4th May 2022
Kevin J. O’Donnell, president and ceo, commnts “We would like to recognize the great human tragedy of the ongoing Russia-Ukraine War and hope for rapid cessation of hostilities and peace in the region. There were also numerous natural catastrophes this quarter and we would like to extend our sympathies to all those impacted. Our purpose is to protect communities and enable prosperity and
these events reinforce the importance of our role in helping our stakeholders manage many different forms of volatility.
For our shareholders, we delivered a solid double digit operating return while generating profits in both
underwriting segments. Our balance sheet is strong and all three of our drivers of profit should benefit from improving market conditions: our underwriting from material rate increases across most lines as well as continuing growth in our Casualty and Specialty segment; our fee income business from the launch of our groundbreaking Casualty and Specialty joint venture Fontana; and our investment income from rising interest rates. We believe that all of these factors will make our financial results increasingly resilient to natural catastrophe volatility and produce superior returns for our shareholders.”
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