Greg Peters

if I look at the fourth quarter '26 projected pretax income, from Assured Partners at a 194 down from the 201 in the fourth quarter '25. So I was just—I know there's a reason behind it

the $160 million of synergies that's not in these estimates, you can confirm that. Is that -- can you talk about the geography of that

I'm just curious how you think this is going to play out over the next 2 or 3 years because certainly, it seems like large account property is under a lot of pressure

you alluded to the opportunities that you have to expand margins in all type of organic revenue environments. And I think it's particularly interesting

you were pretty forthcoming with details about how you expected margin improvement to materialize and retention and organic revenue growth to develop

talked about the bifurcation of renewal pricing in the small to mid accounts, which was you defined as less than $100,000, and then the mid to large

Given the substantial potential loss to the insured market, I'm curious if you could give us some perspective of how it might touch your operations

how you think it might change for you guys in terms of what regulators might ask you to do over the next 24 months

give us some perspective on the competitive landscape as you see it today. Both in auto and home across the country?

You introduced ALLIE. I'm just curious what that looks like when you get to a more complete phase

How is technology going to help you improve your retention?

it looks like you have more limit this year versus last year. Maybe you can just walk us through some of the decisions

Can you talk a little bit about the frequency trends? And one of the things that seems to be popping up more and more is the embedded technology and accident avoidance technology

Do you anticipate bringing this down below 20%?

it looks like there could be some material subrogation event for you on the wildfire

Can you give us an updated perspective on how you think your pricing is on a competitive positioning basis versus your peer group

Can you provide some view of how you are thinking about the ROE going forward and maybe what the board how the board's viewing it

have you changed your strategy about retaining your producers? And more importantly, can you talk about -- and I know you're not going to talk about ongoing litigation, but can you talk about, gene...

Can you just spend a second and talk about the $750 million set aside that happened and talk about your perspective and the due diligence

I'm wondering if you have any visibility on how the timing of those costs and synergies might be realized over the next couple of years?

can you talk about the outlook for the flood business, the federal government -- the federal government program and FEMA

you seem to indicate that you're getting a little bit heavier weighting from rate increases versus economic versus the traditional averages

if you could give us some perspective on to some of the drivers there? And how your outlook is for '25 on net new business

how you view this type of technology and its risks to like the cyber insurance market, how you think it might affect contingent business interruption

How do you think, broadly speaking, about the new business penalty, the fact that writing new business could be dilutive

I'm looking -- I've been watching the last several weeks, the yen go down relative to the U.S. dollar

The large brokers are talking about the build-out of this infrastructure as being a big opportunity

just around the expense ratio. If I look at the year-to-date results on the PC consolidated policy acquisition ratio

the overseas general growth stands out as somewhat of a surprise. And so I was looking for some more color on that

how is it affecting the coverages for casualty and general liability? Is it making it uninsurable

The tariffs are an issue, potential for increasing inflationary pressures. You called out the risk of recession

when we ask you about technology, we'll get a couple of sentence answer, but it's really hard for us to figure out what's really going on

in your press release, you say you’re growing operating earnings and EPS at a double-digit rate

you mentioned in an earlier response that you expect commercial auto pricing

the first question is just on the new business trends

where as this reset continues, where it's going to -- where the final resting spot is

What's your net -- can you remind me what your net retention is

just to growing sense that the pricing cycle's kind of peaked

Can you can you talk about what your perspective is of that market looking forward

the gross loss might be or what you're pegging for using for your gross loss number

it feels like when we go into the June renewal season that there could be further pressure on reinsurance pricing

what's the final destination if you look forward for the global Wholesale and Specialty business when we think about

How are you thinking about that business in the '26 period of time, considering what looks to be like a lot

the potential risk of spillover into the reinsurance book on your casualty business

we're hearing and seeing some pressure on rate there. I understand you're 1-Renewal position on casualty

how reimbursements from the California wildfire fund might flow through and ultimately come through Everest Financials

give us sort of some framework about what your budget looks like for capital management activities?

how you plan to manage volatility considering that you're non-renewing all this casualty business

how you expect The Hartford to perform beyond just a couple of quarters with the rollout of prevail and how the -- considering how competitive the marketplace is

it looks like you had a really strong first quarter in sales. And I generally view that market as being pretty competitive. So maybe you could unpack

how you think about the margin outlook considering some of the pressures you talked about, especially the short and long-term disability loss trends

Do you have any updated perspective on how that business outlook for that business this year and how you're viewing your investments

there's been a lot of growing chatter around increasing price competition. Maybe it's not as relevant in the small market

can you give us a sense of how your tech budget looks for the upcoming year? And maybe how you're allocating it to sustaining legacy systems versus new initiatives

it seems appropriate given that you're going to have a year-end review. And maybe it might be appropriate for you to revisit how you want us to

does the 75% represent the final destination? Or is this some sort of -- is there some sort of aspirational target in the background

how you're looking at your technology progress and, you know, help us on the outside sort of reconcile what, you know, what's legacy maintenance stuff versus new initiatives that are game-changing

it looks like new business both in small and middle market. Was up nicely in the quarter

you spoke about the increase in the expense ratio in Personal Lines. I was wondering if you could unpack what's going on there

Everyone seems to be still taking A&E reserves and this is like this number goes away. Do you have some perspective like on outstanding claim counts

I'm just curious how they're responding, how your agent relationships are working when there's some volatility around how you're pricing business

there's the Specialty Auto business and then the Commercial Auto business. Is it oftentimes the same agent

I wanted to, for the first question, focus on your commentary about market conditions in Florida, Texas and then in California, where you say hard market conditions still persist

I'm just curious, given that the underlying results are in line with your expectations, how are you viewing your competitive positioning on a price perspective?

now that profitability has been restored, is there going to be a return to seasonality and sort of the underlying loss ratios

I'm curious about the consequences of the fire in California on other lines of business, particularly auto

How should we think about shar repurchase in 2025 as you balance that versus the growth opportunities?

can you talk about just the frequency and severity trends in your auto and how it sets up for this year's expectations

how you think about the efforts to recover your reinsurance pricing in your homeowners rate going forward

Can you talk about how you view your premiums to capital ratio? Is there any wiggle room

I'm just curious on how you're thinking about the allocation or difference between growth through M&A versus repurchase of your own stock considering the reset and value of the stock price

I'd like to go back to your comments on AI and digital infrastructure. And I guess I'm curious how you think the trends of investment in these areas by your clients could affect the long-term reven...

the company announced its intention to start a wholesale business. Maybe you could spend a minute and talk about what you're thinking about that

I'm trying to understand the connection there. And then on Career, I think that's probably a little bit more of your more economically sensitive business

Are you seeing anywhere in the system upward pressure on pricing? Or if we would look forward over the next 12 to 18 months

Maybe you can provide some additional color on which geographic areas and might it show up inside the risk businesses

I'm just curious what your view is as you continue to evaluate the landscape of potential opportunities, how that might square or reconcile with growing antitrust

I see the $60 million of acquisition retention related costs that go into the adjustments. So, just trying to map out what I should think about

what are you expecting in terms of restructuring charges in '25

I just want to pull out the growth in your TNC business, which seems to be positive in commercial auto

what does Personal Auto product 9.0 mean versus product 8.9 and is the difference that material?

what's your view on this technology, emerging technology?

I'm curious if price decreases can also be disruptive to retention, triggering shopping.

I'm sure you're using some technology to improve those costs relative to earned premium. Can you talk about what kind of leverage you have for further improvement in LAE

maybe you can give us some perspective on where you are with new money yields and book yields

related to looking at the Personal Lines results, again, Michael, just balancing profitability with possibly adjusted pricing to drive new business and growth

you have talked about your investment in technology every year for years now, and I am curious how it is affecting the culture of the company

Just wondering when the structural shift in the expense ratio might materialize. And maybe know, I was looking at

what does the Travelers business model look like in terms of top line growth on a consolidated basis

talked about the digital initiative you have going on in business insurance. Talk about some of the stuff going on

you're gonna relax some restrictions by the end of the year? Can you sort of foreshadow what that looks like

how much of the select or middle market business has exposure to potential market price competition

has there been any change in your perspectives on what your underlying loss cost trends are across your book?

Can you talk about what you're doing on the tech spend area? In response to this.

I thought maybe we could spend a minute and give us some more granular details on what's going on there

you talked about the select retention dropping down a little bit, doing part to some changes in your CMP profile

I am curious about the feedback they are providing you on the annual

is there any step change in your conversion rate of free cash flow on an annual basis? And if so, what are the driving factors on that?

you said the leverage is going to go to the upper end of the range and then you're going to delever and, at the same time, buy stock back. So just wondering how the mechanics of that work

a lot of your customers are operating on legacy platforms that are funky and outdated to say the least. Maybe you could just give us some color on how challenging it is to deploy your solutions

give us some additional detail on how you're thinking about organic revenue growth in the risk of broking business for the year

you talked about the some some headwinds from tariffs and potential economic volatility on the career business

Could you provide us some perspective on the geography, of where these are going to show up inside your reported financials

I'll focus on free cash flow. It seems like there's going to be some moving pieces in 2025