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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.
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London carriers posted an 8.4 percent expansion in gross written premium (GWP) in the first half of the year as the group's combined top line reached $4.6bn, using five-year average exchange rates.
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Aspen has brought in consulting firm McKinsey & Company to advise it as the Bermudian embarks on an efficiency drive, the (re)insurer’s CEO Chris O’Kane has told investors.
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Equity analysts remain bullish on the outlook for XL Group after its stock dropped 4 percent last week, despite the carrier posting consensus-beating second quarter results.
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Bermuda-based carriers generated high single-digit operating returns on equity (RoE) in the second quarter of the year as a benign level of cat losses allowed underwriting margins to widen.
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The absence of major catastrophes allowed second quarter underwriting margins to improve in Bermuda from the previous year, when heavy cat losses severely dented results.
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Top line growth slowed at Bermuda-based (re)insurers in the second quarter, with carriers proceeding cautiously in a bleak pricing environment.
