Rob Cox

do you foresee premium leverage would continue to fall like this as we get further into the soft market?

if any negotiations on terms and conditions started to change in the quarter

Any thoughts on the credit environment and anywhere you're leaning into or out of just given some of the noise in private credit?

as you start to renew the MCE book, anything interesting you're seeing either on the delegated or the non-delegated side? And how far are we through the non-renewals on the programs book?

there's been a lot of talk about digital infrastructure. And, you know, I think some industry participants have commented that growth in the economy, excluding digital infrastructure, like data cen...

RPC for casualty has dropped a little bit here versus the high single-digit levels earlier in the year. Just curious if you think that's a trend

I'm just curious if your thought process on contingents plays into your thought process on relatively stable organic growth next year

If pricing takes another leg downward, I'm just trying to gauge your confidence level in still being able to achieve like high single-digit organic here, and is that due to growth in adding new acc...

could you give us some insight into what level of renewal premium change you're thinking about within that

your growth has been a good bit stronger than your two largest competitors in the reinsurance brokerage space for a number of years now

the primary drivers of the improvement in new apps specifically within the IA channel

how the new business penalty has trended relative to your expectations

where pricing was excluding New York and New Jersey and maybe just more broadly

how you're thinking about holding company liquidity and how quickly we could see you guys normalize that level

I was just wondering if there's anything unusual, embedded, maybe any tariff impacts or anything like that contemplated in the loss ratio

Was hoping you could talk about the decision to ramp it up here in the fourth quarter. And I'm curious, what your measures of ad spend efficiency are telling you

we've been thinking that you could certainly grow PIF in both home and auto in 2025. Is there any reason why you would be hesitant

How are you actually measuring the benefits from the risk analyzers? And can you just give us some color on adoption usage

Can you just talk about how the Middle East conflict showed up in Aon's results this quarter

If we start thinking about stacking the benefits from the 2024 hiring in 2025 cohorts, does that get us to something like roughly 80 basis points in 2026?

the double-digit growth is significantly in excess of what some of your peers are reporting. So I just wanted to flesh out what you might attribute that excess growth to

has this changed your mind at all about the sort of run rate future investments in talent? And is this 4% to 8% increase annually sort of the right level

what are you hearing from clients? And how are you thinking about growth in exposures in the back half of the year?

Do you think reinsurance solutions, can continue to grow at similar levels, as we get into the bigger revenue quarters that, are kind of more driven by treaty renewals?

I think you said 4% growth in specialty revenue-generating roles, or something similar. I'm curious how does that translate into the organic increase in talent, for revenue-generating roles

I was just hoping you could talk through, you know, how is this changing how your business operates?

I just was curious to see what's driving that deceleration in casualty pricing increases and if you had any additional color to provide there?

How is the performance there relative to the U.S.?

Was there a benefit in the quarter from the seasonality of the Accession acquisition?

I just wanted to ask on the contingents, some strong growth in the contingent commissions there. Just curious, is there a theme?

Is that still the run rate as we think about heading into next year or into 1Q '25?

I was just hoping you could talk about sort of the sustainability of the underlying organic growth in that segment into 2025

you mentioned being mindful of the impact tariffs could have on short-tail lines and it's clearly a moving target

how the [ cats ] in the quarter compare to your own internal expectations? Any updated thoughts on how you're thinking about diversification into property

There's some industry discussion on whether or not distribution costs are too high and will come down over time. So just curious on your views

Do you still think that taking share in finding can help you out? Continue to have strong growth in small commercial

is there any chance we could get some, you know, broadly reemerging casualty caution in 2026 similar to what happened in 2024

the exposure-related portion of that. How has that been trending versus the pure renewal rate

just hoping you guys could remind us where you're trending some of the bigger lines of business to the extent you could share

Is that just operating leverage? And how should we be thinking about the sustainability of that, noting that you guys might have some ramping of the Personal Lines marketing spend

It looks like growth would need to accelerate just a little bit in the second half to get there. Are there certain product lines where you think there might be a stronger opportunity

I just wonder if there any noticeable difference with some of your larger peers getting more interested in the market and just the competitive dynamics

Could you give us a sense of the fixed versus floating breakdown in your invested portfolio

I'm just curious how, if at all, AI is changing the M&A strategy. Are you staying away from certain businesses pivoting towards others

just curious if you would characterize that business as a tailwind to organic growth for the RIS business

I was curious if you're more sensitive to pricing in certain geographies versus others

gives you guys an opportunity to expand margins at an above-average rate, or is this more like this helps in the context of potentially slowing organic

whether you expect the acquisition to be directionally additive or dilutive to margins in 2025

more premiums are flowing to a smaller number of middle market insurers, kind of based on their scale and data and analytics advantages

Why do you think Progressive is uniquely able to effectively deploy so much ad spend?

how should we think about your criteria for premiums to surplus on a GAAP basis?

Can you help us think through the potential size of the Florida refund related to the excess profitability?

it looks like direct quote volume increases have really taken off while agency quote volume has not seen exactly the same acceleration.

just hoping you guys could talk about the impact of the new business penalty today in personal auto

I am just curious if you think that these other states could have similar outcomes as Florida and if The Travelers Companies, Inc. would plan to proactively change strategy

I am just curious how The Travelers Companies, Inc. is thinking about underwriting exclusions for AI-related risks and if you are seeing this play out

you give us a sense of how much business is being unlocked for growth here? And if easing those can result in

When you think about the margin improvements during this year, are we seeing improved picks in casualty at all

Just curious how you all are thinking about this continued consolidation of insurance brokers

I just wanted to revisit the tariff discussion that you all provided us with helpful thoughts on last quarter

the casualty lines and the way we're thinking about those loss picks, yeah, you're right to remember that last year

I was curious if you also see tariffs eventually impacting the liability costs within your claims over time.

I was hoping you could kind of unpack the renewal rate change a little bit and what you saw over the quarter

I was hoping you could just walk us through what you booked for Milton, if that $100 million increase in current

where you think property is from a price adequacy perspective, whether it's ROE or whatever metric

Do you anticipate seeing further opportunities in professional lines?

could you just unpack some of your comments on the property cat environment leaking into casualty dynamics a bit.

I just wanted to ask about the catastrophe losses in the insurance segment.

just curious if you all still view this as sort of a 10% to 15% growth environment?

Is it fair to characterize the R&B growth as a situation where you're expecting some level of this Middle East uncertainty to persist in growth rates in coming quarters?

I just wanted to ask if there's any insights learned from the progress on the reinsurance JV at one-one

how do you expect talent benefits to materialize in organic growth versus 2025? And then also, how do you expect the level of talent investment in 2026 to trend compared to 2025?

If we exclude the impact of TRANZACT, the margins improved 100 basis points, as you all mentioned. If we do that in the first half of 2025, I think the margins contracted

Are we basically at steady state contributions from the talent investments at this point? And is growth -- does that make growth really a function of the core specialization strategy?

So net-net, are you thinking about HWC growth accelerating a bit from here? And can you talk about the drivers?

when you look out at the operating environment and based on your client are you seeing any more economic weakness or uncertainty in certain geographies

it sounds like organic growth was still 15%, which is much stronger than peers. Just curious is driving that growth

Could you just talk about the dollar amount, cash outflows that you'd expect there annually? And sorry, if I missed this, but if you could just confirm