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.
Hartford’s Q1 net income hits $244mn despite heavy core earnings blow
22nd April 2021
The Hartford has announced first quarter net income of $244 million, down 9% from the prior year quarter. The US property and casualty insurer’s Q1 results were particularly impacted by a $650 million settlement with the Boy Scouts of America (BSA), $214 million in pre-tax net catastrophe losses and $185 million ... Read the full article
RLI’s combined ratio strengthens to 86.9% in Q1 2021
22nd April 2021
US property and casualty insurer RLI Corp. has reported net earnings of $73 million for the first-quarter of 2021 and underwriting income of $29.9 million, aided by an uptick in net favourable prior year reserve development. Net earnings improved significantly for the firm in the opening quarter of the year, hitting ... Read the full article
W. R. Berkley posts record quarterly underwriting gain for Q1
21st April 2021
W. R. Berkley Corporation has reported net income of $229.5 million and a quarterly underwriting gain of $182.6 million for the first-quarter of 2021. The company's net income improved significantly from the $4.4 million loss reported a year earlier, while underwriting income reached a quarterly high. Both gross and net premiums written ... Read the full article
Travelers reports higher Q1 profit result despite $835m cat losses
20th April 2021
The Travelers Companies, Inc. has reported a year-on-year increase in net income to $733 million for Q1 2021, despite catastrophe losses, net of reinsurance, hitting $835 million. Up from $600 million in the prior year period, the increase was driven by higher core income, higher net favourable prior year reserve development ... Read the full article
The Hanover announces Q1 catastrophe losses of $133m
16th April 2021
The Hanover Insurance Group, Inc. expects to incur catastrophe losses of approximately $133 million, pre-tax ($105m after-tax), for the first-quarter of 2021, primarily as a result of the impacts of Winter storms Uri and Viola. For the carrier, the largest impact from the severe weather was in Texas, where it estimates ... Read the full article
Truist sees rise in net income as insurance segment delivers record performance
15th April 2021
Truist Financial Corporation, a purpose-driven financial services company, has reported net income of $1.3 billion and adjusted net income of $1.6 billion for the first-quarter of 2021, driven in part by the record performance of its insurance operation in the period. Year-on-year, net income and adjusted net income increased by 35.3% ... Read the full article
Fairfax expects “solid operating income” for Q1 despite storm losses
15th April 2021
Fairfax Financial Holdings Limited expects to report “solid operating income” for the first quarter of 2021 despite the impact of US winter storms. In preliminary financial reports for the quarter, Fairfax estimated that its consolidated combined ratio will be approximately 96%, with net favourable prior year reserve development. This was due to ... Read the full article
COVID & Beirut explosion weigh on CCR Re’s results
12th April 2021
French state-owned reinsurer CCR Re has reported a 49% decrease in net income over 2020, as the impact of the COVID-19 pandemic and the Beirut explosion weighed heavily on its results for the year. The company reported net income of €18 million for 2020, down from €35 million in the previous ... Read the full article
Athora profits rebound to €700mn
6th April 2021
European life insurance and reinsurance group Athora Holding, Ltd. has reported IFRS profit of €700 million in 2020, from continuing operations before tax. This compares to a loss of €13 million in 2019, with Athora attributing the rebound primarily to the consolidation of Athora Netherlands in April 2020 and a gain ... Read the full article
Oil Insurance reports $66.9mn underwriting profit
6th April 2021
Bermuda based insurer Oil Insurance has reported a $66.9 million underwriting profit for 2020, compared with an underwriting gain of $364 million in the prior year. After factoring in net investment gains and administrative expenses, Oil’s net profit for the year was $466.5 million, under half of 2019's profit of $1.034 ... Read the full article
Metromile plans reinsurance restructure as loss narrows
31st March 2021
San Francisco based car insurance start-up Metromile has announced that it plans to restructure its reinsurance program going forward, as the company reported improved performance over 2020. Metromile recorded a net loss of $37.4 million for 2020, as it narrowed its annual loss from $69.8 million in 2019 and $65.7 million ... Read the full article
Aspen posts $40.1mn 2020 net loss
31st March 2021
Bermudian re/insurer Aspen Insurance Holdings has announced a $40.1 million net loss for 2020, driven by above average catastrophe losses and $181.2 million in costs associated with COVID-19. These factors, as well as an incurred cost on interest rate swaps totalling $81.1 million, were also a driver in the company's $37.2 ... Read the full article
Peak Re profits surge on top line growth
31st March 2021
Hong Kong-based reinsurer Peak Re has reported a year-on-year rise in net profit in 2020 to US $90.8 million, on the back of 18.1% growth in gross written premiums. Profit was significantly up from the $35 million that Peak Re reported in 2019, while premium income rose to $1.966 billion, up ... Read the full article
Lloyd’s reports net loss for 2020 on COVID-19 losses of £3.4bn
31st March 2021
The specialist Lloyd's of London insurance and reinsurance marketplace has reported a net loss of £900 million for 2020 against profit of £2.5 billion a year earlier, as net incurred COVID-19 losses, net of reinsurance, reached a significant £3.4 billion. On a gross basis, customer payouts related to the pandemic are ... Read the full article
ZhongAn reports $85m profit for 2020
24th March 2021
China’s largest online-only insurer ZhongAn has announced net profit of RMB 554 million (USD 84.9 million) for 2020, with performance driven by its health and digital lifestyle ecosystem. Over the year, ZhongAn Online's total gross written premiums (GWP) rose 14.2% year-on-year to RMB 16,705.9 million. ZhongAn Online's operating metrics also improved as ... Read the full article