So I guess for that reason that's what underlies is that sticker shock, not sticker shock, but good increase in reinsurance at the beginning of the year that we'll have to filter through all the plans and budgeting for all the insurance companies, including ourselves as we go forward in '23. The next question is coming from Tracy Benguigui of Barclays. Over the last four years, we've grown property and casualty net premium written threefold to nearly $10 billion from less than $3.6 billion in 2018, while overall rates increased cumulatively by over 40%. For the full year of 2022, Arch generated over $1.8 billion of operating income with an operating return on equity of 14.8%. So there is definitely less banked for those years to get the right number, the right loss ratio pick. And that seems to be sort of well also where the market is slowly migrating towards at least from the first indication. I'm not showing any further questions in the queue. Earnings Revised 05/11/23 Q1 2023 Arch Capital Group Ltd Earnings Call 04/27/23 Other Revised 04/04/23 Arch Capital Group Ltd at Bank of America US Financials Conference 02/15/23 Earnings Revised 04/04/23 Q4 2022 Arch Capital Group Ltd Earnings Call 02/14/23. . Arch Capital Group Ltd. ( NASDAQ: ACGL) Q4 2022 Results Conference Call February 14, 2023 11:00 AM ET Company Participants Marc Grandisson - CEO Francois Morin - CFO Conference Call. We have a plan based on certain various levels of rate changes in terms of condition changes by zone by region. And I think that -- and then at the end of the day, as when I look at it to make sure that we have -- we feel more comfortable than possibly the average bear out there, and we make sure that it's on a trajectory that is responsible and prudent as well. I mean there's a lot of pain that some companies are experiencing right now, and they're working for solutions. We've seen strong rates at January 1 that have persisted into April 1. I mean the one thing that right from the get go, I think, you need to appreciate the quota share business is something that we might have written a deal in January 1 of '22, and the premium gets written over the four quarters. So it means that we have to be [indiscernible] careful and thoughtful in the way the [indiscernible], which we would recognize some of these improvements. And this one is very unusual, Meyer, right, the dynamic [indiscernible] something unlike anything else. I mean it's hard to imagine, Elyse. Transcript : Arch Capital Group Ltd., Q2 2022 Earnings Call, Jul 28, 2022 I'll take that one, Elyse. Well, we think -- yes, just a quick reminder, I think zones for us right now, we're kind of Northeast [indiscernible], we also have like Florida Tri-County, which is kind of at the same level. And that is a big deal because the industry has been frankly lacked in updating these numbers. By recognizing the soft market conditions in '17 and '18, we avoided the mistakes others made early in the race when they might have burned tires or overheated their engines. While production volumes were down due to the lower level of originations in the market, we remain positive on the return prospects for this business. Please disable your ad-blocker and refresh. Next question comes from Mike Zaremski of BMO. So if you think in a traditional quota share deal where the -- I assume the acquisition ratio could be 30%, well, that goes away. And alongside with those, between all of us here, the terms and conditions are also going to be on the table, right, on the docket for companies to present to find a way to not curtail but find a way to have a better risk sharing with their insurers when it comes down to other policy. It also might mean that some of the losses from prior years are developing adversely, which is not necessarily useful and helpful for those who try to renew for on an ongoing basis, why if you have more losses from that on the prior years, the acceleration of losses you may have to make up for a lot of that or some of that, it's not a lot of it is pure value of reinsurance. For more information on the risks and other factors that may affect future performance, investors should review periodic reports that are filed on the company -- excuse me, filed by the company with the SEC from time to time. So the way we operate and the way we put our reserving or loss ratio you won't be surprised to hear from us is we tend to take a prudent stance. Thanks for joining us today. The net premium written growth from our P&C unit was exceptional. Today, we're firing on all cylinders and I know we've got the right crew to bring in home. So I'm wondering what made you pause to incrementally take more exposure? There are ways and there are areas where you'll keep getting a 10% rate. A key element of cycle management is to respond aggressively when you see conditions change. You had very high cues. Francois, you gave us loss ratio impact of the LPT. While we better have no -- it would be great for an industry to take advantage of the less cat activity. One of Arch's key sustainable advantages is the breadth of its capabilities across many specialty insurance lines, enhancing greatly our cycle management capabilities. So it may not need as much of a pricing because we believe we're specifically in Europe, that we're -- we believe, not as well priced as ought to be based on the risk that you're taking. First, I had a question on the reinsurance business. Arch Capital Group Ltd. (NASDAQ:ACGL) Q4 2022 Earnings Call Transcript This concludes the program. I don't know if it's worth bifurcating between kind of E&S excess surplus lines versus non-E&S. So I think we have constructed our portfolio that we're very happy with, stayed away from what we perceive to be the more dangerous areas and underpriced areas. I think it's probably just a function of how we book -- where our exposures are, right? So thank you. They're actually quite simplistic. But the one thing that we're -- that makes us being still want to be in there and not declare that this is over by any [indiscernible] is that the trends have been favorable to the OSC claims were down for the last 2 years. Since 2019, we have seen the market psychology pivot to underwriting discipline and our underwriting teams were prepared to become a more willing provider of capacity. ARCH Earnings Date and Information. But that's going to take a while to work through. Our view is we -- we look at it, but we don't lose sleep over it. I think it took a little bit to the market to digest in and to what it means for the overall market. Is it a market you'd like to play cat? So that's what leads us to be that much more. This quarter demonstrates the power of our strategy, namely our management of the underwriting cycle across the diversified specialty portfolio with a prudent reserving and underwriting stance. You still think it's time to be fairly conservative in seeking yield less points? For additional details regarding the Company's operating segments, please refer to the Company's Financial Supplement dated June 30, 2022. Net premiums earned were up slightly on a sequential basis as the persistency of our in-force insurance at 79.5% at the end of the quarter continued to increase. Yes, we had some kind of participations in New Zealand with the cyclone and also some floods. Maybe in 2 years or next year or 2 years time, but don't take a while because we need to show and see what's happening for. But the trend in the large commercial, for instance, have been neutral to negative, actually, for the last three, four years. This article is reserved for subscribers Signed up already? I think the only thing I could say is, the one thing that I could say just to help you out here, I think that will make sense to you that we may have a bit less than perhaps some people have budgeted or maybe a bit more than budgeted price increase when we have a delta around what we see. This period can be lengthy and it usually allows for still profitable growth, especially for the disciplined underwriters. It is worth noting that the fourth quarter growth does not include the January 1 property and property cat renewals, which will be reflected in our next quarter's results. Arch Capital (ACGL) Q4 Earnings Top on Reinsurance Strength - Yahoo Finance So I think -- we don't know if they're going to happen again, those are lumpy. Arch Capital Group Ltd. (NASDAQ:ACGL) Q4 2022 Earnings Call Transcript And finally, Stage 4. I mean, Marc, you brought up terms and conditions changes. I think the market is focusing on it because I think that -- and also if you add on top of it the reopening of the court post-COVID, there's a lot of uncertainty. Arch Capital Group Ltd. (NASDAQ: ACGL; "Arch" or "the Company") announces its 2022 third quarter results. I'm trying to think out loud, the third-party coming in, I don't see it being a case. Elsewhere, general liability rates have pick up again and large account D&O is on a very few P&C lines that has decelerating rates. Ares Capital Earnings Date and Forecast 2023 (NASDAQ:ARCC) - MarketBeat The US renewal, as we all know, is a small portion of the overall cat writing in the year, so more has to happen and as we all know. Well, we've navigated through the regional differences in our pricing. Reflecting ongoing hard market conditions, the insurance segment also closed the year on a very good note with fourth quarter net premium written growth of 17.4% over the same quarter one year ago in an accident quarter combined ratio, excluding caps of 89.6%. And congratulations to everyone on graduating from rounding to the nearest thousand surrounding to the nearest million from bunch of new people. We will probably wait and see and we've grown as well, at least, as you know. Would you say, building on that, Marc, would you say that of all your business lines as you sit here today, the line with the best expected return in '23 would be catastrophe reinsurance? Combined ratio was 1.1 point. Tracy, our typical answer is, you tell me what the rate levels are like, and we'll tell you what we think we can do. But as we look forward over the next 12 to 24 months, I'd like to think that, that will -- there's leverage there that we can show up in the numbers. We'll see what the doing reserve for us. ET ACGL earnings call for the period ending March 31, 2021. Arch Coal, inc ( ARCH 2.40%) Q2 2021 Earnings Call. where we continue to reap the benefits of the investments we've made in enhancing our specialty businesses in the UK and in the US. And we're participating like the other guys on the insurance market, so we expect market to sort of getting a second bite of the apple, if you will, of a hardening market. So I think it's across the board. So day after day and year after year, we line up and essentially run the same play, write a lot of business when rates are high and a lot less when rates are well. Turning to the operating segments. Additionally, certain statements contained in the call that are not based on historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Events & Presentations | Arch Resources, Inc. I don't know how many kind of reverify the assumptions and projections beat the individual underwriter level, group level in segment level corporate between the holding company, including the Board. Second question, Marc, looking at the 6/1 renewals, Florida, I guess, one, what is the impact of the legislation that was recently enacted having, you think, on that marketplace? So is that more sort of national driven or is it more regional to where you're starting to see some maybe softening in the market in certain regions or states? The reinsurance or were able to get there quicker. Number one, one of the big reasons that we like to talk about is, you inherit some diversification within that portfolio that you otherwise would not necessarily get from a net excess of loss perspective. Before the company gets started with its update, management wants to first remind everyone that certain statements in today's press release and discussed on this call may constitute forward-looking statements under the federal securities laws. So it also helps us feel a bit more -- we have more conviction on running more of that business. Yes. It's hardwired into how we operate the company. The reconciliation to GAAP for each non-GAAP financial measure can be found in the company's current report on Form 8-K furnished on the SEC yesterday, which contains the company's earnings press release and is available on the company's website and on the SEC's website. Both these metrics provide some insight into the adequacy of our loss reserves, which constitute an important element in the quality of our balance sheet. So I think we would still target a lower 90s to high 80s to get the returns that we think we deserve. The business earned $869.40 million during the quarter, compared to analysts' expectations of $767.03 million. But the investment income that you pick up is significant. That's really all we can see right now. Your loss ratio is obviously very good, but I think the loss pick did pick up a little bit in the fourth quarter. And third thing, as Marc said earlier, I think we'll be proven. And two, can you give comfort on the fact that maybe some question, maybe the market is not as good as we think it is, and maybe there should be more concerned. The rates are going in a more slower narrow range. Taking stock of where we are in the current market cycle, it's important to note that we have recorded premium growth significantly above the long term industry average. I mean the ones we reported really a couple more regions. Yes. Is this -- is the market right now focusing on the, let's say, 2019 and earlier accident years where pricing was soft or to say and/or is there interest in even more recent years because of loss trends? There was some -- there definitely is a result of that event in attempt to exclude a lot of these war events and bring them back into the proper -- aviation war, on marine war market, for instance.