Andy Kligerman

Where are you seeing risk-adjusted returns in property catastrophe reinsurance.

what would the normalized growth have been in the absence of those items? And the Part B is, how are you thinking about growth going forward in that segment?

is it possible that E&S premium as an industry starts to decline over the next few years?

casualty rates in general, I'll and point them at around 10%. But I'm hearing reinsurance pricing in the casualty area has come down a bit.

Could you give an update on where you are in the process of incorporating data and analytics? Is the performance -- the underwriting performance where you've -- is it where you expected it?

How do you see those cycles playing out as we sit here today? How much longer will we see property pricing come down? How much longer can casualty pricing hold up?

could you call out anything around commercial auto and other liability, net plus or minus in both Insurance and Reinsurance, how did that perform

maybe a little color why you don't fear that that that could get out of hand and, you know, we could wake up one day and just see Arch Arch get hit

could you give us a sense of the rate changes in those areas in both reinsurance and insurance, respectively.

Could you talk about Arthur J. Gallagher & Co.'s ability to retain its producers in particular

And disintermediating the intermediaries. I've been getting that a lot. And it's around kind of small commercial

I recently spoke with 2 competitors in the small to middle market brokerage area. And both of them kind of said, in this shallow pricing environment, 4% to 6% is a good organic run rate, that it's ...

if a deal were to present -- a large deal were to come across here, your desks or if a deal outside of the United States that were large to come across your desks, would that be something you could...

it sounds really exciting. You've done 9 mergers already. No disruption from Assured Partners. You can just kind of keep going

I just heard an E&S writer say that we made the same point as you about June seeing a big drop-off, maybe 20% to 30%

your operations in India, the Center for Excellence, where I think you have about 12,000 employees right now

how that has progressed in terms of agent count and retention year-to-date

any way that you can share a benchmark with us that kind of puts Allstate in one place

you've touched a lot on this call about middle market opportunities. Is that coming from NFP people? Is it coming from prior Aon talent. Where is it coming from?

Are there potentially big ones out there that you could do? Is that something you're thinking about?

looking out to 2026, how are you progressing there? What can we expect along these numbers? Any specific numbers you could provide around these metrics

How should we think about the dynamic with treaty? Is that kind of taking from treaty? Or do you see kind of an uplift in both?

Could you give a little color around the backdrop of how pricing influenced the 5% plus, how exposures influenced the 5% plus

Could you give us a little color on the M&A pipeline? I know in the slides, it mentions that it's robust. I mean, any statistics? Could you do a big acquisition?

How big of our business relative to the overall revenues of reinsurance is ILS? And could that be a big driver of continued better than expected organic growth?

how well integrated is the platform such that, you could do another big deal? Like if you were - how do I say, if you felt a nice opportunity was out there, would you be able to do it now?

financial lines net written premium was up 5.4%, workers' comp was up 3.6%, an acceleration from the prior quarters

another outstanding prior period development favorable $268 million. Curious about the casualty piece, commercial auto excess liability

how does Chubb stay ahead on tech, on data, on underwriters? Like what is it that keeps you ahead

could you talk about the casualty development in the quarter? Was it adverse? Was it favorable? Anything by vintage

in reinsurance, you said there were pockets of strength, and I’m hearing overall in reinsurance casualty

I would think that implies like north of a 25% return on capital. Is that right for the Property Cat reinsurance?

Maybe you could help frame the outlook for that as that business as you get through 1-Renewal

could you kind of walk us through the next few quarters? Would it be more likely closer to 23% in the second

is this the gift that's going to keep on giving? What should we be thinking about assumption update potentials in 2027, '28, '29?

What drove it up in the fourth quarter to see a 2% drop in average producing agents with a 10% increase in sales?

is there a chance that the dynamic between med advantage and med Supplement kind of shifts in the favor of med advantage

you've got a newer worksite enrollment platform, a new recruiting CRM with different kinds of data and analytics, Those 2 things, they sound very interesting. Could you elaborate a little bit more

you mentioned low single-digit sales in direct-to-consumer next year. Is that just because you're going to -- you're having a really good second half of 2025 that you don't want to get too aggressive?

if we're a year out and that stabilizes, do you think that there could be kind of the flip side, a little bit of pressure on Med Sup sales?

you kind of gave a time frame where you start to see improvement in '26, but you really don't get to where you need to be or would like to normally be until '27

I saw a line item for legal proceedings, $4.8 million. Maybe this is not an answerable question, but would that be an indication

what kind of an impact is the virtual approach versus, you know, in-office having on your recruiting, on your sales

do you think that 41% is very sustained or 40% to 42% is sustainable beyond 2025?

could you talk a little bit about the resilience of pricing there? Is this a line of business that could hold rate increases, maybe a little bit of deceleration, but maybe it holds in for the long ...

Do you envision that being, you know, as big as the AARP direct to consumer the not too distant future? Or will it be very gradual

how long do you think you can sustain favorable renewal premium changes in small business? Is this something that you think would be resilient for a number of years

The auto line came in at a 97.9%, and I know there's a lot of seasonality there. But maybe you could talk about where you'd like that to kind of center

I'd like to start out with the terrific new business growth of 11% and 20% in small and then mid and large, respectively. I mean, those are phenomenal numbers

Could you remind me of the mix of in-force business in Global Specialty? And coupled with that, where are you seeing the growth? Is it small, mid, large

it sounds like you've kind of gotten to the profitability levels that you need. But I want to get a little clarity on when you want to grow

the mid-large kind of sort of let the combined go up by 1.4 points, and then it was helped by small and specialty. Maybe elaborate a little more on the pricing environment

does your high degree of confidence encompass you know, a pretty robust net written premium growth trajectory? Or could that underwriter's market that Moe is talking about start to

do you still have that momentum in Small Commercial in that upper-single-digits? And then, with Mid to Large at 5%

could you break out that mix between the '15 and '18, underwriting year construction defect policies versus the, IBNR on the more recent accident years

if you're starting with 110 underlying combined ratio. And then maybe I could take off the table 4 points from the Florida refund

Are you thinking just in light of all these pricing changes that you can kind of maintain that?

you still have about $300 million left. So maybe some color on your thoughts around share repurchase going forward

color on frequency and severity. To what degree are you seeing frequency this year? Is it still a little low versus prior year? And how about severity?

with regard to the other states outside of the big 3, you're up a really robust 13% on PIF. Any standout states that you're getting excited about?

outside of California, to what degree would you say the competition is back in the game and fully competing as if it were 2018 or 2019?

the comps just get easier and easier, especially if the three areas, where you have those three kind of rows, California, Florida, Texas

The earned rate, should we expect about 2 to 3 points of earned rate in the first half of the year

the leverage that you would be running to max is 6:1. Was that on a gross premium basis?

has pricing gone up? Could you give a little color around how pricing is in your ad spend?

where are rates going right now in that book? Like, were they up? Any detail on where rates went in the quarter

whether your AI has leveled it or maybe you're even ahead of competition in utilizing data and analytics?

So that's about 4.3 points of favorable development. And I'm curious as to where you're seeing that from, what accident years?

How do we think about that 30 to [ 35 ] expense ratio, where does that kind of settle out?

could you share with us anything about these algorithms that's unique to Root and gives you that competitive advantage to find it a 20% LTV improvement?

How should we think about that 29.1%? Is it more likely to be closer to 31%, 32% like last quarter?

Should I interpret that to mean that pricing was kind of flattish?

the net being 3.2% against the gross at 4.5%. Any read through there with the lower net? Any color that you can share

Prior year development, anything unusual in the casualty lines, plus or minus?

why the big buyback in the quarter? And what's the appetite buyback versus dividend and where will the leverage be?

how are you thinking about 2026 in terms of growth potential because of those kind of disparities between October, November versus December and January?

Last quarter, you were thinking maybe 8 to 12. Should I be thinking we've kind of migrated more into the kind of mid-single-digit zone

rate increases were 7.6% ex workers' comp. And I know that you're kind of writing a more specialized, higher risk line.

I was particularly interested in the short tail lines up 13%

Looking at the other liability net written premium, it was up at a solid 9.5%

it sounds like, specialization is still very prominent part of your plan? And could you elaborate on what you mean by new geographies

is there still a tailwind from that as those producers kind of mature into their new roles at WTW