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.
Brit reports 90.8% combined ratio in Q1
12th May 2023
Global specialty re/insurer and subsidiary of FairFax Financial Holdings Limited, Brit Ltd., has recorded a combined ratio of 90.8% in its Q123 results. The combined ratio figure represents an improvement from the prior year's quarter which came in at 91.8%. At the same time, the re/insurer reported $644 million in net premiums ... Read the full article
Skuld posts $32 million in 2022/23
12th May 2023
Marine insurance provider, Skuld, has reported $32 million for the year ended February 20, 2023, with a positive technical result of $15 million. The combined ratio improved year-on-year to 97%, Skuld noted. A strong 2022/23 renewal with portfolio growth both in mutual and commercial lines of business contributed to a growth in ... Read the full article
Fairfax Financial reports combined ratio of 94% for Q1 2023
12th May 2023
Fairfax Financial Holdings Limited has announced its Q1 2023 financial results, reporting net earnings of $1,250 million in Q1 2023 compared to net earnings of $588.7 million in Q1 2022. Net premiums written by the property and casualty insurance and reinsurance operations increased for Fairfax, 6.1% to $5,619.4 million in Q1 ... Read the full article
Trisura Group Q1 net income drops impacted by new IFRS standards
12th May 2023
Specialty insurer Trisura Group has announced its financial results for the first quarter of 2023, reporting a net income of $14.0 million and insurance revenue growth of 53%, which reflects sustained momentum across North America. According to the insurer, its net income in the quarter was impacted by the implementation of ... Read the full article
QBE posts $130 million hit from natural disasters in late 2022, including winter storm Elliot
12th May 2023
Australian insurer and reinsurer, QBE Insurance Group Limited, indicated an adverse development of $130 million on natural catastrophe events which primarily occurred in late 2022, including winter storm Elliot in North America and certain Australian events. As a result of these increasing costs, QBE hiked its FY23 plan Group combined operating ... Read the full article
Allianz sees 24.2% increase in Q1 operating profit to €3.7 billion
12th May 2023
Allianz has reported that its Q1 2023 operating profit increased 24.2% to €3.7 billion, which the firm attributes to strong performance in Life/Health and Property-Casualty business segments. Meanwhile, total business volume in Q1 2023 increased by 3.9% to €46 billion. Allianz states this growth was spearheaded by the Property-Casualty segment, which benefited ... Read the full article
Everest execs foresee rapid growth in 2023, expect strong mid-year renewals
12th May 2023
Juan Andrade, President and CEO of Everest Re, described the company’s Q1 2023 results as excellent. The company had significant top-line growth. It saw an underwriting profit, operating income and net income that are all up meaningfully in the quarter, while generating a 17% operating ROE. The company has seen success ... Read the full article
Beazley’s Q1 GWP rise 12% driven by solid growth in cyber & property lines
12th May 2023
Specialist re/insurer Beazley has reported that Q1 2023 gross written premiums increased by 12% YoY to $1.37 billion as the firm remains "confident of delivering strong growth and profitability." According to Beazley, its Cyber Risks class performed well with 24% growth in Q1 ($280 million of GWP), reflecting expansion in Europe ... Read the full article
SCOR posts improved Group net income in Q1 2023
12th May 2023
French reinsurer SCOR has reported Group net income of EUR 311 million in the first quarter of 2023, compared with a net loss of EUR 35 million a year earlier, although insurance revenue declined 4% to EUR 3.9 billion. Across the Group, gross written premiums (GWP) fell by 0.7% year-on-year to ... Read the full article
Liberty Mutual falls to Q1 loss of $74 million as catastrophes take heavy toll
11th May 2023
Liberty Mutual Holding Company has reported a net loss of $74 million in Q1 of 2023, which the firm's CEO attributes primarily to "elevated catastrophe losses largely driven by severe weather storms across the Midwest." The reported Q1 net loss compares to a net income attributable to Liberty Mutual of $498 ... Read the full article
Brookfield Reinsurance posts Q1’23 net loss vs year-ago net income
11th May 2023
Brookfield Reinsurance reported a net loss of $93 million in the first-quarter of 2023, compared to a net income of $156 million in Q1'22. This loss was driven largely by unrealized mark-to-market impacts on investments and insurance reserves, partially offset by the contribution of Distributable operating earnings (DOE), the company said. The ... Read the full article
Hannover Re’s underwriting performance improves as net income climbs in Q1 2023
11th May 2023
Global reinsurer Hannover Re has reported reinsurance revenue of EUR 6.6 billion for the first quarter of 2023, as the reinsurance service result increased 35% year-on-year to EUR 568 million, despite large losses from catastrophes amounting to EUR 334 million. All in all, Hannover Re has reported a rise in Group ... Read the full article
Ark sees improved CR supported by increased capacity from Outrigger Re
10th May 2023
White Mountains has released its first quarter results for 2023, reporting that its Ark partner firm saw gross written premiums (GWP) rise 28%, and an improved combined ratio of 94% when compared to the 100% reported in the same period last year. According to the announcement, Ark’s combined ratio for Q1 ... Read the full article
ProAssurance posts bigger Q1’23 net loss
10th May 2023
ProAssurance Corporation reported a net loss of $6.2 million in first quarter of 2023, compared with $3.6 million in Q1'22. The specialty insurer posted an operating loss of $8.1 million, compared with $7.7 million a year ago. The gross premiums written (GPW) for the first quarter of 2023 fell by 5.9% to ... Read the full article
Assured Guaranty sees improved net income in Q1
10th May 2023
Assured Guaranty, a financial guaranty insurer, has reported a net income of $81 million for the first quarter of 2023. The income figure represented an improvement on the $66 million the company recorded in the same period last year. Moreover, Assured Guaranty’s insurance segment’s adjusted operating income was $117 million for Q123, ... Read the full article
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