itself. perhaps of time, the speaking good think continues suggested thank appreciate and quarter is itself, your participants. but Okay. look thank this to perform are for organization evening. We I not the

Operator

thank We joining. call. for conference today's you concludes This

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