Reinsurance News

Cincinnati

Cincinnati income down in Q3 despite underwriting improvements

25th October 2019

US primary insurer Cincinnati Financial has reported a significant decrease in earnings for the third quarter of 2019, despite improvements to its underwriting performance. The company reported net income of $248 million for Q3 2019, compared with $553 million for the same period last year. The $305 million difference was primarily attributed ... Read the full article

Cincinnati Financial completes acquisition of Munich Re subsidiary

28th February 2019

Cincinnati Financial Corporation has completed its previously announced acquisition of MSP Underwriting Limited from reinsurer Munich Re for £102 million. Following the transaction, MSP Underwriting will become a wholly owned subsidiary of Cincinnati Financial, continuing to operate under its existing leadership team. Based in London, MSP Underwriting operates through Beaufort Underwriting ... Read the full article

Munich Re subsidiary acquired by Cincinnati Financial for £102m

12th October 2018

MSP Underwriting, a global specialty underwriter and Munich Re subsidiary, has been acquired by Cincinnati Financial Corporation for an all-cash transaction of £102 million. Based on MSP’s projected net asset value at closing, the deal will see the firm become a wholly-owned subsidiary of Cincinnati Financial and will continue to operate ... Read the full article

Cincinnati Insurance names Stephen Spray as new Chief Insurance Officer

21st August 2018

Cincinnati Financial Corporation has announced that Stephen M. Spray is to become the new Chief Insurance Officer (CIO) of its lead subsidiary, The Cincinnati Insurance Company, succeeding outgoing CIO Jacob F. Scherer, Jr., who plans to retire in August 2019. Additionally, Cincinnati announced that Sean M. Givler, Senior Vice President – ... Read the full article

$114mn of cat losses could push Cincinnati to underwriting loss in Q3

12th October 2017

Cincinnati Financial Corporation has revealed that the property casualty group of Cincinnati Insurance Companies expects to experience pre-tax catastrophe losses of up to $114 million in the third-quarter of 2017, which could push its combined ratio above 100% for the period. The firm anticipates pre-tax catastrophe losses of between $102 million ... Read the full article

Cincinnati expands high-end clients programme to Washington & Massachusetts

17th August 2017

The Cincinnati Insurance company has expanded its Executive Capstone programme for high net worth personal insurance clients to Massachusetts and Washington. The Executive Capstone programme offers cover features, limits, and options to tailor insurance for clients with homes valued at more than $1 million, yachts, high-end cars, collector cars and personal articles. The ... Read the full article

Cincinnati expects Q4 catastrophe losses of up to $85 million

13th January 2017

The Cincinnati Insurance Companies' property and casualty (P/C) division expects preliminary estimated catastrophe losses of up to $85 million for the fourth-quarter of 2016, according to a recent company announcement. Pre-tax catastrophe losses for the U.S. domiciled carrier, during the fourth-quarter of 2016, are expected to total between $75 million and $85 million. ... Read the full article