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.
IAG to make reinsurance recovery of at least $114m for Auckland flooding
3rd February 2023
Australian insurer IAG has said that a preliminary assessment of expected claims from the Auckland flooding suggests that the natural perils cost impact, after reinsurance, will be at the $236 million retention level of its catastrophe and whole-of-account quota share arrangements. IAG says that gross costs for the Auckland event are ... Read the full article
The Hanover sees $11.6m net loss in Q4 results
2nd February 2023
The Hanover has reported a net loss of $11.6 million for the fourth quarter of 2022, compared to a net income of $163.5 million from the same period last year. Operating loss for the quarter was $37.4 million, compared to an operating income of $122.1 million in the prior year quarter. At ... Read the full article
Allstate reports net loss of $310m in Q4 results
2nd February 2023
US primary insurer Allstate has posted a net loss of $310 million for Q4 of 2022, primarily driven by auto insurance underwriting losses. This compares to a net income of $790 million in the same quarter of 2021. Adjusted net loss was $359 million, or $1.36 per diluted share, compared to adjusted ... Read the full article
Investments weigh on Markel through 2022, but underwriting stable
2nd February 2023
US re/insurer Markel Corporation has reported a comprehensive loss of $1.31 billion for 2022 as unrealized losses in the company’s investment portfolio continued to weigh heavily on results. However, underwriting profit remained stable for the year at $626.6 million on a combined ratio of 92%, including a return to profitability for ... Read the full article
Chubb reports “record” P&C underwriting results despite drop in net income
1st February 2023
Chubb has reported that full-year P&C underwriting income was a record $4.56 billion, up 23.2%, leading to a P&C combined ratio of 87.6% compared with 89.1% in the prior year. Full-year net income in 2022 totalled at $5.31 billion compared with $8.54 billion in the prior year. Core operating income was ... Read the full article
Hannover Re posts income of €1.4bn for 2022, targets €1.7bn for 2023
1st February 2023
Reinsurer Hannover Re has reported group net income of €1.41 billion for the 2022 financial year, based on preliminary figures, up from €1.23 billion in the previous year. Looking ahead, the company is targeting net income of at least €1.7 billion for 2023, with reinsurance revenue expected to grow by at ... Read the full article
RenRe’s underwriting result improves but catastrophes dent 2022 net income
1st February 2023
Bermuda-based RenaissanceRe Holdings Ltd. (RenRe) has reported a rise in net income and underwriting income for the fourth quarter of 2022, although the impact of weather-related large losses pushed the reinsurer to report a net loss of $1.1 billion for the full year 2022. Year-on-year, Q4 underwriting income increased from $276.7 ... Read the full article
Howden sees record organic growth, 60% rise in revenue for FY22
30th January 2023
Global re/insurance broker, Howden Group Holdings, has announced record organic growth of 19%, and a 60% rise in revenue to £1.84 billion for the year ended September 30th, 2022. Organic growth of 19% is in line with the previous year and is a result of new client wins and fresh talent ... Read the full article
IVANS Index shows increase in average premium renewal rates in Q4
27th January 2023
IVANS, a division of Applied Systems, has reported an increase in the average premium renewal rate change across all major commercial lines of business year over year, in the fourth quarter of 2022. All lines experienced an increase except for Workers’ Compensation which remained negative. Commercial Auto, BOP, General Liability, and Commercial ... Read the full article
W.R. Berkley posts record net income for 2022
27th January 2023
Re/insurance holding company W.R Berkley Corporation has reported a net income of $382.2 million for the fourth quarter of 2022, a major increase compared to 2021’s $294.4 million. At the same time, the firm witnessed a record net income of $1.4 billion for the full year, compared to last years $1.0 ... Read the full article
AJ Gallagher’s brokerage & risk management units post 16% organic revenue growth in Q4
27th January 2023
Global insurance and reinsurance broker, Arthur J. Gallagher & Co., has reported adjusted net earnings of $367.9 million for the fourth quarter of 2022 within its brokerage operations, which alongside higher earnings in its risk management segment, more than offset an elevated loss within the corporate division. Company-wide, adjusted net earnings ... Read the full article
Guy Carpenter’s revenue up 8% during an ‘outstanding year’ for Marsh McLennan
26th January 2023
Insurance and reinsurance brokerage, Marsh McLennan, has today reported consolidated revenue of $5 billion for Q4 and $20.7 billion for the full-year 2022, supported by solid revenue growth at its reinsurance arm, Guy Carpenter. At $5 billion, consolidated revenue in the fourth quarter of 2022 actually declined by 2% when compared ... Read the full article
RLI grows underwriting income on strong property result
26th January 2023
Specialty insurer RLI has reported underwriting income of $178.2 million for the full-year 2022 period, up 37% from $129.9 million in the previous year. This was largely due to a recovery in its property business, as underwriting income for this segment improved from $11.3 million to $72.5 million over the year. For ... Read the full article
AXIS sees profitable growth in chosen markets, stronger combined ratio in 2022
26th January 2023
Bermuda-based re/insurer AXIS Capital has reported a lower net income of $41 million for the fourth quarter of 2022 and a decline to $193 million for the full-year, while the combined ratio hit 94.1% and 95.8% for the respective periods. For the fourth quarter, net income fell from $197 million reported ... Read the full article
Horace Mann anticipates Q4 P&C segment loss up to $29m
25th January 2023
Horace Mann Educators Corporation has announced that it expects Q4 2022 Property & Casualty segment loss between $25 million and $29 million following a "significant impact from late-in-quarter severe weather." The firm's President and CEO, Marita Zuraitis, commented, “Winter Storm Elliott, which spanned more than 30 states between December 21-25, resulted ... Read the full article
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