Reinsurance News

Cincinnati

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

Cincinnati falls to Q1 loss on accounting shift

29th April 2022

Cincinnati Financial Corporation has reported a net loss of $273 million for the first quarter of 2022, down from a net income of $620 million for the same period last year. The loss was mainly due to the recognition of a $540 million after-tax reduction in the fair value of equity ... Read the full article

Cincinnati Financial’s P&C combined ratio strengthens in 2021

16th February 2022

Cincinnati Financial Corporation has reported a rise in net income for both the fourth quarter and full year 2021, as the firm's property and casualty (P&C) insurance operation produced an improved combined ratio for both periods. When compared with the previous year, net income increased by 40% to $1.47 billion for ... Read the full article

Cincinnati reports profitable underwriting for Q3

28th October 2021

Cincinnati Financial Corporation has reported an improved combined ratio of 92.6% compared to 103.6%. At 92.6%, this quarter reflects a profitable income. It was made up of loss expenses of 61.9% compared to 73.8% from the same prior year period. The underwriting expenses were reported at 30.7%, slightly higher than Q3 2020’s ... Read the full article

Cincinnati Financial posts $703mn net income for Q2

13th August 2021

Primary insurer Cincinnati Financial has reported a net income of $703 million for the second quarter of 2021, compared with $909 million for the same prior year period. The insurer reported a $206 million decline in income for the second quarter primarily due to the after-tax net effect of a $427 ... Read the full article

Cincinnati Financial reports $620m net income

29th April 2021

Primary insurer Cincinnati Financial improved its property casualty combined ratio to 91.2% in the first quarter of 2021 compared to 98.5% for the year prior. The insurer also reported an underwriting profit of $133 million compared to $24 million in 2020. Its net income improved from last year as it reported a ... Read the full article

Cincinnati Insurance adopts Zesty.ai’s wildfire risk analysis tool

19th March 2021

Climate risk analytics firm Zesty.ai has announced that The Cincinnati Insurance Company has integrated its predictive wildfire risk analytics solution, Z-FIRE, across the carrier's personal lines property portfolio.  With Z-FIRE, Cincinnati hopes to be able to assess wildfire risk using an AI model that's been trained on ... Read the full article

Cincinnati improves CR despite higher cat losses

11th February 2021

Primary insurer Cincinnati Financial improved its property casualty combined ratio to 87.3% in the fourth quarter of 2020, despite incurring higher than average catastrophe losses. The combined ratio improved by 4.3 points from 91.6% in Q4 2019, while underwriting profit grew by 57% to $187 million over the same period. This was ... Read the full article

Investment gains help boost Cincinnati’s Q3 net income to $484mn

27th October 2020

Primary insurer Cincinnati Financial has reported a third quarter net income of $484 million, up from $248 million in the prior year period. This increase was primarily due to the after-tax net effect of a $352 million increase in net investment gains and partially offset by a $106 million decrease in ... Read the full article

Cincinnati Financial found liable in major COVID-19 BI case

23rd October 2020

A North Carolina judge has ruled that Cincinnati Financial is liable to pay out on business interruption (BI) claims filed by a group of restaurants who were forced to shut due to COVID-19. In a landmark decision, the judge said that the virus caused a “physical loss” to the businesses, despite ... Read the full article

Cincinnati estimates $266mn Q3 catastrophe hit

15th October 2020

Primary insurer Cincinnati’s third-quarter results are expected to include pretax catastrophe losses of approximately $266 million. This figure represents an impact on the company’s Q3 combined ratio of approximately 18.3%, based on estimated property casualty earned premiums. In August, a midwest derecho caused approximately $103 million of losses, after an estimated reinsurance ... Read the full article

Cincinnati announces officer changes at CFC Investment subsidiary

18th August 2020

Primary insurer, Cincinnati Financial Corporation has announced a series of officer changes at its subsidiary company, CFC Investment Company. The changes were approved by the board of CFC Investment Company at its regular meeting held on August 14th, 2020 and includes the appointment of Chairman and Chief Executive Officer (CEO), Steven ... Read the full article

Cincinnati Financial CR deteriorates to 103.1% in Q2

28th July 2020

Cincinnati Financial Corporation has reported that its combined ratio deteriorated to 103.1% during the second quarter of 2020 following $231 million of catastrophe losses. Elevated catastrophe losses, plus $65 million of pandemic related loss and expense effects, meant the company finished the quarter with an underwriting loss of $41 million. The ... Read the full article