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.
Platinum Specialty reports Gross Written Premiums of $200m
24th October 2022
Platinum Specialty Underwriters has announced gross written premiums of $200m, with a 50% growth rate driven by the success of five new product offerings to accompany the existing successful transportation program portfolio. Jeff Heath, President of Platinum Specialty Underwriters, commented, "As specialist underwriting experts supporting our select wholesale customers, we are ... Read the full article
Kemper anticipates cat losses between $20-30m for Q3
24th October 2022
Kemper Corporation has reported it anticipates its Q3 2022 results will include pre-tax catastrophe losses ranging from $25m to $30m, primarily related to Hurricane Ian. The company notes that it does not expect to recover any of these losses under its reinsurance programs. Nor does it anticipate adverse prior-year development. Kemper ... Read the full article
Munich Re sees Ian losses of €1.6bn, says 2022 profit target “significantly more challenging” to meet
21st October 2022
Global reinsurance giant Munich Re has reported losses related to Hurricane Ian within its property and casualty reinsurance business of roughly €1.6 billion after retrocession, based on an insurance industry market loss of around $60 billion (excluding the NFIP). The reinsurer notes that, in the third quarter of 2022, it recorded ... Read the full article
Cincinnati Financial estimates cat losses of $252m in Q3
21st October 2022
Cincinnati Financial Corporation has announced that its consolidated Q3 results are expected to include pretax catastrophe losses of approximately $252m, representing an impact on the Q3 2022 combined ratio of approximately 13.9 percentage points, based on estimated property casualty earned premiums. The catastrophe loss estimate includes $220m from Hurricane Ian, excluding ... Read the full article
Palomar utilises reinsurance to offset Hurricane Ian loss
21st October 2022
Palomar has said that it is to use its reinsurance cover to offset losses arising from Hurricane Ian in Q3 2022. The firm said that it was looking at estimated pre-tax catastrophe losses of $12.5m, net of reinsurance, for the third quarter of 2022. This is a full-retention loss for Palomar, ... Read the full article
The Hanover announces cat losses of $90m for Q3
20th October 2022
Property and casualty insurance company The Hanover Insurance Group has announced a preliminary estimate for third quarter catastrophe losses of approximately $90m, before taxes, or 6.8 points of net earned premiums. In a statement, the firm said that the estimate is approximately $22m above the company's pre-tax third quarter catastrophe assumption, ... Read the full article
Guy Carpenter’s Q3 revenue up 7% as Marsh McLennan reports solid set of results
20th October 2022
Global brokerage Marsh McLennan (MMC) has reported a solid set of results for the third quarter of 2022, supported by underlying revenue growth of 7% at its reinsurance arm, Guy Carpenter. Across the business, MMC's consolidated revenue in Q3 2022 increased by 4%, or 8% on an underlying basis to $4.8 ... Read the full article
Allstate to recover 45% of $671m Hurricane Ian loss from reinsurers
20th October 2022
US primary insurer Allstate has announced that it expects to incur a net loss between $675 million and $725 million for the third quarter of 2022, largely due to the impacts of Hurricane Ian. Catastrophe losses for the third quarter, net of reinsurance, are estimated to be $763 million, pre-tax. Gross catastrophe ... Read the full article
Travelers reports solid Q3 with stronger combined ratio despite hurricane Ian
19th October 2022
Primary insurance group The Travelers Companies, Inc. has reported a 31% year-on-year dip in net income to $454 million for the third quarter of 2022, but despite experiencing a higher catastrophe load in the period, driven by hurricane Ian, the firm's underwriting return for the period increased by $40 million. Quarterly ... Read the full article
BP Marsh improves profits for H1, grows net asset value
18th October 2022
Venture capital provider BP Marsh has reported improvements in profits and net asset value for the six months to end of July this year, and maintains a positive outlook on the re/insurance market moving forward. The company reported consolidated profit before tax of £17.0 million for the interim period, compared to ... Read the full article
Swiss Re expects Q3 net loss amid hurricane Ian claims of $1.3bn
18th October 2022
Global reinsurance giant Swiss Re expects to report a net loss of $500 million for the third quarter of 2022 on the back of hurricane Ian related claims of a huge $1.3 billion, net of reinsurance and before tax. Swiss Re is the first large, global reinsurer to announce its preliminary ... Read the full article
KBW forecasts decline in specialty reinsurer loss ratios
17th October 2022
Analysts at KBW say they are expecting to see a broad decline in specialty reinsurers’ core loss ratios year-on-year, as they assess the market in the wake of Hurricane Ian and amid the challenging interest rate environment. Looking at the implications of these conditions for various business lines, KBW is forecasting ... Read the full article
Tryg reports positive results in Q3
13th October 2022
Scandinavian insurance company, Tryg has reported a premium growth of 6.4% in the third quarter of 2022, compared to 5.9% from the same period last year. The increase was primarily driven by positive developments in the company’s Private and Commercial segments. The company also reported a technical result of DKK 1,832m (DKK ... Read the full article
US title insurers post solid results for 2021 despite volatile landscape: AM Best
11th October 2022
A recent report from AM Best suggests that the US title insurance industry saw its net income jump 46% in 2021 to $2.3bn, however, macroeconomic pressures in 2022, specifically those affecting mortgage rates, have created a volatile landscape for title insurers. AM Best note that the title segment’s top-line premium growth, ... Read the full article
Swiss Re set for $399m Q3 loss in JP Morgan forecast
10th October 2022
Analysts at JP Morgan have forecast that Swiss Re will incur a net loss of $399 million for the third quarter of 2022, largely due to the impact of Hurricane Ian, as well as loss creep on other catastrophe events and investment market volatility. Based on a market-wide loss forecast of ... Read the full article