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.
RLI reports full year underwriting income of $173.2m on a combined ratio of 86.6%
25th January 2024
RLI Corp. has reported a full year underwriting income of $173.2 million on a combined ratio of 86.6%, compared to $178.2 million on a combined ratio of 84.4% in 2022. The firm explained that favourable development in prior years’ loss reserves resulted in a $95.3 million net increase in underwriting income ... Read the full article
Progressive sees Q4 net income soar as combined ratio falls to 88.7%
25th January 2024
The Progressive Corporation has reported a Q4 2023 net income of $1.99 billion, up a massive 141% compared with the same period of 2022. The firm also disclosed that its combined ratio smoothed out in the quarter, dropping down to 88.7% compared to the 93.9% reported in Q4 of 2022. Elsewhere, Progressive's ... Read the full article
Reinsurance capital rebounds strongly in 2023, cat bond issuance hits record high: Fitch
24th January 2024
According to Fitch Ratings, reinsurance capital is estimated to have surged by 11%, reaching approximately USD 535 billion by the end of 2023, partially offsetting the losses incurred in the previous year. The global reinsurance industry witnessed a robust recovery in capital during 2023, driven by strong earnings, financial market stabilisation, ... Read the full article
AXIS Capital strengthened prior year reserves in Q4’23 by $425m
24th January 2024
Global specialty underwriter and provider of re/insurance, AXIS Capital Holdings Limited, has announced the strengthening of prior year reserves in Q4 2023 by $425 million, pre-tax, or $361 million, after-tax. The company notes that the reserve strengthening is attributable to its insurance and reinsurance segments in liability lines and professional lines ... Read the full article
IVANS reports increase in average premium renewal rates in Q4
23rd January 2024
IVANS has reported an increase in average premium renewal rate change across all major commercial lines in the fourth quarter of 2023. All lines are up year-over-year, expect for Workers' Compensation, IVANS noted. Business Owner’s Policy (BOP), General Liability, Commercial Property and Umbrella each ended the year with their highest average premium ... Read the full article
Brown & Brown sees FY 2023 total revenues climb 19.1% to $4.26bn
23rd January 2024
Brown & Brown, Inc. has disclosed that total revenues for the full year 2023 reached $4.26 billion, increasing $683.7 million, or 19.1%, compared with 2022. Brown & Brown also reported in its full year results that commissions and fees increased by 17.9%, and Organic Revenue increased by 10.2%. Meanwhile, income before income ... Read the full article
Strong ILS performance in 2023 to be reflected in European reinsurers’ results: JP Morgan
19th January 2024
Analysts at JP Morgan have suggested that the strong performance in the insurance-linked securities (ILS) asset class in 2023 is likely to be reflected in the results of European reinsurers. JP Morgan's analysts said that following several difficult years for the asset class, ILS produced a record return in 2023 of ... Read the full article
Travelers’ Q4 net income rises by $807m to $1.6bn
19th January 2024
The Travelers Companies, Inc. has posted a net income of $1.626 billion for the fourth quarter of 2023, driven by higher core income, partially offset by net realized investment losses compared to net realized investment gains in the same period of 2022. At $1.626 billion, the insurer's net income increased by ... Read the full article
Truist posts higher insurance income in Q4’23
18th January 2024
Financial services firm Truist Financial Corporation has reported insurance income of $813 million in the fourth quarter of 2023, compared with $766 million in Q4'22. The company attributed its improved insurance income to organic growth. Organic revenue growth was 7.3% in Q4'23. Revenue increased 7.4% to $851 million in Q4'23, compared with ... Read the full article
Korean Re 9M net income hits KRW 292.9bn as insurance result soars
28th December 2023
Korean Re has reported a net income of KRW 292.9 billion for the first 9M of 2023, with an insurance income of KRW 194.9 billion. This year's net income figure is much improved compared to the KRW 114.9 billion recorded in the same period of 2022, where insurance income was also ... Read the full article
Hannover Re expects net income of €2.1bn for 2024, reinsurance revenue growth of over 5%
12th December 2023
Hannover Re, one of the world's largest reinsurers, is anticipating net income of at least €2.1 billion for 2024 and a combined ratio of below 89% in its property and casualty (P&C) reinsurance business in the period, as the firm unveils its programme for the strategy cycle through 2026. Group net ... Read the full article
Helios Underwriting NAV per share increases 17%
11th December 2023
Lloyd’s focused investment vehicle Helios Underwriting has announced its pro-forma Net Asset Value (NAV) per share as at September 30, 2023, has increased 17%, to £1.76. Martin Reith, Helios’ Chief Executive Officer, commented: "Helios' proposition as the investment vehicle with a curated Lloyd's portfolio continues to go from strength to strength. ... Read the full article
Guidewire shrinks net loss, increases revenues for fiscal Q1
11th December 2023
Guidewire Software, a platform provider for property and casualty re/insurers, has reported a net loss of $27.1 million for the first quarter of fiscal year 2024, compared with $69.3 million for the same period in the previous fiscal year. Similarly, the company’s loss from operations saw a loss of $33.8 million ... Read the full article
Hamilton posts Q3 net income of $43.6m as GWP climb 18.3%
6th December 2023
Hamilton Insurance Group has reported a Q3 2023 net income of $43.6 million, up considerably from Q3 2022's loss of $136.1 million, while gross written premiums also grew 18.3% to $474.1 million. The firm's overall combined ratio in Q3 was much improved at 92.6%, down 29.9% from last year, with better ... Read the full article
Swiss Re sets IFRS net income target of over $3.6bn for 2024
1st December 2023
Global reinsurer, Swiss Re ahead of its transition from US GAAP to the IFRS accounting standard, has set a new IFRS target for net income of more than $3.6 billion for 2024. Simultaneously, the Life & Health Reinsurance segment is expected to contribute a net income of $1.5 billion, towards the ... Read the full article
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