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.
IGI reports improved combined ratio as Q4’23 underwriting income rises to $43.5m
13th March 2024
International General Insurance Holdings Ltd. (IGI) has reported a 10.3 percentage point improvement in its combined ratio for Q4 2023 to 81.8% and growth in underwriting income to $43.5 million, as net income increased to $33 million in the period. For the quarter, gross written premiums (GWP) were $164.9 million, an ... Read the full article
MS Amlin returns to profitability in 2023, reports lowest CoR in a decade
12th March 2024
MS Amlin, the Lloyd's global insurer and reinsurer, achieved its strongest adjusted combined ratio for more than a decade in 2023 with a 9.6 percentage point improvement to 86.6%, with Chief Executive Officer (CEO), Andrew Carrier, describing it as a landmark year for the business. As well as being the firm's ... Read the full article
Antares Syndicate 1274 reports record profits in 2023
12th March 2024
Antares Syndicate 1274, the re/insurance subsidiary in the Lloyd's market of QIC's Antares Global, has seen improved financial results in 2023 with a 8.1% gross written premiums (GWP) growth and an improved combined ratio of 89.2%. This year, the company saw GWP of $600mn, compared to the $555mn reported in 2022, ... Read the full article
Heritage’s Q4 net income hits $30.9m, combined ratio improves to 84.9%
12th March 2024
Heritage Insurance Holdings has reported a net income of $30.9 million for Q4 of 2023, up from $12.5 million in the same quarter of 2022, primarily driven by an increase in net premiums earned, higher net investment income, and lower net losses incurred. Heritage also revealed that gross premiums written were ... Read the full article
Generali reports record operating result of €6.9bn as P&C combined ratio strengthens
12th March 2024
Italian insurer Generali generated a record operating performance of €6.9 billion in its full year 2023 results, an increase of 7.9% as a result of a positive contribution from all segments, led by Property & Casualty (P&C). Group-wide, the insurer has reported an "excellent" new business margin of 5.78%, and a ... Read the full article
Canopius reports strongest underwriting result in history for 2023
12th March 2024
Global specialty and P&C (re)insurer Canopius Group has revealed its profit after tax for 2023 reached $363 million, up from $129 million in 2022, with a combined ratio for the year of 88.7%. Canopius' insurance contract written premium also increased in 2023 to $2.8 billion, marking a rise of 22% from ... Read the full article
Lloyd’s exceeds weighted average cost of capital in 2023: ICMR, LMA
11th March 2024
After realising preliminary results for 2023 last week, analysis by ICMR and the LMA reveals that the specialist Lloyd's insurance and reinsurance marketplace has, in aggregate, exceeded its weighted average cost of capital (WACC) for the first time in the last decade. ICMR notes that although it's a challenge to establish ... Read the full article
Africa Re reports best net income result ever in 2023
11th March 2024
Based on preliminary and unaudited figures under IFRS 4, Africa Re has reported a net income of $129.145 million in 2023, marking a massive improvement of 444.16% from the $23.733 million net income posted in 2022. Africa Re additionally recorded gross written premiums of $1.106 billion for 2023, translating into an ... Read the full article
Porch Group sees net loss improvement in Q4 2023
8th March 2024
Porch Group, a homeowners insurance and vertical software platform, has reported a net loss of $2.5mn in the fourth quarter of 2023, an improvement from $35.5mn in Q4 2022; with a total revenue of $114.6mn, which increased 79% compared to the prior year. The company also reported a revenue less cost ... Read the full article
HCI Group’s net income climbs to $89.3m in 2023
8th March 2024
Florida-based insurtech HCI Group has reported a net income of $89.3 million for 2023, compared to a net loss of $54.6 million in 2022. Consolidated gross premiums earned in 2023 also increased to $765.5 million from $724.7 million in 2022. HCI explained that gross premiums earned for 2023 include $23 million of ... Read the full article
Aviva sees profit growth in 2023 financial results
7th March 2024
Aviva has released its 2023 Financial results, reporting a 9% growth in operating profit, to £1,467 million, and general insurance operating profit of £851 million, a 35% increase compared to the year prior. According to the insurer, the results from the firm’s General Insurance businesses in the UK, Ireland and Canada ... Read the full article
“Outstanding” 2023 leads to best underwriting result in recent history: Lloyd’s
7th March 2024
In a trading update for its full year 2023 financial performance, global insurance and reinsurance marketplace Lloyd’s has revealed its underwriting profit increased by £3.3 billion to £5.9 billion. Burkhard Keese, Lloyd’s CFO commented, “2023 was an outstanding year for the Lloyd’s market. We continued to see sustainable, profitable growth and ... Read the full article
Hamilton reports 90.2% CoR as net income hits $127m in Q4’23
7th March 2024
Hamilton Insurance Group, Ltd. has reported a combined ratio of 90.2% and underwriting income of $36 million for the fourth quarter of 2023, as the firm's net income rose considerably to $127 million for the period. The insurer’s gross premiums written (GPW) increased by $92.5 million, or 27.1% to $433.8 million ... Read the full article
Liberty Mutual’s 2023 net income drops despite strong Q4
7th March 2024
Liberty Mutual Holding Company Inc. has reported a net income of $213 million for the full year 2023, down substantially from the $414 million recorded in 2022, despite a strong end to the year. Liberty’s total net written premium for the full year 2023 grew 2.5% versus 2022, reaching $46.48 billion. The ... Read the full article
Beazley reports CoR of 71% and record profit in 2023
7th March 2024
Specialist insurer Beazley has announced record pre-tax profit of $1.25 billion and a combined ratio of 71% for the year ended December 31st, 2023, with strong growth in the insurance service result of 52% and an investment return of 4.9%. Group profit after-tax rose 112% from 2022's $483 million to $1.026 ... Read the full article