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.
Investment recovery boosts Third Point Re’s income
7th August 2020
Hedge fund-backed reinsurer Third Point Re improved its net income to $124 million during the second quarter of 2020, helped by a recovery in the investment markets following pandemic-induced volatility in Q1. The Q2 figure compares with a net income of $53.1 million for the same period last year, although the ... Read the full article
Underwriting actions take hold at Protective in Q2
7th August 2020
Indiana, U.S. headquartered insurer, Protective Insurance Corporation, has reported an improved loss ratio and combined ratio for the second-quarter of 2020 as actions to enhance its underwriting performance start to have an effect. Protective has reported a combined ratio of 101.4% for Q2 2020 compared with 107% in the prior year ... Read the full article
IAG recovers $700mn from reinsurers after heavy cat year
7th August 2020
Australian insurer IAG has posted a 59.6% downturn in net profits for the fiscal year ended June 30th, 2020, offset by AU $700 million (US $504 million) of recoveries from its catastrophe reinsurance program. IAG’s net profit after tax came to $435 million for FY20, compared with $1.08 billion in the ... Read the full article
HCI Group secures $8.9mn income for Q2
7th August 2020
Florida-based insurtech HCI Group has announced a net income for the second quarter of $8.9 million, up from the $7.6 million achieved in the prior year quarter. Adjusted net income for the quarter was $6.8 million compared with $6.6 million in the second quarter of 2019. Consolidated gross written premiums of $171.9 million ... Read the full article
Reinsurers to absorb £276mn of Aviva’s COVID-19 losses
7th August 2020
Alongside the release of its H1 results, UK insurer Aviva has reported that its reinsurance program is set to absorb £276 million of its COVID-19 losses. Aviva said that the impact of the pandemic on incurred claims losses is estimated at £441 million, or £165 million net of reinsurance. Overall, the company ... Read the full article
FedNat falls to net loss of $21.5mn in Q2
6th August 2020
Florida based primary insurer FedNat has posted a net loss of $21.5 million in the second quarter of 2020, following heavy catastrophe losses. The company confirmed that it had incurred $48.3 million of catastrophe costs during the quarter, after warning ahead of the loss back in July. Cat losses were driven ... Read the full article
Liberty Mutual’s Q2 result hit by elevated cats & significant COVID-19 losses
6th August 2020
Liberty Mutual Holding Company Inc. has recorded a net loss of $320 million for the second-quarter of 2020 amid elevated catastrophe losses and significant impacts from the ongoing COVID-19 crisis. All in all, Liberty Mutual's catastrophe losses jumped by a substantial $384 million from the second-quarter of 2019 to $878 million, ... Read the full article
United (UPC Insurance) returns to profit in Q2; COVID-19 impact immaterial
6th August 2020
Property and casualty (P&C) insurance holding company, United Insurance Holdings Corp. (UPC Insurance), has returned to profitability in the second-quarter of 2020, posting net income of $24.3 million and a combined ratio of 99.4%. These figures compare with a net loss of $2.9 million in the second-quarter of 2019 and a ... Read the full article
Greenlight Re sinks to modest loss in Q2
6th August 2020
Hedge fund-backed reinsurer Greenlight Re has reported a net loss of $0.1 million in the second quarter of 2020, compared to net income of $15.3 million in the second quarter of 2019. Gross written premiums in the second quarter of 2020 were $116.7 million, compared to $152.3 million in the second ... Read the full article
AXA’s underlying earnings fall to €1.9bn amid 72% decline in P&C on COVID-19
6th August 2020
Global insurer and reinsurer AXA has reported a 48% decrease in underlying earnings to €1.9 billion for the first half of 2020, driven mostly by a 72% decline in property and casualty (P&C) business primarily as a result of the impacts of the COVID-19 pandemic. The French re/insurer has reaffirmed its ... Read the full article
Athene posts $824mn net income for Q2
6th August 2020
Retirement services firm Athene has posted a second quarter net income of $824 million, compared to $720 million in the second quarter 2019. The increase from the prior year quarter was driven by higher adjusted operating income and favorable changes in the fair value of reinsurance assets due to tightening credit spreads, ... Read the full article
Everest Re’s combined ratio deteriorates to 97.5% in Q2
6th August 2020
Bermuda-based reinsurer Everest Re Group, Ltd. has reported underwriting income of $50.9 million for the second-quarter of 2020, despite incurring $160 million in net pre-tax losses related to the ongoing COVID-19 pandemic. The reinsurer says that its underwriting result highlights the underlying strength and sustainable profitability of the franchise. Underwriting income of ... Read the full article
Assurant’s net income jumps 24%; non-cat loss experience favourable in Q2
6th August 2020
Assurant, Inc., a leading global provider of lifestyle and housing solutions, recorded a 24% increase in net income in the second-quarter of 2020 to $173.5 million, as its Global Housing segment reported improved profitability. Despite the improvement, the company's net income was somewhat offset by both direct and incremental expenses incurred ... Read the full article
Munich Re adds €700m of COVID-19 losses in Q2 as profit falls to €579m
6th August 2020
Global reinsurance giant Munich Re added roughly €700 million of COVID-19-related losses in the second-quarter of 2020, contributing to a decline in profit for the quarter to €579 million, compared with €993 million a year earlier. The additional €700 million of COVID-19 losses takes the reinsurer's H1 2020 impact from ... Read the full article
Allstate reports 146% rise in underwriting income to $904mn
6th August 2020
The Allstate Corporation's underwriting income improved by a significant 146.3% in Q2 2020 to $904 million, contributing to increased net income of $1.22 billion for the quarter. Alongside the better underwriting income, Allstate notes that its net income in the second-quarter of 2020 also benefitted from higher net realised capital gains ... Read the full article
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