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Expense Ratio by Segment
Captures operating and acquisition costs as a share of premiums for each line, highlighting efficiency and cost discipline. A rising expense ratio can erode underwriting returns even if loss experience is stable, so segment trends signal where management is controlling costs or investing heavily.Insurance expense ratios have been remarkably steady in the high-20s, showing sustained cost discipline and productivity gains, while Reinsurance & Monoline Excess is higher and more volatile—recently climbing back above 30%—which aligns with management’s commentary about fierce competition and shrinking premiums in that book. The firm can hit its “30 or better” target only if tech/AI efficiency gains offset modestly higher spending or if reinsurance pricing/stability improves; otherwise elevated reinsurance expenses risk dragging consolidated underwriting margins despite strong investment income and capital returns.
Date | Insurance | Reinsurance & Monoline Excess |
|---|---|---|
Jun 30, 2026 | 28.30 | 30.10 |
Mar 31, 2026 | 28.30 | 30.30 |
Dec 31, 2025 | 28.10 | 29.10 |
Sep 30, 2025 | 28.40 | 29.80 |
Jun 30, 2025 | 28.30 | 29.70 |
Mar 31, 2025 | 27.80 | 27.70 |
Dec 31, 2024 | 28.30 | 29.50 |
Sep 30, 2024 | 28.40 | 29.70 |
Jun 30, 2024 | 28.40 | 29.00 |
Mar 31, 2024 | 28.40 | 29.80 |