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.
Generali’s 2020 profit slides 34% to €1.7bn
11th March 2021
Italian insurer Generali has posted a net profit of €1.7 billion for 2020, down 34% from the €2.6 billion achieved in 2019. The company’s profitability was impacted by a €332 million liability management transaction, a contribution of the Extraordinary International Fund for Covid-19 and €287 million of impairments on investments mainly ... Read the full article
Pension risk transfer activity bolsters L&G profits for 2020
11th March 2021
Life insurer Legal & General group saw its Legal & General Retirement Institutional arm write £7.6 billion of premiums across 44 transactions in 2020, compared to the £10.3 billion it achieved in 28 deals during 2019. Meanwhile, US Pension Risk Transfer new business premiums increased 42% to a record $1.6 billion, ... Read the full article
Greenlight Re’s underwriting performance improves as Q4 income hits $42m
11th March 2021
Hedge fund-backed reinsurer Greenlight Re has reported net income of $42 million for the fourth-quarter of 2020 and income of $3.9 million for the year, as the company's underwriting performance improved year-on-year. Q4 2020 income of $42 million is a significant improvement on the $30.3 million net loss reported by the ... Read the full article
Hannover Re’s income robust but large losses (COVID) dent underwriting result
11th March 2021
Global reinsurer Hannover Re has outperformed its Group profit guidance of more than €800 million for 2020 despite the significant impacts of the COVID-19 pandemic, which, alongside other large losses pushed the firm's property and casualty (P&C) combined ratio into unprofitable territory. Group net income declined from the €1.3 billion posted ... Read the full article
SCOR’s Channel Syndicate returns to profit in 2020
9th March 2021
The Channel Syndicate at Lloyd’s of London, which is part of global re/insurer SCOR’s Specialty Insurance platform, has reported profit of £9.4 million for 2020. This return to profitability comes after Channel decided to reset its strategy in late 2018 and take corrective actions. It reported a loss of $19 million ... Read the full article
Global Indemnity reports $21.2m loss for 2020
9th March 2021
Property and casualty insurer Global Indemnity has reported a net loss of $21.2 million for 2020, compared with net income of $70.0 million in 2019. Underwriting income remained positive at $17.9 million, although this was still significantly down on the $43.3 million that Global Indemnity reported in 2019. The company attributed this ... Read the full article
Fortitude Re income drops in 2020
8th March 2021
Bermudian legacy reinsurance company Fortitude Re has reported a large drop in net income over 2020, partly due to much higher payment of policy holder benefits and losses incurred. Income totalled just $864 million for the year, compared with $3.64 billion in 2019. The decrease can largely be attributed to the change ... Read the full article
AEGIS London profits double in 2020
5th March 2021
Lloyd’s Syndicate 1225 managed by AEGIS Managing Agency Ltd (AEGIS London) nearly doubled its profits in 2020 despite Covid-19 losses and an active catastrophe season. The Syndicate posted a UK GAAP profit of £60.3 million, up 94% on 2019’s figure of £31.1 million. Meanwhile, written premium gross of commissions was £707.9 million, ... Read the full article
Heritage turns Q4 profit despite heavy cat losses
4th March 2021
Super-regional property and casualty insurance holding company, Heritage Insurance Holdings, Inc., has reported net income of $2.8 million for the fourth quarter of 2020. This was despite confirming $41.5 million of catastrophe and weather losses for the quarter, which it warned of back in January. Of the $41.5 million total, approximately ... Read the full article
Aviva posts 2020 operating profit of £3.2bn
4th March 2021
Despite the challenges of Brexit and the COVID-19 pandemic, UK insurer Aviva has reported operating profit of £3.2 billion (£3.2bn in 2019) and IFRS profit of £2.9 billion (£2.7bn in 2019) for 2020. While overall operating profit remained relatively flat, year-on-year, operating profit from core markets came in just 3% lower ... Read the full article
FedNat falls to $73m loss, reports on Uri exposure
3rd March 2021
Florida based primary insurer FedNat has reported a net loss of $73.0 million for 2020 due to elevated catastrophe losses, high reinsurance costs and the adverse claims environment in Florida. For the Q4 period, FedNat reported a net loss of $32.9 million and an operating loss of $26.9 million. This included $31 ... Read the full article
Hiscox falls to 2020 loss on COVID-19 reserves
3rd March 2021
COVID-19 reserves of $475 million, net of reinsurance, has pushed insurer and reinsurer Hiscox to a loss of $268.5 million for full-year 2020, against income of more than $53 million in 2019. The majority of the company's pandemic claims relate to event cancellation business, with the second largest chunk concerning business ... Read the full article
CoreLogic income grows on strong Q4 result
2nd March 2021
Property information and analytics provider CoreLogic has reported that its revenue increased by 14% to $1.642 billion for 2020, driven by housing market activity and share gains, operating leverage and cost savings. And revenues were up approximately 20% when normalizing for $69 million of revenues attributable to non-core default technology units ... Read the full article
Atrium’s underwriting profit shrinks 31%
2nd March 2021
Atrium Underwriters Limited (Atrium), the managing agent for Lloyd’s Syndicate 609, has reported a 31% decrease in underwriting profit to £33 million for 2020. Total comprehensive income similarly decreased by 24%, from £72 million to £55 million. In contrast, Atrium increased its gross written premiums by 7% from £590 million to £633 ... Read the full article
Lemonade posts $34mn Q4 net loss
2nd March 2021
Insurtech firm Lemonade has announced a fourth quarter net loss of $33.9 million, compared to $32.7 million in the prior year quarter. Meanwhile, fourth quarter total revenue was $20.5 million. Gross earned premium for the quarter was $50 million, up by $24 million against the fourth quarter of 2019, this was primarily ... Read the full article
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