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.
The Hartford estimates Q4 cat & wildfire losses of up to $365m
5th December 2018
Property and casualty insurer The Hartford is anticipating a post-tax, fourth quarter net catastrophe hit of between $350 million and $365 million, a figure which includes the Camp and Woolsey fires in California as well as hurricane Michael. In reaction to this loss announcement, equity analysts at Credit Suisse ... Read the full article
Zurich on track to hit 2019 financial targets
5th December 2018
Zurich Insurance Group has announced that it is on track to fully meet its 2017-2019 financial targets and is well positioned to deliver future earnings growth and attractive shareholder returns. Speaking at the Group’s investor day today, Chief Executive Officer (CEO) Mario Greco is to detail how the company has made ... Read the full article
Tower posts $6.7mn loss as weather events and earthquakes hit earnings
28th November 2018
New Zealand-based insurer Tower Limited has posted an NZ $6.7 million (US $4.6 million) loss for the 12 months ending September 30, as its earnings were hit by severe weather claims across the Pacific, escalating costs from the 2010 Canterbury earthquakes, and a settlement with reinsurer Peak Re. The company has ... Read the full article
Premiums, profits up for U.S P&C reinsurers: RAA
27th November 2018
A group of 18 U.S. property and casualty (P&C) reinsurance companies recorded $45.4 billion in net premiums written (NPW) during the nine-months ended 30 September 2018, according to a survey conducted by the Reinsurance Association of America (RAA). This figure represents a $11.2 billion increase from this point last year, when NPW ... Read the full article
U.S P&C industry performance improves over 2018: A.M. Best
23rd November 2018
The U.S property and casualty (P&C) re/insurance industry posted strong results over the first nine months of 2018, improving its net underwriting income significantly due to growth in net written premiums and relatively flat losses, according to A.M. Best. The rating agency’s First Look report found that net premiums written grew ... Read the full article
Sirius Group posts negative Q3 results, driven by cat losses
16th November 2018
Sirius International Group, a global multi-line re/insurance group, has posted a loss of $23 million for the third quarter of 2018, which was largely driven by $77 million of catastrophe losses. The Group’s combined ratio for the quarter was 111%, including 24 points of catastrophe losses, which compares with losses of ... Read the full article
Saudi Re experiences strong international growth at Q3
13th November 2018
Saudi Re’s results for the nine-month period ending 30 September 2018 show that company has steadily grown its international books, which now account for nearly 60% of its business. Fahad Al-Hesni, Managing Director and Chief Executive Officer (CEO) of Saudi Re, said that the company’s business in more than 40 countries ... Read the full article
Zurich anticipates $175mn Hurricane Michael loss
8th November 2018
Zurich Insurance Group has released its results for the first nine months of 2018, in which it estimates that losses related to Hurricane Michael in the fourth quarter are likely to be around US $175 million. Category 4 Michael made landfall in the Florida Panhandle on October 10th as the strongest ... Read the full article
Premium growth and rate rises outweigh cat losses for Beazley at Q3
8th November 2018
Strong premium growth across all divisions and an average 3% rate increase on renewal business have driven profits for specialist insurer Beazley at the third quarter of 2018 despite significant catastrophe losses. Gross premiums written by Beazley for the nine months ended 30 September 2018 increased by 11% year-on-year to $1.96 ... Read the full article
Markel’s reinsurance business struggles at Q3 despite low cat losses
5th November 2018
Markel posted a 13% decrease in earned premiums and a combined ratio of 115% for its reinsurance business during the third quarter of 2018 despite relatively low catastrophe losses. This resulted in an overall loss of $33.7 million for the reinsurance business, although the company still turned an underwriting profit overall ... Read the full article
Market conditions in Arch’s P&C business relatively unchanged, says CEO
2nd November 2018
Marc Grandisson, President and Chief Executive Officer (CEO) of Arch Capital Group, has said that overall market conditions in the firm’s property and casualty (P&C) business seems relatively unchanged from last-quarter. Furthermore, Grandisson believes that additional rate increases are needed to provide a more adequate margin of safety and broader growth ... Read the full article
Guy Carpenter Q3 underlying revenue up 11%, MMC up 3% at $1.6bn
25th October 2018
Guy Carpenter, the reinsurance broker and wholly owned subsidiary of Marsh & McLennan Companies, recorded $215 million of revenue in the third quarter, an 11% increase on an underlying basis, according to MMC's Q3 2018 results. For the nine months ended 30 September, Guy Carpenter's underlying revenue growth was 7%. Meanwhile, MMC's ... Read the full article
Cat losses hit Chubb in Q3 but operating profit up year-on-year
24th October 2018
Global insurer Chubb has reported pre-tax catastrophe losses of $450 million ($372 million after-tax) for the third-quarter of 2018, and a core operating profit of $1.1 billion, compared with a $60 million loss a year earlier. Chubb announced previously that it expected Q3 2018 catastrophe losses to amount to $450 ... Read the full article
$25m Q3 catastrophe losses expected by Argo Group
19th October 2018
International underwriter of specialty re/insurance products Argo Group International Holdings has announced a preliminary pre-tax catastrophe loss estimate for Q3 2018 of approximately $25 million. Hurricane Florence, typhoon Jebi and other cat and weather-related events in Q3 are all included in the estimate. Also included are claims costs net of ceded reinsurance ... Read the full article
Munich Re’s Q3 catastrophe losses said to be within budget
19th October 2018
German reinsurance giant Munich Re was hit by large natural catastrophe losses during the third quarter of 2018, although claims are likely to remain within the company’s budget, according to sources at Reuters. The company also saw some losses related to claims from the Genoa bridge collapse in Italy, although these ... Read the full article
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