Dave Motemaden

where we stand just on rate versus trend in both the U.S. and internationally.

does that change sort of how you're thinking about the growth opportunity there as an offset to the headwinds on the property side?

are you seeing higher seeds on on casualty REIT just given the supply demand

How we should be thinking about the current excess capital position that you guys have before we start thinking about you know, running through the puts and takes on on growth

Is that having any bit of an impact at all on the underlying loss ratios in either segment?

Could you talk about the movement between long-tail and short-tail lines between those two? Any sort of things to point out on that front?

the press release had called out some attritional losses, higher attritional losses within the underlying loss ratio there. I'm wondering if you could just elaborate on the nature of those

Wondering if your outlook has changed at all in terms of the growth outlook there, how the pipeline is looking and if you see this sort of growth being sustained?

the $147 million of structured deals that were non-renewed. Just so I'm thinking about it correctly. Were there any other chunkier quarters in 2024

the insurance underlying loss ratio, I think last quarter, you spoke about it running at around the 58% level going forward. It obviously came in nicely below that this quarter.

wanted to get a little bit more color on the current accident year loss pick increases that you noted. It sounded like it was minor.

I'm wondering if you could just talk a little bit about the rate adequacy specifically within the casualty reinsurance line. I know it it's a it's a broad line

broken out some of the different components of organic between net new and then like price and exposure growth

that were to get down to like, let's say, down 10% or 11%, how -- could you help sensitize the organic growth

is that something that, you know, you guys can sort of, you know, implement any sort of process improvements or anything in terms of, like, assumptions starting at the beginning of the year to just...

could you just talk about what RPC is trending at or what it was in the third quarter compared to the second quarter and maybe where it was in the first quarter

It was encouraging that RPC held in at down 5%. I think it was down 7% in the second quarter. Just given the light storm season, I'm just wondering how you're thinking about just the property marke...

that you guys are assuming a continued 7% decline in property RPC? And then maybe if you could help us think through some of the sensitivity

Any sort of early thoughts in terms of how you're thinking about organic in brokerage in 2026

when you look at your middle-market property book and small market property book, would you say that’s more SCS exposed and, therefore, the pricing might be a little bit more durable

What’s embedded in the outlook that you gave – the organic cadence that you gave?

I was surprised the RPC stayed at 5%. Just given the property price was flat versus up for last quarter

the underlying brokerage business is running at like a 7% to 8% organic growth. Just on an underlying basis, but then the 25 range is in the 6% to 8%

where that fits into these, you know, these different buckets here in terms of how much

how you guys are thinking about advertising spend. When I look at the efficiency of ad spend in the third quarter

where are we just in New York and New Jersey on the new product filing and maybe opening that up to new business?

how much longer until we really start lapping those headwinds, just sort of level setting that

do you guys expect to deploy all of that in 2026? And then relatedly, in the past, you guys have given acquired EBITDA targets. Is that something you guys can share for 2026?

Maybe you could just talk about the talent pipeline and if you think there's maybe the potential to get above that 8% growth in revenue-generating roles

I was wondering if you could just size the tailwind to organic growth from the M&A services for both the total company and then specifically within Commercial Risk?

I'm wondering if you could just elaborate on some of headcount growth and the productivity enhancement as we think about the cadence of the organic growth within commercial risk

Could we get sort of the combined margin base for I guess, as we should think about it for the first quarter just given the time of 2024

Is that back - or is that sort of at historic levels, below historic levels? Is there continued room for improvement there specifically, just to get back to where we were historically?

zero to two points from the net market impact of rate and exposure. Could you help me think through retention improvement efforts that might be a tailwind, to growth as well as what you guys have a...

as property returns come under pressure, do you expect to see increased competitive behavior shifting into casualty

Could you just talk a little bit about the strategic role of the worksite benefits business within the broader portfolio

how that manifests through margins? Because it feels like that's margin accretive, at least over the last few quarters

The December presentation showed about 150 basis points of combined ratio improvement from the digital transformation over the next 3 to 4 years

excess capital, I think in the past, you guys have talked about it as a drag on the ROE. I guess how can we think about that

had a question on the ROE outlook increase to 14% plus from 13% in December

Just in North America personal lines great to see another quarter of current accident year ex cat loss ratio improve

it was good to see global P&C growth, excluding FX, is fairly stable again this quarter at around 6% to 7%

it definitely sounds like a tale of two cities on the property side with still the small middle-market remaining healthy

within the overseas general business, I noticed the Europe growth ticked up a little bit, probably too early to see any signs

I had a question on the--for Peter and Evan on the favorable long tail reserve development

just hoping to get a little bit more texture on your expectations for the 6/1 and midyear renewals

should we be thinking about maybe a little bit lower on like continuing at this level

I was hoping you could just size for us the stranded overhead associated with the renewal rights deal. And I know

Anything -- any other changes around the casualty reinsurance reserves in the fourth quarter that you guys want to call

I think when we had the reserve update at the end of last year, there was $180 million of risk margin in that book

I was wondering if you could just elaborate a little bit on what happened exactly there

if you guys deployed any capacity in aggregate covers more so at midyear than you did in the past?

Did you make any changes to your forward view of loss picks on that property business

what sort of reduction do you think the market can bear while still generating attractive returns

what sort of cat load we should be thinking about for Everest now that there's been a more

Have you guys been doing something similar and stepped up your engagement with your cedents?

you had mentioned a few areas of further cost savings across the business. Yeah. I think we are streamlining procurement, legacy software, optimizing third-party data agreements. Could you just tal...

It sounded like the pipeline's good. The environment is getting more constructive. Some of the changes to sales incentives and product investments have been gaining traction. But could you just hel...

I just wanted to just level set for where we are in terms of the 30 to 50 basis points ASV contribution from GenAI this year. Are we tracking in line with that? And as -- in terms of the traction y...

unpack some of the movement in the underlying loss ratio in Business Insurance this quarter

Could you just talk about maybe some of the short-term disability trends and how you're thinking about the disability loss ratio throughout the rest of the year

how are you thinking about that ability to sort of shift your mix in 2026, just given you know, a softening property environment

How much of that was exposure that acts like rate how much was pure rate

are you guys -- I guess, how do you think about that sort of non-CAT weather plan? And how do you consider changes that you guys have made in terms of terms and conditions

I know you guys haven't changed the 5% severity assumption that you guys are embedding in the picks. But I think about a year ago, you had talked about observing an uptick

how much worse the pricing is coming in versus your original expectations for the year? And what was built into your loss fix

what sort of severity assumption you guys are embedding in the reserves on the more recent years

have you guys changed your approach, to just detecting these trends over the last year or so

if we got more Fed rate cuts, how you think about that potentially impacting your issuance outlook as well as on the M&A side

Could you help me think through what's driving that uptick? Were there any big movements in the long-term building blocks

what's your exposure to in terms of revenues from personal lines, brokerage or micro commercial, where like you guys are only placing a single policy

could you just remind us how much you guys are spending on AI just broadly within the tech budget. And I guess, who are you partnering with

I think I heard $205 billion in data center construction values that Marsh US handled the leading market share in 2025. I mean, it didn't look like that had a meaningful impact on the results

is that something where you guys think about adding talent heading into next year using some of the gross cost saves

I heard the pricing was negative in a lot of the regions, but the growth continues to be to be solid. How long do you think that can sustain

How much of the revenue base at Marsh is exposed to that more discretionary or project-based spend

Could you help me think through how much exposure Marsh has across the company to government consulting or government contracts

was it all just the pricing slowdown, or was there any impact from maybe a little bit of overlap with McGriff

I'm wondering if you guys are seeing any impact on both the primary and reinsurance property markets

how are you guys thinking about where the book of Robinsons stands today as a percentage of the total mix?

where cost per sale compares to your targeted acquisition costs now versus three months ago or maybe six months ago

I'm sort of looking at ISO data. I think for 10 years up until 2019, industry frequency was pretty flat. And now when I sort of look since 2019

Are you seeing any impact just from customers that might not be filing claims and sort of with the deductible, just sort of eating the claims?

how much is the mix dynamic versus how much is more just competition.

if you could help me think through the improvement in renewal applications growth that's come at the same time

Tricia, I just wanted to talk a little bit about your appetite for continuing to ramp the advertising spend.

Are you seeing any meaningful differences in usage patterns or engagement with your data across those two broad channels

have you seen any changes in MI sales cycles? And just given the announcements of some of the GenAI enhancements at the LLMs over the last 6 months or so. Has that impacted sales cycles at all?

I'm wondering if you could just talk a little bit about the pipeline and what you're seeing. If -- it sounds like some execution you guys have been doing has been successful

I thought the underlying loss ratio in BI was definitely better than I was looking for. Could you just talk through the moving pieces there

Any sort of thought in terms of how we can think about the buybacks throughout the rest of this year outside of 1Q

could you help me understand a little better the moving pieces there then just relatedly, just the cost of that

You gave the RPC and rate ex property. I was wondering, that's a new disclosure. Wondering if you can just talk

How concerned are you about the durability of that? And if some of that weakness that you're seeing in large account

in 2Q last year, there was about one point of light non-cat weather. Any of that happen again this year

I'm wondering if you could just talk about how you're thinking through the impacts of the tariffs across your businesses

when I think about the 2%, is it right to think about just adding back that four points of reinsurance drag

just adding more IBNR to some of those casualty lines and then maybe just looping in the decision to increase

I believe you had mentioned that you added 4 new carriers to the core lines contributory data set

I think it's around 5% of your existing revenues, but it's also growing in the mid- to high teens. And then you also called out a decent-sized cross-sell opportunity

it looks like in commercial P&C, pricing is starting to get a little bit more competitive. We're also seeing that on the personal auto side. Are you seeing any early signs that your customers are g...

you had mentioned that you rolled out 13 modules across Core Lines Reimagine in 2024 and how that's driving better price realization. You had also said that your increase -- or you're introducing a...

I was a little surprised that it hasn't really changed that much. I think it's been there around like the last few years

the growth in the insurance business in the short-tail lines continues to tick along at 5%

Is that short tail, is it casualty, is it professional lines? I'm not looking for like specific sub lines within those

just go back just on the PYD. And so it looks like a little bit under $11 million in insurance of adverse offset by about $13 million of favorable in reinsurance.

there are some pockets of competition picking up there. I was wondering if you could elaborate

At least on the insurance side, didn't really look like there was anything going on in terms of the loss pick

had just a follow-up question on the reserve development within the insurance segment, the $11 million

has that made you reevaluate at all your outward program? One of your peers purchased a little bit more coverage

is normalized growth, is that -- is it back at 5% this quarter? I mean -- or in April

Could you just talk about some of that new business that, Lucy, I think you said it was timing related. Could you just size how much of a drag that was in the quarter?

on the 80 basis points of margin improvement, in 2025, excluding TRANZACT, just wondering if you could walk us through some of the puts and takes that you think about heading into 2026

just seeing if you guys could size the impact of some of those tailwinds that you called out, including the digital infrastructure and M&A activity?

could you just help me think about just general employment levels and how that might impact some of the contracts that you have, particularly in BD&O

If you could size that impact that each of those had on each of the segment, organic growth rates

you had mentioned, the transact sale was a headwind to free cash flow this quarter. And will be next quarter as well. I'm wondering if you could just size that

what sort of hiring, and what sort of employment growth within the Willis employee base you guys saw in 2024

in 2021, and I know I'm going back, but back then, you guys had called out around 70 basis points a year of natural operating leverage