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.
Beazley sinks to $13.8mn H1 loss off COVID-19 claims
23rd July 2020
Specialist insurer Beazley has posted a $13.8 million pre-tax loss for the first half of 2020, against a profit of $166.4 million in the same period in 2019. The company attributes this loss to high volumes of claims arising from COVID-19 impacted lines, as well a lower investment return of $83.2 ... Read the full article
SCOR reports Q2 net loss amid COVID-19 impacts of €456mn
23rd July 2020
Global insurer and reinsurer SCOR has reported a net loss of €136 million for the second-quarter of 2020 and net income of €26 million for the first half of the year, as the estimated cost of the COVID-19 pandemic booked in Q2 reached €456 million. In Q2 2020, COVID-19 pandemic impacts ... Read the full article
Swiss Re’s H1 2020 COVID-19 impacts reach $2.5bn
23rd July 2020
Global reinsurance giant Swiss Re has announced significant claims and reserves related to the COVID-19 pandemic of $2.5 billion (pre-tax) in the first half of 2020. As a result of the high level of losses from the pandemic, Swiss Re expects to report a net loss of approximately $1.1 billion in ... Read the full article
QBE reports $335mn COVID-19 loss ahead of H1 results
22nd July 2020
Ahead of the release of its results for H1 2020, Australian insurer QBE has reported that it expects to incur a COVID-19 underwriting impact of around $335 million for the period. The group is anticipating a combined operating ratio of around 104% for the first half of the year, reflecting COVID-19 ... Read the full article
W. R. Berkley reports fall in Q2 net income as CR hits 98.7%
22nd July 2020
W. R. Berkley has reported a roughly 67% year-on-year decline in net income to $71 million for the second-quarter of 2020, while its combined ratio deteriorated to 98.7% in the period. In mid-July, the company warned of expected net catastrophe losses of approximately $145 million, pre-tax for Q2 2020, comprised ... Read the full article
Munich Re’s H1 2020 COVID-19 losses reach €1.5bn
20th July 2020
Global reinsurer Munich Re has announced COVID-19 related losses of roughly €700 million in its reinsurance operations in the second-quarter of 2020, as the firm cites "truly favourable conditions" for growing its reinsurance business. The reinsurance giant states that the large majority of its €700 million of registered COVID-19 losses is ... Read the full article
Allstate braced for $1.19bn Q2 cat hit
17th July 2020
US primary insurance giant Allstate is expecting catastrophe losses for the second quarter to reach $1.19 billion, pre-tax ($937 million, after-tax). For June, the company has estimated total cat hit of $204 million, pre-tax ($161 million, after-tax). Cat losses occurring in June comprised ten events at an estimated cost of $181 million, pre-tax ($143 ... Read the full article
The Hartford’s COVID-19 & cat losses near $500mn in Q2
16th July 2020
U.S. insurer The Hartford expects to incur losses related to COVID-19 of $251 million pre-tax ($198 million after-tax) in the second-quarter of 2020, as well as current accident year catastrophe losses of $248 million pre-tax ($196 million after-tax). Combined, pre-tax losses from COVID-19 and current accident year catastrophes are estimated at ... Read the full article
Cincinnati Financial posts Q2 cat losses of $231m
15th July 2020
Cincinnati Financial Corporation is expected to include pretax catastrophe losses of approximately $231 million in the second quarter, adding 16.5% to the quarterly combined ratio based on estimated property casualty earned premiums. Two multi-state storms in early April each caused approximately $50 million in losses, in addition to catastrophe losses from ... Read the full article
Kingstone reports improved net income; higher reinsurance costs in 2020
7th July 2020
Property and casualty (P&C) insurer Kingstone Companies, Inc. has reported net income of $0.6 million for the first six months of the year, while the firm purchased a lower level of catastrophe reinsurance at a higher cost than the previous year as rate rises continued for reinsurers. At $0.6 million, the ... Read the full article
GIC Re’s combined ratio slips to 114% in 2019
25th June 2020
India’s national reinsurance company, General Insurance Corporation of India (GIC Re), has reported that its combined ratio deteriorated to 114% during the financial year 2019. Underwriting losses over the year were up threefold from Rs 2,211 crore ($409 million) to Rs 6,367 crore ($1.18 billion), causing the combined ratio to move ... Read the full article
IRB Brasil Re again delays Q1 results, as court dispute intensifies
17th June 2020
Brazilian reinsurer IRB Brasil Re has again pushed back the release of its Q1 results, amid reports that the company must come up with 1 billion reais ($194 million) to settle a court dispute that arose after a drop in IRB’s share price earlier this year. Back in May, IRB ... Read the full article
DIFC premium growth reaches new high in 2019
8th June 2020
The Dubai International Financial Centre (DIFC), the leading financial hub in the Middle East, Africa and Southeast Asia, has revealed that the sector grew by 17.4% in 2019. Annual growth of more than 17% represents the highest volume of premiums ever written in the marketplace, reinforcing the DIFC's position as a ... Read the full article
R&Q sees 2019 profits surge nearly 400% to £39mn
1st June 2020
Non-life legacy insurance investor Randall & Quilter saw its profits surge 399% to £38.9 million in 2019. At £40.1 million, R&Q’s pre-tax profit was a group record and almost three times the equivalent result in 2018. The company says this was the result of continued growth in both its Program Management and ... Read the full article
Helios Underwriting profits boosted by hard market in 2019
29th May 2020
Helios Underwriting, the Lloyd’s of London investment and underwriting vehicle, reported an almost fourfold increase in profits over 2019 due to hardening market conditions. The group recorded profit before impairment for the year of £2.43 million, compared with £608,000 in 2018. “We are now part way through a broad-based turn in the ... Read the full article
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