Reinsurance News
Cincinnati
Cincinnati Financial posts net income of $1.84 billion in full-year results
7th February 2024
Insurer Cincinnati Financial Corporation has reported a full-year 2023 net income of $1.84 billion, compared with a net loss of $487 million in 2022. For Q4 alone, the firm posted a net income of $1.18 billion, compared with a net income of $1.01 billion for the same quarter of 2022. This came ... Read the full article
Cincinnati Financial names Spray CEO, Johnston remains as Executive Chair
31st January 2024
Cincinnati Financial Corporation has announced that President Stephen M. Spray will take over as Chief Executive Officer (CEO) of the company in May, with Steven J. Johnston remaining as executive chairman of the company and its US subsidiaries. Johnston will continue to lead the board and support Spray ... Read the full article
Cincinnati Financial reports improved underwriting result with 94.4% combined ratio
27th October 2023
Insurer Cincinnati Financial Corporation has reported a third quarter 2023 property and casualty (P&C) underwriting profit of $112 million and a combined ratio of 94.4%, a significant improvement on the 103.9% posted in Q3 2022. Within its insurance operations, there was 12% growth in Q3 2023 net written premiums, including price ... Read the full article
Cincinnati Financial posts $534m net income in Q2 results
28th July 2023
Cincinnati Financial Corporation has posted a net income of $534 million for the second quarter of 2023, a substantial rise compared with the $818 million net loss the company recorded in the second quarter of 2022. The rise comes in addition to the company recognizing a $363 million second ... Read the full article
Vrchota named Reinsurance Property Underwriting Director at Cincinnati
17th July 2023
Cassandra Vrchota has been appointed Director - Reinsurance Property Underwriting at The Cincinnati Insurance Companies. The property casualty insurer markets business, home and auto insurance products through a select group of independent insurance agencies in 46 US states and the District of Columbia. Vrchota brings to her new role seventeen years of ... Read the full article
Cincinnati Financial’s investment income helps offset underwriting loss in Q1
28th April 2023
Cincinnati Financial Corporation has reported a net income of $225 million in Q1 of 2023, compared with a net loss of $266 million in the same period last year. This marks a $491 million increase, which Cincinnati says reflects the after-tax net effect of a $610 million increase in net investment ... Read the full article
Cincinnati Financial to incur $235m Q1 storm losses
17th April 2023
Property and casualty insurer Cincinnati Financial Corporation has announced that its consolidated first-quarter results are expected to include pre-tax catastrophe losses of approximately $235 million. This will represent an impact on its Q1 combined ratio of 12.8 percentage points, based on estimated earned premiums. For reference, the company's 5-year historical average contribution ... Read the full article
Cincinnati Re hires Ryan Chefalas as Director, Specialty Reinsurance
14th April 2023
Cincinnati Re, the reinsurance arm of Cincinnati Financial Corporation has appointed Ryan Chefalas as Director, Specialty Reinsurance. In his new role he will be based in New York. Chefalas joins Cincinnati Re after a near four-year term at OdysseyRe. In his most recent role at the firm he served as Vice President, ... Read the full article
Cincinnati Financial increases cat event retention at Jan renewals
8th February 2023
Steve Johnston, Chairman and CEO of Cincinnati Financial Corporation, has disclosed that the firm increased its cat event retention to $200m at the January reinsurance renewals. The news comes from the firm's Q4 earnings call, where Johnston noted that on January 1st, Cincinnati Financial again renewed each of its primary property/casualty ... Read the full article
Cincinnati Financial posts net loss of $486 million in full-year results
7th February 2023
Cincinnati Financial Corporation has reported a full-year net loss of $486 million, compared with a net income of $2.946 billion in 2021. For Q4 alone, the firm posted a net income of $1.013 billion, compared with a net income of $1.470 billion for the same quarter of 2021. This came after recognising ... Read the full article
Cincinnati Financial announces promotions and appointments
30th January 2023
Cincinnati Financial Corporation and its US subsidiaries have held their regular shareholder and board meetings, re-electing incumbent directors and corporate officers. In addition, Dirk J. Debbink, lead director, was appointed to the property casualty and life insurance subsidiary boards, joining the executive and investment committees. He was also appointed to the investment ... Read the full article
Cincinnati Financial estimates cat losses of $141m in Q4
30th January 2023
Cincinnati Financial Corporation has announced that its consolidated Q4 results are expected to include pretax catastrophe losses of approximately $141m. According to the announcement, these represent an impact on the Q4 2022 combined ratio of approximately 7.8 percentage points, based on estimated property casualty earned premiums. The catastrophe loss estimate includes $161m ... Read the full article
Cincinnati Financial reports Q2 $418mn net loss
1st November 2022
Cincinnati Financial Corporation has reported a net loss of $418 million for the third quarter of 2022, compared to a net income of $153 million from the third quarter of 2021. The loss was mainly due to the company recognising a $557 million third-quarter 2022 after-tax reduction in the fair value of equity ... Read the full article
Cincinnati Financial estimates cat losses of $252m in Q3
21st October 2022
Cincinnati Financial Corporation has announced that its consolidated Q3 results are expected to include pretax catastrophe losses of approximately $252m, representing an impact on the Q3 2022 combined ratio of approximately 13.9 percentage points, based on estimated property casualty earned premiums. The catastrophe loss estimate includes $220m from Hurricane Ian, excluding ... Read the full article
Cincinnati Financial reports Q2 $808mn net loss
28th July 2022
Cincinnati Financial Corporation has reported a net loss of $808mn for the second quarter of 2022, down from a net income of $703mn for the same period last year. The loss was mainly due to the recognition of a $928mn after-tax reduction in the fair value of equity securities still held, ... Read the full article