you, Pete. Thank
call overview we’ll of a open do and then outlook and questions. we’ll the market conditions brief So for
last be with to quarter, continues environment As the favorable. market
does pricing lines As of great or vast Nevertheless, above loss expected, to average be increases trends. the was to almost moderate. with quarter, to rate continue the of of XX based, rate pace achieving pricing improvements our rate broad change the book majority continue X% marking product The increase XX% to insurance since the quarters straight positive cumulative change, book beginning our bringing for for in our the of XXXX. change equal
and recent American By of lines close trends, once X%. three was at that pricing strongest professional I’ve close to By business pricing parts. explained closer again region class saw X% international to diverging the of stronger average professional But XX%. noticed best are actions market in increases rate was as while quarters, North and to lines with
experience The increase which XX%. with an of rate first cyber, market is continues average hard conditions to
opportunities drivers new reductions. the led is number The Consistent XX%. in of public the most environment. a capacity in seeing second which more new increases our prior D&O decrease was in competitive This business professional greater and decrease is exhibiting recent driven a fewer while filed more quarters, strong the and the and is This price much coming down with has X% less the past conditions, business of back combination of of traditional to modest specs, which IPO online periods, renewal by and rates line is cases, overall lines. channel a IPO more are these with than businesses, reductions of than changing this
and geopolitical requires put that we’re and risk we pricing than on and is business did view adequacy, Our time and public demand last selection period uncertainty, this in notwithstanding factors, less much market assuming and high a writing risk. supply in pricing we’re that economic focusing at for of therefore D&O Thus, year.
strongest professional thirds over book increases X% averaging the other rate However, lines, primary which with two rate rate up of are X%. remain our the Property lines other comprise Casualty X%. more nearly experiencing average about quarter, a than were XX% of up more excess and rest digit of healthy, and casualties of went over the nine with our specialty increases. than bit of casualty also lines single
was pricing. continue a year-to-date portfolio our to rate new just if During renewed flat not prior up. to we of close and the better in average XX% insurance see quarter insurance our as basis, metrics On business overall increase than at to XX% strong renewal quarters, pricing least as
Let’s turn to reinsurance.
reinsurance quarter Pete As reinsurance the XX% will than January our of of relatively a just our By for over noted, small X. comparison, at renewal periods less third business. business renew half impacting is AXIS
the X%. For rate quarter, increase the to third was average close reinsurance
all accidents Liability Aviation generated up XX%. lines and to professional the increases and both motor close digits. were XX%. of Marine, about are up single health and high in
reinsurance This than to brings to is year-to-date in increase year-to-date equal bit saw almost showing book X% other our pricing rate D&O lines While consolidated On all than a up modest surety the rate higher trends. our or basis, more average change than AXIS a credit loss and with gains. X%.
third of in XX%. increases XX average insurance was XXXX This first were quarter the below where rate
trends to abate to to anytime We longer loss adequate complacent. industry be XXXX. back We’re soon. comfortable is lines. the higher Nevertheless, accustomed levels the the last has to of get for have generally to over for we’ve years The that become are to to unlikely current would we most inflation dangerous and couple financial attractive it pricing in witnessed get see been unlikely prior
least the inflation we must that pace this in industry, continuing with trends pricing line sustain seen at loss as an hasn’t industry social XXXXs. emerging since to While is
earn they’re not industry book likely Ian Recent and has Global is industry This would retro meaningful and hurricane accommodating Since bear the to reinsurance of talk amount developments in continue. substantial where the straw losing we the sixth that a reductions in back capital value with cost the been broke that capacity. year of be the capital. have likely will taken indicate pricing reinsurance. the spoke, its discipline of will reinsurance markets, may last
We reinsurance terms firming cat for likely in hard expect lines we’ll in market well. and as see other a property reinsurance XXXX
that optimistic to heightened primary to pricing reinsurance adjust which reflect companies margins. find in risk will we cautiously ourselves as the as as We’re their higher both so environment protect current well costs
a appetite. the We standard also aligns overall expect wholesale transition to markets and reduce risk see to risk the ENS markets more
In particularly this is AXIS well positioned. environment,
positive team growth. talented are We are of a and will a foundation with record and seeing less now to into taking its for XXXX consistent relationships established our book had belt. has profitable for portfolio most that markets profitability. great specialty strongly a we’re provides strong performance lengthening a The that in under volatile lead the track that the growth producers We’ve much
is We’re AXIS confident for bright. that the future
with questions. And the line let’s that, Operator? please for open
