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P&C (re)insurers benefited from another quarter of below-average catastrophe losses, as global cat events were absent in the three months to 30 June 2017.
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Underwriting results across The Insurance Insider's main groups of P&C (re)insurance companies were helped by a low level of catastrophe losses in the quarter, yet underlying deteriorations continued to pressure margins.
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Softening rates and a competitive market environment led most of the companies in The Insurance Insider's coverage universe to post lower top line growth rates in the second quarter of 2017 compared to the same period of last year.
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P&C (re)insurance companies enjoyed a light cat quarter in the three months to 30 June 2017, reporting relatively healthy returns while the competitive market environment continued to pressure underlying margins.
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Underwriting margins widened in global reinsurers' P&C reinsurance divisions in the second quarter of 2017, as a benign level of catastrophe losses relaxed combined ratios.
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The Insurance Insider's group of global reinsurers posted contrasting top line strategies for their P&C reinsurance divisions in the second quarter, as some chose to scale back their exposure while others found growth opportunities.
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The Insurance Insider's group of US specialty carriers reported higher returns in the second quarter compared to the same period of last year, propelled by wider underwriting margins.
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The Insurance Insider's group of US specialty (re)insurers reported better second quarter underwriting results than in the prior-year period, as lower catastrophe losses and core loss ratios offset weaker reserve releases and an uptick in expense ratios.
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Gross written premiums (GWP) at US specialty carriers rose by 4.9 percent year-on-year to $6.1bn in the second quarter on a weighted average basis, amid a continued push for growth in a difficult market environment.
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The reinsurance arms of the world's leading P&C brokers all posted positive organic growth numbers for the second quarter, while market headwinds caused insurance underlying growth to stutter.
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London-based (re)insurers reported diminishing returns for the first half of the year, pressured by soft pricing conditions and narrow underwriting margins.
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London-based carriers posted a worse underwriting result for the first half of the year, as lower contributions from reserve releases, elevated core loss ratios and higher expense ratios depressed margins.