“Looking ahead, we will continue our measured approach for other renewals. For example, if meaningful market changes continue, we will carefully consider our positions at the April 1 Japan renewals, and we will continue to be very cautious with capital deployed at June 1 in Florida.”

In context

“-year. Additionally, we obtained improved terms and conditions, including favorable movement in attachment points in all Property lines. For Casualty lines, quota shares remained sound with ceding commissions moving favorably for reinsurers by 1 to 2 points, along with terms and conditions remaining in line or improved. The result of these actions included: net premiums written at January 1 increased over $500 million or 50% year-over-year. This increase was driven roughly 30% from U.S., property 15% from International Property, 45% from casualty placements and the remaining 10% was from Specialty, including marine and energy. The majority of new property limit was deployed to existing clients with a significant level of private terms being achieved on our U.S. property writings. Looking ahead, we will continue our measured approach for other renewals. For example, if meaningful market changes continue, we will carefully consider our positions at the April 1 Japan renewals, and we will continue to be very cautious with capital deployed at June 1 in Florida. Turning to Private Client Group or PCG. This business remains a strategic priority for us in 2023. As you know, over the last 2 years, we have undertaken a significant re-underwriting effort in this portfolio, reduced aggregate exposure, transitioned certain states to the non-admitted market and developed strong partnerships with Lloyd's and reinsurers to reduce volatility. On Monday, we announced our intention to launch, in partnership with Stone Point Capital, a newly formed MGA that will underwrite on behalf of AIG and eventually other capital providers in the high- and ultra-high net worth markets. AIG will transfer core PCG solutions to the MGA, which will offer a single end-to-end broker and client portal, a comprehensive set of product offerings, a simplified data warehouse a”