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.
Munich Re reports preliminary Q3 net result of €1.2bn, sets new annual target
23rd October 2023
Citing consistently good operational performance in all business segments, Munich Re has disclosed a preliminary net result for Q3 of ca. €1.2bn, as the firm remains "well positioned" to surpass the previous annual target of €4bn. Munich Re explained that in property-casualty reinsurance, it reported major losses that were slightly below ... Read the full article
Canadian personal auto & property rates up through Q3’23: Applied Systems
20th October 2023
The results of the latest Applied Rating Index by Applied Systems shows that average premiums for both Personal Auto and Personal Property lines increased in Canada year over year in the third quarter of 2023. Quarter over quarter, premium rate change increased for both Personal Auto and Personal Property compared to ... Read the full article
Guy Carpenter CEO Klisura expects continued challenges in property cat reinsurance
20th October 2023
In a recent Marsh McLennan third-quarter earnings call, Dean Klisura, President and CEO of reinsurance broker Guy Carpenter, shared insights into the upcoming January 1 renewal period and the prevailing market conditions in the reinsurance industry. "We expect challenging market conditions to persist for property cat at the upcoming January 1 ... Read the full article
MMC CEO Doyle expects “more orderly” Jan 1st reinsurance renewal
19th October 2023
During Marsh McLennan's third-quarter earnings call, President and Chief Executive Officer (CEO), John Doyle, shared valuable insights into the state of the reinsurance market and the expectations for the January 1st renewal. "As we look to January 1st, the market appears to be more orderly than last year, but we expect ... Read the full article
Guy Carpenter revenue up 8% to $359 million in Q3’23
19th October 2023
Guy Carpenter, a global risk and reinsurance specialist and a business of Marsh McLennan, has reported total revenue in Q3 of 2023 of $359 million, marking an increase of 8% on an underlying basis. Marsh McLennan’s wider Risk & Insurance Services revenue was $3.2 billion in Q3 of 2023, an increase ... Read the full article
The Hanover reports estimated cat losses of $196m for Q3 2023
19th October 2023
The Hanover Insurance Group, Inc. has preliminary estimated catastrophe losses of $195.8 million, before taxes, for the third quarter of 2023, which translates to 13.7 points of net earned premium. Multiple convective storms across the Midwestern United States along with hail and wind damage have been attributed to the majority of ... Read the full article
Travelers reports Q3 net income of $404m despite underwriting loss
18th October 2023
Primary insurance group Travelers has reported a net income of $404m in the third quarter of 2023, driven by investment income growth, despite seeing an underwriting loss of $136m, as a result of higher catastrophes losses of $850m for the period. The insurer’s net income in Q3, lower due to core ... Read the full article
B.P. Marsh sees net asset value increase to £203.5m in H1’23
17th October 2023
Specialist private equity investor B.P. Marsh & Partners Plc has reported that Net Asset Value increased to £203.5 million in its half-year results for the six months to 31st, July, 2023, from £189.5 million as at January 31st, 2023, and £179.8 million a year earlier. According to the firm, this equates ... Read the full article
Weather claims dent Tryg’s Q3 2023 result
13th October 2023
Scandinavian insurance company Tryg has reported that its Q3 2023 insurance service result of DKK 1.51 billion was adversely impacted by over DKK 600 million of weather-related claims, resulting in a decline from the DKK 1.79 billion reported for the same quarter in 2022. Tryg highlights a active summer in terms ... Read the full article
IAG looking to achieve low double digit GWP growth in FY24
11th October 2023
Australian insurer IAG expects to achieve low double digit gross written premium growth in their fiscal year 2024 (FY24), while the firm's reported insurance margin guidance currently sits in the range of 13.5 - 15.5%. During a recent presentation, IAG's Managing Director and CEO Nick Hawkins, explained that the firm has ... Read the full article
Peak Re posts net profit in H1’23 vs year-ago net loss
5th October 2023
Hong Kong-based global reinsurer Peak Re has recorded a net profit of $160 million for the first half of 2023, compared to the prior year’s net loss of $103 million. Peak Re reported reinsurance revenue of $750 million, reflecting a slight decrease from $971 million in the same period in 2022. Property ... Read the full article
American Overseas posts rise in net earned P&C premiums in Q2 results
2nd October 2023
American Overseas Group Limited has reported a consolidated net income available to common shareholders of $0.9 million, for the second quarter of 2023. This figure compares to a consolidated net loss available to common shareholders of $0.3 million from the same period last year. At the same time, net earned property and ... Read the full article
Groupama reports increased net income of €447m
29th September 2023
French insurer Groupama has released its first half of the year financial results reporting an improved net income of €447m, compared to pro forma net income at 30 June 2022 of -€96m (€232m in IFRS 4 standards at 30 June 2022). The group’s economic operating income was €612m, which includes property ... Read the full article
Athora Holding posts profit at first half of 2023 vs year ago loss
29th September 2023
Athora Holding Ltd., a European savings and retirement services group, has reported its half-year results of 2023, announcing a €59 million IFRS profit before tax, compared to a loss of €1.25 billion for the half year 2022. At the same time, the firm also reported an Operating Capital Generation (OCG) of ... Read the full article
R&Q sees H1 operating loss of $58m driven by adverse reserve development
29th September 2023
Despite seeing strong growth in its Accredited business in H1 of 2023, R&Q Insurance Holdings has reported a pre-tax operating loss of $58 million, primarily due to adverse reserve development in R&Q Legacy reserves of $40 million. R&Q noted that one of its strategic objectives for H1 was to grow Fee ... Read the full article
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