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.
Assurant’s net income decreases 24% in Q1
3rd May 2023
US specialty insurance group Assurant has reported a GAAP net income of $113.6 million for the first quarter of 2023, representing a 24% decrease compared to $149 million from the same period last year. The company noted that the decrease was primarily due to lower earnings in Global Housing, including higher ... Read the full article
Echo Re reports GWP increase as profits swell in 2022
3rd May 2023
Swiss-based reinsurer Echo Re has reported a substantial increase in gross written premium in its 2022 full year results, up to CHF 283.6 million. Total technical income for 2022 was CHF 222.1 million, an increase from CHF 188.9 million in 2021. Total technical expenses for the year were CHF 208.8 million, which ... Read the full article
American Financial Group posts nearly 27% fall in Q1’23 net income
3rd May 2023
American Financial Group, Inc. (AFG) has reported a net income of $212 million for the first-quarter of 2023, compared to $290 million in Q1 2022, driven by after-tax non-core net realized losses on securities of $37 million. In Q1, AFG’s net earnings included after-tax non-core net realized losses on securities of ... Read the full article
Peak Re records $81mn net loss in 2022 results
3rd May 2023
Hong Kong-based global reinsurer Peak Re has recorded a net loss of US $81 million in its full-year results for 2022, compared to the prior year’s net profit of $73.2 million. At the same time, the company reported a 7% rise in gross written premium (GWP) to $2.3 billion, up from ... Read the full article
The Hanover posts Q1 loss as cat loss results in weaker combined ratio
3rd May 2023
The Hanover Insurance Group, Inc. reported a net loss of $12.0 million in the first quarter of 2023, compared to net income of $104.9 million, as its pre-announced $175.0 million in catastrophe losses resulted in a combined ratio of 104.4 percent. Group-wide, operating income also decreased from $117.7 million in Q1 ... Read the full article
RenaissanceRe sees net income rise to $564.1 million in Q1 results
3rd May 2023
RenaissanceRe has reported that Q1 property catastrophe net premiums written grew by $214.7 million or 35.7%, as net income available to common shareholders increased to $564.1 million. RenaissanceRe's gross premiums written stood at $2.79 billion in Q1, while underwriting income jumped to $369,619 million, up from $200,278 million in Q1 of ... Read the full article
VIG Re reports improved combined ratio of 91.9% for 2022
2nd May 2023
VIG Re has published its annual report showcasing a combined ratio improvement of approximately 4.2 ppt to 91.9% in 2022, compared from the 2021 combined ratio of 96.1%. The company’s profit before taxes stands at EUR 30.7 million for 2022, which is a 14.6% increase from the previous year which was ... Read the full article
CNA Financial sees rise in Q1’23 net income
2nd May 2023
Chicago-based insurer CNA Financial Corporation has reported a slight increase in net income of $297 million for the first quarter of 2023, compared with $295 million in the prior year quarter. Core income for the quarter was $325 million, versus $298 million in the prior year quarter, with net investment losses ... Read the full article
Everest Re reports ‘strong’ Q1’23 as underwriting improves
2nd May 2023
Bermuda-based insurer and reinsurer, Everest Re Group, has reported a “strong” start to 2023 with net income of $365 million and an improved combined ratio of 91.2%, while premiums across the group spiked by 17.5%. Net income rose from the $298 million posted in Q1 2022, while operating income increased to ... Read the full article
Gallagher reports 12% growth in reported earnings for Q1 2023
28th April 2023
Arthur J. Gallagher & Co. has announced its Q1 financial results for 2023. The broker saw growth in brokerage revenue for Q1 to $2.4 billion, which is a rise from Q1 2022 that stood at $2.1 billion. At the same time, the brokerage business saw its net earnings move from $464.3 ... Read the full article
Munich Re achieves P&C reinsurance CR of 86.5% despite higher than expected major losses
28th April 2023
German reinsurance giant Munich Re has announced a property and casualty (P&C) reinsurance combined ratio of roughly 86.5% for the first quarter of 2023, despite major losses from natural catastrophe events trending higher than expected. A P&C reinsurance combined ratio of 86.5% for the quarter is only slightly higher than the ... Read the full article
Aon’s Reinsurance Solutions delivers 9% organic revenue growth in Q1’23
28th April 2023
Global broker Aon's Reinsurance Solutions arm achieved organic revenue growth of 9% in the first quarter of 2023, as revenue across the group increased by 5%, year-on-year, to $3.87 billion, reflecting organic revenue growth of 7%. This growth in organic revenue in the reinsurance arm was driven by strong retention and ... Read the full article
MAPFRE RE sees premiums grow 8% in Q1’23
28th April 2023
MAPFRE RE, the reinsurance arm of Madrid-headquartered insurer MAPFRE, has reported that premiums, which include the reinsurance and large risks business, grew 8% in Q1 of 2023 to over €2.0 billion. The firm estimated that the cost for the earthquake in Turkey for MAPFRE RE amounts to €102 million, with a ... Read the full article
Cincinnati Financial’s investment income helps offset underwriting loss in Q1
28th April 2023
Cincinnati Financial Corporation has reported a net income of $225 million in Q1 of 2023, compared with a net loss of $266 million in the same period last year. This marks a $491 million increase, which Cincinnati says reflects the after-tax net effect of a $610 million increase in net investment ... Read the full article
Universal sees net income rise in Q1 results
28th April 2023
Universal Insurance Holdings has reported a net income of $24.2 million in its Q1 results, up from $17.5 million in the prior year quarter. Adjusted net income was $24 million for the quarter, representing a $4 million increase from last years $20 million. At the same time, revenue was $316.5 million, representing ... Read the full article
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