Reinsurance News
Results news
News on reinsurance and insurance company quarterly and annual results or reporting. Detailing news on the financial performance of insurance and reinsurance underwriting companies and brokers.
Hannover Re posts rise in net income despite large losses exceeding budget for 9M 2022
3rd November 2022
German reinsurer Hannover Re has reported group net income growth of 1.7% to €871 million for the first nine months of 2022, despite the firm's net large losses coming in above budget for the period at €1.484 billion. Alongside slight growth in net income, Hannover Re's 9M 2022 operating profit rose ... Read the full article
Step change in the pricing & structuring of reinsurance is required, says RenRe’s O’Donnell
2nd November 2022
It's important that property catastrophe is the most profitable line within the global property and casualty (P&C) market, but in order for this to happen, "there must be a step change in the pricing and structuring of reinsurance coverage", according to Kevin O'Donnell, President and Chief Executive Officer (CEO) of ... Read the full article
Verisk’s insurance segment sees growth despite revenue decline
2nd November 2022
For the third quarter of 2022 insurance and analytics provider, Verisk has reported a net income of $189.4 million, down 6.1% from the $ 201.7 million reported in the same period last year. The firm’s consolidated revenues for Q3 2022 was $745.3 million, down 1.8%, compared to the $759.0 million reported ... Read the full article
RLI posts underwriting profit despite Ian losses
2nd November 2022
Specialty insurer RLI has reported net earnings of $439.9 million for the third quarter of 2022, including underwriting income of $8.8 million on a combined ratio of 97.0%. This was despite the company reporting an underwriting loss of $8.8 million in its property segment, due to $34.8 million impact from third ... Read the full article
The Hanover reports top line growth, despite cat losses of $90mn
2nd November 2022
The Hanover Insurance Group has reported $1.50 billion of net premiums written (NPW) in the third quarter of 2022, a 9.5% increase compared to $1.37 billion of net premiums written in the third quarter of 2021. Net investment income for the quarter was $73 million, a decrease from $78.8 million from ... Read the full article
Assurant sees 95% net income decrease in Q3
2nd November 2022
US specialty insurer Assurant, Inc. has reported a GAAP net income of $7.3 million for the third quarter of 2022, a 95% decrease compared to $151 million from the same period last year. The company noted that the decline was primarily due to the absence of net unrealized gains from Assurant ... Read the full article
Markel falls to $367m loss on investment volatility
2nd November 2022
US re/insurer Markel Corporation has reported a comprehensive loss of $367.4 million for the third quarter of 2022, due mainly to investment losses and unrealized losses on its fixed maturity portfolio. The loss compares to a positive result of $80.2 million for the same period last year, and brings Markel’s overall ... Read the full article
Hiscox Re & ILS falls to loss on Ian, but group sees ‘exciting opportunity’ in reinsurance
2nd November 2022
Specialist insurer Hiscox has announced gross premiums written (GPW) growth of 6.3% to $3.68 billion for the first nine months of 2022 supported by impressive growth within its Hiscox Re & ILS division. Although, this part of the business suffered net losses of $90 million in the period as a ... Read the full article
RenRe’s Q3 net loss widens as catastrophes hit underwriting performance
2nd November 2022
Bermuda-based reinsurer RenaissanceRe Holdings Ltd. has announced a net loss of more than $825 million for the third quarter of 2022 as the firm reports a large underwriting loss on the back of catastrophe losses of almost $649 million, mostly driven by Hurricane Ian. The Q3 2022 net loss has widened ... Read the full article
AIG reports improved GI underwriting performance despite $600m catastrophe load
2nd November 2022
Global insurer AIG has reported a 2.4 percentage point improvement in the General Insurance (GI) combined ratio to 97.3% for the third quarter of 2022 despite $450 million of losses related to Hurricane Ian, as net income across the firm jumped by more than $1 billion to $2.7 billion in ... Read the full article
Saudi Re posts $9.5m net profit for Q3, cites improved reinsurance performance
2nd November 2022
Saudi Re has reported a net profit before zakat (a religious obligation for all Muslims who meet the necessary criteria of wealth) of SR 35.7 million ($9.5 million) for Q3 of 2022, a 212.46% increase from the same quarter last year. Gross Written Premiums also increased 74.47% from Q3 2021 to ... 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
R&Q reports over 80% increase in Program Management business GWP
31st October 2022
R&Q Insurance Holdings Ltd. (R&Q), a non-life global specialty insurer, reported gross written premium (GWP) for its Program Management business has grown 83% for the nine months ending 30 September 2022. The legacy specialist has provided a performance update for its program management business for this year’s third quarter. Within the update, ... Read the full article
Ageas sees strong impact from European inflation, plus financial strife in China
28th October 2022
Ageas has released its Q3 2022 results, saying that it saw a ‘strong impact’ from UK and Turkish inflation, along with adverse financial markets in China. The firm had said, while commenting on the first half year 2022 performance in August, that it was confirming its guidance of €1bn for the ... Read the full article
Aon revenues stable, buoyed by Reinsurance Solutions growth
28th October 2022
Re/insurance broker Aon has posted flat revenue of $2,696 million for the third quarter of 2022, as growth in its Reinsurance Solutions segment offset a decline in revenues across all other segments. The Reinsurance Solutions segment grew its revenue by 12% to $396 million in Q3, including organic revenue growth of ... Read the full article
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