“We believe, over time, we will replace this business on an individual risk basis as stronger risk-adjusted returns.”

In context

“tail. The key businesses that drove growth were Lexington's core business, excluding Lexington programs, grew over 25% in the quarter, led by wholesale casualty, which grew 33%; and wholesale property, which grew 27%. Glatfelter grew 12%, and Retail Property grew 11%. In terms of headwinds, in 2022, we made the underwriting decision to not renew 2 large Lexington programs. We took this action because we believe that these programs had meaningful CAT exposure in peak zones. And we do not believe the appropriate CAT loads were reflected in the pricing. These programs were not the best deployment of capital in order to achieve our targeted risk-adjusted returns. Those nonrenewals tempered overall growth in Lexington. Lexington program's net premiums written reduced by 57% in the quarter. We believe, over time, we will replace this business on an individual risk basis as stronger risk-adjusted returns. However, it is a headwind in the quarter. The impact of the net premiums written associated with these 2 programs was approximately $115 million in the third quarter. Also offsetting growth in North America was Financial Lines, which declined 11%, accounting for approximately 20% of North America Commercial Lines net premiums written in the quarter. In North America Financial Lines, large account public D&O remains competitive as a result of excess capacity driven by new entrants to the market. Our renewal retention in our primary business remains strong, but retentions in our excess business were more challenged. New business in our excess book was down year-over-year as we were very disciplined in the current environment. Rate reductions remain most prevalent on excess layers, pa”