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.
Allstate pegs August cat losses at $985mn
18th September 2020
US primary insurer Allstate has estimated its catastrophe losses for the month of August at $985 million, pre-tax. Losses during the period consisted of 11 events at an estimated cost of $969 million, pre-tax, plus unfavorable prior period reserve reestimates. Estimated catastrophe losses for the month include a $430 million impact of ... Read the full article
PIC completes £3.5bn of bulk annuity deals in H1
11th September 2020
Pension Insurance Corporation Group Limited (PICG), the parent company of specialist insurer Pension Insurance Corporation plc (PIC), completed £3.5 billion of bulk annuity deals in the first half of 2020. The firm also completed £47.7 billion in financial investments, compared to £40.9 billion across the whole of 2019. Reinsurance transactions covered £3.9 billion ... Read the full article
Continental Re secures $71.7mn gross premium income in H1
10th September 2020
Pan-African reinsurer Continental Reinsurance plc has reported a gross premium income of $71.7 million for the first half of 2020. This figure represents a 27% growth over the same period in 2019. Underwriting profit for the period stands at $6.9 million, an increase of 442% from the prior year period. Investment and other ... Read the full article
Lloyd’s falls to H1 net loss; expects gross COVID-19 claims of $6.5bn
10th September 2020
The specialist Lloyd's of London insurance and reinsurance marketplace has reported a loss of £0.4 billion (USD 0.5bn) in the first half of 2020, as COVID-19 related claims, after reinsurance recoveries, reached £2.4 billion (USD 3.1bn). On a gross basis, Lloyd's says that it expects to pay out up to £5 ... Read the full article
CCR’s premium income spikes; CCR Re’s combined ratio hits 105.2% in H1
9th September 2020
CCR Group, the state-backed French re/insurer, has reported net income of €28 million for the first-half of 2020, while premium income jumped 15%, year-on-year, to €1.068 billion. The insurer and reinsurer attributes the rise in premium income to the State-backed intercompany credit insurance scheme for SMEs launched as from April through ... Read the full article
Aspen falls to H1 loss, takes $187mn of COVID losses
4th September 2020
Bermuda-based insurer and reinsurer Aspen Insurance Holdings Limited has reported an operating loss of $48.2 million for the first six months of 2020, after taking $187.3 million of losses associated with the COVID-19 pandemic. Overall, COVID-19 related losses contributed 15.7% to Aspen’s combined ratio of 109.2% during this period. Excluding COVID-19 losses, ... Read the full article
H1 results underscore stable outlook for brokers: Fitch
3rd September 2020
With most re/insurance brokers having now reported their results for the first half of the year, analysts at Fitch ratings are confident that the industry will maintain its stable rating and sector outlook, despite the challenges caused by the coronavirus pandemic. The rating agency noted that risks from the ongoing recession ... Read the full article
Aston Lark reports 25% revenue growth in 2019
1st September 2020
Aston Lark, the Chartered insurance broker backed by Goldman Sachs, has reported a revenue growth of 25% to £71.6 million in 2019. This is the first set of financial results released since its majority stake acquisition by Goldman Sachs Merchant Banking Division, with Bowmark LLP also re-investing in the newly created ... Read the full article
IRB Brasil Re sinks to $125mn loss in Q2
1st September 2020
Brazilian reinsurer IRB Brasil Re recorded a net loss of $124.7 million in the second quarter of 2020, compared to a $72.3 million profit in the prior year quarter. The firm's combined ratio for the quarter stood at 167%, up from 84.7% in the prior year quarter. Written premium increased 8% year-over- year and ... Read the full article
China Re’s GWP climbs 21% in H1 2020 as profit dips
1st September 2020
China Reinsurance (Group) Corporation has announced a 24% dip in net profit for the first-half of 2020 while gross written premiums (GWP) jumped by almost 21% in the period. Overall, the reinsurer's GWP reached RMB102.1 billion in H1 2020, with growth of 17.6% in P&C reinsurance, 31.4% in L&H reinsurance, and ... Read the full article
Peak Re posts robust performance in H1, COVID-19 impact “mild”
28th August 2020
Hong Kong domiciled reinsurer Peak Reinsurance has reported a net income of $26.1 million over the first half of 2020, up from $13.5 million in the prior year period. Despite the negative impact COVID-19 continues to have on overall re/insurance industry performance, Peak Re's results in the period are strong. In fact, ... Read the full article
Trean posts 42% income drop in Q2
28th August 2020
Insurance management and reinsurance consulting company Trean Insurance Group, Inc. has posted a 41.8% decrease in net income over the second quarter of 2020. After completing its initial public offering (IPO) in July 2020, Trean recorded a net income of $3.7 million for the Q2 period, down from $6.4 million for ... Read the full article
Ping An profits down in H1, but P&C growth stable
28th August 2020
Ping An Insurance (Group) Company of China, Ltd. has reported a 28.2% decrease in net profit over the first half of 2020, partially offset by continued stable growth in its property and casualty (P&C) segment. Net profit came to RMB 75.97 billion (USD 9.07 billion) for the six-month period, while operating ... Read the full article
CPIC says Swiss Re investment helps optimise ownership structure
25th August 2020
China Pacific Insurance Company (CPIC) has said that an investment by Swiss Re has helped to optimise its ownership structure, after the reinsurer participated in CPIC’s recent listing on the London stock exchange (LSE). Alongside the release of its H1 results, CPIC explained that the investment from Swiss Re had “laid ... Read the full article
Reinsurance growth lifts Sava Re revenue in H1
24th August 2020
Slovenia domiciled reinsurance firm Sava Re has grown its operating revenue by 16.6% over the first half of 2020, due to expansion of its freedom of services (FoS) business and growth in reinsurance business. During H1, the Sava Insurance Group generated almost €314.2 million in operating revenue (51.5% of the original ... Read the full article
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