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.
Third Point Re dissatisfied with 2020 underwriting result
24th February 2021
Third Point Re has announced net income of $134.4 million for the fourth-quarter of 2020 and $143.5 million for the full-year 2020, as claims related to catastrophes and the COVID-19 pandemic saw the firm report an underwriting loss for both periods. For the quarter, net income actually improved from the $29.7 ... Read the full article
SCOR ‘absorbs’ COVID-19 shock but full-year net income falls to €234mn
24th February 2021
Global insurer and reinsurer SCOR has reported net income of €234 million for 2020, representing a decline of more than 44% from the previous year, as claims related to the ongoing COVID-19 pandemic reached €640 million. As income for the year declined, SCOR actually recorded a 371% increase in net income ... Read the full article
Conduit Re off to a strong start after successful IPO, say execs
23rd February 2021
Conduit Re, the newly-launched property and casualty reinsurer, has reported a strong start to business in attractive and improving market conditions at the January 1st, 2021 reinsurance renewals. After completing its successful IPO, which raised net proceeds of $1.057 billion (£790mn) and led to a Financial Strength Rating of ... Read the full article
R&Q’s program management business grows premiums by 46%
22nd February 2021
Program management and legacy specialist, Randall & Quilter Investment Holdings Ltd. (R&Q) has reported a 46% increase in gross premiums written by its program management business over 2020. Premiums totalled $538.9 million last year versus $369.3 million in 2019 as the business continued to expand in Europe and the US. Revenue similarly ... Read the full article
QBE “very disappointed” with $869m underwriting loss
19th February 2021
Australian re/insurer QBE has recorded a “disappointing” underwriting loss of US $869 million for 2020, mainly due to the COVID-19 pandemic and elevated catastrophe losses, as well as adverse prior year claims development. Having warned the market back in December, the company also confirmed that its net loss after tax ... Read the full article
Allianz reports 14% dip in net income; €1.3bn COVID-19 impact for 2020
19th February 2021
Global re/insurer Allianz has reported operating profit of €10.8 billion for 2020 and net income of €6.8 billion, which includes a negative COVID-19 impact of €1.3 billion for the period. Operating profit fell by more than 9% year-on-year, driven mostly by the adverse impacts from the ongoing COVID-19 pandemic. As a result ... Read the full article
Swiss Re falls to net loss for 2020 as COVID claims & reserves hit $3.9bn
19th February 2021
Global reinsurance giant Swiss Re has reported a Group net loss of $878 million for 2020 as COVID-19 claims and reserves increased to $3.9 billion across the business. Excluding the impacts of the pandemic, and Swiss Re's net income amounted to $2.2 billion for the year, which is a significant increase ... Read the full article
Argo posts $19.7mn Q4 net loss
18th February 2021
Specialty re/insurer Argo Group has reported a fourth quarter 2020 net loss of $19.7 million, up from the $103.3 million loss posted for the prior year quarter. Operating loss in the fourth quarter was $18.2 million compared to an operating loss of $73.9 million for the prior year quarter. The company’s combined ... Read the full article
James River expecting $5mn net income for 2020
17th February 2021
Bermuda-based insurance holdings company James River Group expects to report full year 2020 net income of between $4 million and $5 million. Full year 2020 adjusted net operating income is expected to fall between $18 million and $22 million. The combined ratio for the full year is expected to be between 105% ... Read the full article
Organic growth lifts Athene’s Q4 results
17th February 2021
Retirement services company Athene has announced that its net income in the fourth quarter of 2020 more than doubled to $1.07 billion on the back of strong organic growth. Income was up 147% on the $432 million reported in Q4 2019, and 71% on the $622 million in Q3 2020. However, over ... Read the full article
AIG falls to $60mn Q4 loss
17th February 2021
Global insurer and reinsurer AIG has reported a net loss of $60 million for the fourth-quarter of 2020 despite a 4% rise in General Insurance (GI) adjusted pre-tax income to $809 million for the period. The Q4 net loss compares with net income of $922 million for the same period in ... Read the full article
Sompo International profits fall on pandemic hit
12th February 2021
Sompo International’s profits decreased by $228 million over the 3Q FY2020 period, largely due to the negative impact of COVID-19 on the business’s results. The Sompo Holdings subsidiary recorded adjusted profit of just $46 million for the period, after sustaining an underwriting loss of $178 million from COVID-19 and natural disasters. Investments ... Read the full article
COVID forces MS Amlin to £209mn loss
12th February 2021
Japanese insurer MS&AD Insurance Group Holdings has reported that its MS Amlin subsidiary fell to a £209 million net loss in the FY2020 3Q period. The loss was mainly attributed to the COVID-19 pandemic, which caused MS Amlin to post an underwriting loss of £235 million for the period. This was a ... Read the full article
Brit reports strong rate increases as COVID pushes combined ratio to 112.6%
12th February 2021
Specialty insurer and reinsurer Brit has reported strong rate increases and premium growth for 2020, while the significant impacts of the COVID-19 pandemic pushed the firm to a $215 million underwriting loss with a combined ratio of 112.6%. The firm has reported risk-adjusted premium rate increases on renewal business of 10.6%, ... Read the full article
Fairfax reports re/insurance underwriting profit despite high cat & COVID losses
12th February 2021
Fairfax Financial Holdings Limited has reported a decline in net earnings to $218.4 million for fiscal year 2020, as combined catastrophe and COVID-19 losses reached more than $1.3 billion. Despite the high level of catastrophe and pandemic-related losses, Fairfax's insurance and reinsurance operations recorded a consolidated combined ratio of 97.8%, resulting ... Read the full article
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