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.
Investments offset Third Point Re underwriting loss
6th November 2020
Bermudian reinsurer Third Point Re has reported a net income of $68.7 million for the third quarter of 2020, compared to a net loss of $15.1 million for the same period last year. For the first nine months of the year, Third Point Re’s net income stands at $9.1 million, versus ... Read the full article
Sirius reports $67mn Q3 loss, 115% CR
6th November 2020
Bermuda-domiciled re/insurer Sirius International has reported a $67 million loss for the third quarter of 2020, compared to $50 million loss in the prior year period last year. $39 million of losses was related to COVID-19, net of reinsurance and additional premiums due. Catastrophe losses were $53 million in the quarter and ... Read the full article
Cat losses of $790mn push AIG’s GI unit to Q3 underwriting loss
6th November 2020
American International Group, Inc. (AIG) has announced that its General Insurance (GI) unit reported $790 million of catastrophe losses in the third-quarter of 2020, taking the segment's combined ratio to 107.2%. The $790 million of pre-tax cats, net of reinsurance, impacted the GI combined ratio by 13.5 percentage points in the ... Read the full article
Beazley reports 16% premium growth, strong rate increases
6th November 2020
Specialist insurer Beazley has reported a 16% increase in gross premiums written over the first nine months of 2020, supported by average rate increases of 14% on renewal business. Premiums came to £2,534 million at 9M 2020, up from £2,192 million for the same period last year, with growth across most ... Read the full article
SCOR Global P&C reports 100.7% CR on COVID and nat cats
6th November 2020
Global insurer and reinsurer SCOR has reported a dip in net income to €135 million for the first nine months of the year, as COVID-19 and a number of natural catastrophe events pushed SCOR Global P&C's combined ratio to 100.7%. Group net income fell by 66.3%, year-on-year, from the €401 million ... Read the full article
Liberty Mutual’s Q3 income rises to $397mn despite almost $1bn of cat losses
5th November 2020
Liberty Mutual Holding Company Inc. (LMHC) and its subsidiaries today reported a 46% rise in net income for the third-quarter of 2020 to $397 million, despite a significant increase in quarterly catastrophe losses, year-on-year, to $980 million. For the quarter, net income jumped from the $125 million reported for the second-quarter ... Read the full article
RSA grows underwriting profit, reports 90% combined ratio
5th November 2020
Multinational insurance group RSA has announced that its underwriting profit is “strongly up” at the end of Q3, with a combined ratio of 90%. RSA reported competitive market conditions in Q3, but said that pricing and underwriting actions have been consistent with loss ratio gains and are improving further in many ... Read the full article
FedNat’s CR hits 154.3% in Q3, strategic review committee announced
5th November 2020
Florida based primary insurer FedNat has reported a net loss of $20.7 million for the third quarter, down from a net income of $4.7 million in the prior year quarter. The company also sank to an operating loss of $21.5 million after a $4.3 million profit in the prior year period. A ... Read the full article
Greenlight Re turns Q3 profit but CR tips over 100%
5th November 2020
Hedge fund-backed reinsurer Greenlight Re has reported a positive net income of $2.2 million for the third quarter of 2020, but large natural catastrophe losses and pandemic exposure resulted in an underwriting loss. The income figure is smaller than the $5.1 million that Greenlight Re posted in Q3 2019, but the ... Read the full article
Allstate’s net income rises despite restructuring charge & cat losses
5th November 2020
Despite a previously announced restructuring charge and elevated catastrophe losses of $990 million, The Allstate Corporation has reported a 26.7% rise in net income to $1.13 billion for the third-quarter of 2020. At the start of October, Allstate warned that its third-quarter results would be negatively impacted by a restructuring ... Read the full article
Lancashire reports increases in premium rates and new business volumes
5th November 2020
In announcing its trading statement for the first nine months of the year, Lancashire Holdings Limited has reported a 14% increase in gross premiums written (GPW) to $658.7 million, and a group renewal price index (RPI) of 112% for the period. Lancashire attributes the year-on-year rise in GPW to increases in ... Read the full article
Munich Re’s Q3 profit falls as man-made losses exceed €1bn
5th November 2020
Reinsurer Munich Re has announced a decline in profit to €199 million for the third-quarter of 2020 as its major loss experience swelled to €1.5 billion and its property and casualty (P&C) business fell to an underwriting loss. Munich Re's profit in Q3 fell from the €865 million posted for the ... Read the full article
Protective narrows underwriting loss in Q3
4th November 2020
Property and casualty insurance holding company Protective Insurance Corporation (PIC) has announced its results for Q3 2020, revealing that it narrowed its underwriting loss to $364,000 compared with a loss of $7.8 million for the same period last year. This meant that Protective's underwriting Read the full article
IRB Brasil Re highlights performance recovery as loss narrows in Q3
4th November 2020
Brazilian reinsurer, IRB Brasil Re, has announced an improved performance for the third-quarter of 2020 when compared with the previous quarter, reporting a loss of R$229.8 million (USD 40mn) for Q3 versus a loss of R$685.1 million (USD 119mn) for Q2. The reinsurer notes that the improvement in its performance reflects ... Read the full article
$81mn Q3 underwriting loss pushes Alleghany’s CR to 105.2%
4th November 2020
Investment holding company Alleghany has produced an $81 million underwriting loss for the third quarter of 2020, pushing its combined ratio to 105.2%. The prior year quarter saw Alleghany achieve an underwriting profit of $33 million and a combined ratio of 97.6%. Underwriting losses in the quarter were driven by a $270 ... Read the full article
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