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.
Horace Mann reports preliminary Q2 cat losses of up to $43m
21st July 2023
Horace Mann Educators Corporation has announced preliminary Q2 catastrophe losses of between $41 million and $43 million pretax, driven by 19 events designated as catastrophes by Property Claims Services in the quarter. These events include multiple severe convective storms across the Midwest and Texas in June. Expected catastrophe losses will amount ... Read the full article
W. R. Berkley Corporation sees net income double to $356.3m in Q2
21st July 2023
W. R. Berkley Corporation has released its Q2 results, reporting that net income doubled to $356.3 million compared to the same quarter last year, with a return on equity and operating return on equity of 21.1% and 18.4%, respectively. The firm has also boasted "record" gross and net premiums written, which ... Read the full article
The Hanover expects Q2 loss amid catastrophe losses of $262 million
21st July 2023
The Hanover Insurance Group, Inc. has announced a preliminary estimate for Q2 catastrophe losses of approximately $262 million, before taxes, with the firm expecting to report a Q2 2023 combined ratio of 111.3%. These losses were driven primarily by the 19 convective storms across multiple states, with hail damage representing the ... Read the full article
Arbol reports “strong performance” in H123
21st July 2023
Arbol, a leading global climate risk-coverage platform has announced its "strong performance" for the first half of 2023, reporting a significant increases in gross written premium (GWP), surpassing its performance in the first half of 2022. The company confirmed that it has now transacted more than $1 billion in notional risk to ... Read the full article
Guy Carpenter revenue up 11% to $576 million in Q2
20th July 2023
Guy Carpenter, a leading global risk and reinsurance specialist and a business of Marsh McLennan, has reported total revenue in Q2 of 2023 was $576 million, marking an increase of 11% on an underlying basis. Marsh McLennan's wider Risk & Insurance Services revenue was $3.7 billion in Q2 of 2023, an ... Read the full article
Travelers reports $14m net loss in Q2, driven by $640m underwriting loss
20th July 2023
Primary insurance group The Travelers Companies, Inc., has reported a net loss of $14 million for the second quarter of 2023, compared to a net income of $551 million in the prior year quarter. The net loss was heavily driven by a $640 million underwriting loss, which was driven by the ... Read the full article
QBE lifts FY catastrophe budget amid $700m in losses for H1 2023
20th July 2023
Primary insurer QBE has raised its FY 2023 catastrophe budget to around $1.33 billion as the firm reports an elevated net cost of catastrophes of roughly $700 million for H1 2023. In a recent H1 2023 results updated, the insurer highlights additional pressure on catastrophe costs following the series of North ... Read the full article
Flood Re sees GWP rise to £52m as initiative “mitigates impact of inflation”
19th July 2023
Flood Re has reported a "strong" financial and operational performance for the financial year 2022/23, despite "soaring inflation, rising claims costs, and the remorseless march of climate change." Flood Re, the joint initiative between the UK insurance industry and the UK Government to promote the availability and affordability of flood insurance, ... Read the full article
US health insurers achieve solid financial growth amid post-pandemic rebound: AM Best
30th June 2023
Publicly traded health insurance companies in the United States have shown commendable financial performance in the post-pandemic era, with a 9% increase in net income to $40 billion in 2022, despite healthcare utilisation surpassing pre-pandemic levels, according to a recent report by AM Best. AM Best's report highlights that improved pre-tax ... Read the full article
Lockton Re sees double-digit organic growth in FY23
29th June 2023
Lockton's reinsurance business, Lockton Re, has seen a double-digit organic growth, contributing to the growth in global revenue to $3.1 billion for FY23. The independent insurance broker has reported revenue growth of 17% on a constant currency basis, with reported organic revenue growth at 16% for its fiscal year ending April ... Read the full article
R&Q sees FY 2022 operating loss of $33m, cites adverse Legacy development
29th June 2023
Despite seeing strong growth in its Accredited business in 2022, R&Q Insurance Holdings has reported a pre-tax operating loss of $33.3 million, impacted by $32 million of adverse development and the transition to a fee-based revenue model at R&Q Legacy. R&Q's Accredited business saw Gross Written Premiums of $1.8 billion in ... Read the full article
PIC reports busy start to 2023 with new business premiums of £6.2bn
19th June 2023
Pension Insurance Corporation Group Limited (PIC), the ultimate parent company of Pension Insurance Corporation plc, the specialist insurer of UK defined benefit pension schemes, has provided a PIC company update and pension risk transfer market outlook. PIC highlights that as of 31 March 2023, new business premiums of £6.2 billion were ... Read the full article
US P&C industry sees $8.2bn net underwriting loss in Q1: AM Best
16th June 2023
The US property & casualty (P&C) witnessed an $8.2 billion net underwriting loss in the first quarter of 2023, compared with a $3.4 billion gain in the same prior-year period, according to preliminary results. Combined ratio for the P&C industry deteriorated by 6.1 percentage points to 102.0 in Q123, compared to ... Read the full article
Progressive posts a combined ratio of 91.4% for its property business in May’23
14th June 2023
Property and auto-focused insurance group, The Progressive Corporation, has reported a combined ratio of 91.4% for its property business in its May 2023 results, which includes 66.1% in Loss/LAE ratio and 25.3% in Expense ratio. The net catastrophe loss ratio was high at 44.0% for the property business. The main reason for ... Read the full article
B.P. Marsh sees Net Asset Value increase to £189.5m in FY results
13th June 2023
Specialist private equity investor B.P. Marsh & Partners Plc has reported that Net Asset Value increased to £189.5m in its final results on 31 January 2023, marking a 13.8% increase from £166.6m on 31 January 2022. B.P. Marsh also recorded an increase in the equity value of its portfolio of £22.2m ... Read the full article
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