Results
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The US casualty market was “challenging”, the executive said.
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The Q1 figure represents a 2-point acceleration on the 7% reported in Q4 2023.
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The carrier reported a combined ratio of 89.6% for the year.
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The market also outperformed various indices including the MSCI World.
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R&Q Legacy will book adverse development of ~23% of net reserves for the year.
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This year’s analysis of profitability and volatility also includes an alternate view over five years.
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In a departure from 2022 trends, fourth-quartile firms grew the slowest of all syndicates in 2023 at 8.1%.
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Ariel and Blenheim were among eight syndicates moving into top underwriting quartile in 2023.
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The syndicate’s total recognized gains were up to £61mn, from £28mn in 2022.
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The syndicate reported a combined ratio of 101.2% in 2023.
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Growth in property income was offset by a reduced share of finpro business.
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The syndicate's GWP increased from £51.6mn in 2022 to £141.9mn.
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The syndicate posted a combined ratio of 84.6% and GWP of more than £1.2bn.
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Work is still to be done on the investor proposition, expenses, and navigating a waning pricing cycle.
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The group-level CoR worsened 4.7-points in the quarter, coming in at 89.4%.
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CFC noted that growth moderated amid increased competition in cyber.
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The syndicate reported profit up 44.7% to $153mn for the year.
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The executive said Aviva and Fidelis had endorsed the market’s turnaround.
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Atrium reserved £264.5mn for potential claims resulting from leased aircraft in Russia.
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The syndicate recorded GWP of £705.1mn in 2023.
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Active underwriter Smelt said competitors’ ‘blanket’ approaches are creating opportunity.
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The underwriting loss came in at £88mn, as reserve strengthening reached £189mn.
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Combined ratios have improved as prices rise and investments return to profit.
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The syndicate’s GWP reached £1.44bn in 2023, a 7% increase on 2022.
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Primary casualty, aviation and motor classes were outliers in a bumper year for the market.
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The Lloyd’s CFO said returns needed to remain high due to investor fatigue.
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Pro-forma income hit $1.9bn for the year, alongside pro-forma Ebitda of $695mn.
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The carrier reported an undiscounted combined ratio of 76.2% for the year.
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The unit’s combined ratio worsened by 1.6 points.
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The Goldman-backed consolidator branched out into MGAs this year.
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The MGU is exploring additional third-party capital relationships.
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Hard-won profitability has given carriers room to salt away reserves.
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Marine and energy results normalised after a ‘staggeringly good’ 2022.
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The reinsurer’s solvency ratio currently stands at 269%.
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The carrier has also recruited Swiss Re’s Thorsten Steinmann.
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Property, PV and energy lines are driving the carrier’s growth, offsetting long-tail declines
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The 'particularly strong' result is due to minimal cat loss activity.
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For the 2022 year of account, the updated forecast remains unchanged.
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The result was a profitability turnaround of £300mn.
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The syndicate improved its net loss ratio by 15.9pp to 54.2%.
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The carrier said it had also experienced a healthy start to 2024.
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The company posted a record group profit of EUR6.9bn.
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The Lloyd’s chief of markets argued that unmet demand and latent risk will keep rates increasing.
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The carrier reported $1.2bn profit and 71% CoR for 2023.
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CFO said rate discipline needed to remain to offset prior-year losses.
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Syndicate 6104 closed its 2021 year of account with a profit of 4.1%.
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The carrier announced a £300mn share-buyback programme.
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Beazley was one of the first four cyber cat bond sponsors.
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Beazley also confirmed the appointment of CFO Barbara Plucnar Jensen.
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The Bermudian booked $6.5mn of cat losses, or 1.8 points on the CoR.
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In August 2023, Lancashire announced it was planning to launch in the US.
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The firm also reported GWP of $913mn, a 35% YoY increase.
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The firm reallocated from short-tail lines amid social inflation concerns.
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The company proposed a dividend of EUR1.8 per share for 2023.
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The carrier reported an undiscounted combined ratio of 82.6% in 2023.
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The deals cover 42% of the carrier’s casualty reserves.
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The London-listed carrier announced a $150mn share buyback.
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The (re)insurer’s Q4 CoR rose 15.2 points to 81.4% on satellite failure, D&F losses.
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Opportunities for profitable growth remain in 2024, the agency said.
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The carrier’s top line grew by 6.5% to $164.9mn during the quarter.
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Losses were driven by the Viasat-3 satellite failure, the Sudan conflict and D&F events.
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ERS 218 reported a 3.4% return on its £48mn capacity.
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Managing agents submitted audited returns to Lloyd’s yesterday.
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It also highlighted loss deterioration on its 2015-2018 casualty books.
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The carrier announced a capital repatriation plan of EUR3.5bn.
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The carrier has reported that full limits remain on all insurance cover.
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He praised 2023 insurance results as other sectors were a “disappointment”.
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Excluding TransRe, the group’s losses declined by $509mn last year.
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The P&C segment reported a 71% increase in underlying earnings.
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Beazley is expected to announce its year-end results on 7 March.
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At the group level, Zurich reported its highest-ever return on equity.
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Instead, the firm’s core segments reported $13.5mn in full-year cat losses.
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The carrier will prioritise underwriting profits over growth in 2024.
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The firm said “respect” for reinsurance is at a high.
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The Bermudian achieved a 72% CoR and an improved investment result.
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Consolidated underwriting income shrank 36.6% YoY to $36.7mn.
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The legacy carrier cited the impact of its investment portfolio.
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The broker’s $47bn DoJ fine had “no material impact” on profits.
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The marine insurer said it fulfilled all mutual P&I renewal targets.
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The Australian carrier has a full-year natural peril budget of A$1.09bn.
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The international business grew premiums by 17%.
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The carrier booked a fourth-quarter combined ratio of 88.3%.
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The group’s net profit leapt six-fold to $3.2bn for the year.
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CEO Grandisson described Arch as "bullish" in its prospects for 2024.
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During the quarter, it booked $137mn in cat losses versus $34mn a year ago.
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Its property cat aggregate cover renewed with improved coverage.
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Mapfre recorded a net result of EUR677mn, a 20% increase on the year prior.
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Sompo International booked an adjusted profit of $860mn for its fiscal Q3.
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In the prior-year period, Ukraine and Hurricane Ian impacted results.
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Strong reinsurance results have absorbed long-tail reserve charges.
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The carrier also benefited from strong underwriting and investment results.
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The carrier said it has acted prudently on 2016-19 GL loss trends.
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The carrier is due to surpass its 2025 target a year earlier than planned.
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Being underweight US casualty gives the firm more room than peers to manoeuvre.
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The carrier booked a reserve charge of $392mn for casualty insurance.
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The backed carrier expanded top line by 16% over the quarter.
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The carrier said a tax windfall and better profits made bolstering possible.
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Rising legal costs show the risk of Howden’s growth-hungry approach.
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The carrier faced "significant impact" from a P&C reserve charge on its earnings.
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The CEO said winning back clients “validated” the broker’s approach.
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The CEO said long-term backers give the company confidence.
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Risk and broking was driven by new business, client retention and rates.
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EGPI growth at the firm’s Alternative Solutions unit soared 191%.
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The broker wants to “draw a line under the issue” and trade forward.
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Growth driven by 14% expansion in reinsurance solutions division.
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The carrier did not consider pursuing an LPT deal to address the GL and PL issues.
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The firm will still be prepared for ‘modest changes’.
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Its PPD ratio for the quarter jumped 34.2 points YoY to 33.6%.
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The initial plan was to renew $2.7bn of the acquired book.
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This was RenRe’s first set of quarterly results after its takeover of Validus.
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Conduit said the reduction in interest rates over H2 2023 led to "substantial investment portfolio valuation gains”.
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Total brokerage revenue was up 20.4% year on year.
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The CEO flagged a trend towards mega settlements and said there was concern around the direction of loss costs.
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The broker’s growth was down 3 points on the 10% reported in Q3 and level with the 7% posted in Q4 2022.
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The carrier said it expects to maintain CoR as it takes a selective approach to casualty lines.
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Market softening likely to being in 2025 as new capital is tempted in.
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More than 100% of the reserve charge came from pre-pandemic years, as the slight release of $40mn that offset the full-year increase of $452mn was from 2020 to 2022 accident years.
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The reserve strengthening was related to liability and professional lines related to 2019 and prior accident years, the firm wrote in a preliminary earnings disclosure.
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The transaction would have been one of the largest the market has seen for years.
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Storms Pia and Henk, followed by a cold snap, follow three years of 100+ combined ratios for UK insurers.
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Meaningful softening in 2024 still unlikely, the ratings agency said.
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The carrier recently launched a rental capacity initiative with Argenta Private Capital.
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The (re)insurer also predicted its return on investment would improve “noticeably” next year, to more than 2.8%.
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Hamilton is seeing additional opportunities on the casualty reinsurance front as other players pull back, given the loss activity stemming from 2019 and prior years.
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The executive said that property cat market terms and conditions continue to be favorable, while demand is anticipated to increase in January 1 and throughout 2024.
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Its combined ratio for the quarter improved nearly 30 points, particularly driven by better performance in its Bermuda segment.
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The broker said that cat losses were around $950mn in the year to October.
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The broker expects to reach $800mn in GWP and $1.4bn by FY2026.
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CEO Mark Cloutier attributed the performance to increased investment income, driven by a higher rate environment, as well as increased fee income from Aspen Capital Markets, which “enhanced” the quality of earnings.
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The group's third-quarter underwriting income was $74.8mn, compared with an underwriting loss of $89.4mn in Q3 2022.
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The $10bn broking firm is progressing in its pivot towards specialty and international business, and an asset management model.
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The combined P&C ratio improved to 94.3%, while premiums rose 11.5% to EUR23.4bn.
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The improved underwriting performance was driven by reduced losses relating to Russia and Ukraine.
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The carrier’s overseas unit benefited from improved underwriting and the reversal of Taiwanese Covid-19 impacts.
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The international unit also suffered losses in its agriculture and reinsurance segments.
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Aviva Global Corporate and Specialty grew gross written premium by 9% over the period.
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The intermediary business booked 9.5% organic growth in P&C and 14.9% growth in specialty in the first nine months of 2023.
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The firm has experienced cumulative property rate increases of over 15%m while its treaty business is seeing rate rises of over 26%.
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The company’s underwriting result in Q3 was also driven by higher premiums earned, which increased to nearly $109mn from over $96mn in Q3 last year.
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Cat losses were within budgets despite high levels of minor events.
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The carrier’s losses came in under budget for the first nine months of the year, with the costliest event being the earthquake in Turkey and Syria.
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Global P&C CEO Jean-Paul Conoscente, acknowledging a "heavy" quarter for attritional losses, said the carrier had taken action that should lead to ratio improvements over time.
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Profits were down 14.6% at group level to EUR3.46bn, which Allianz attributed to the P&C business segment, where nat cats had a 7.3-point impact on the combined ratio, the highest reported in a decade.
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The French carrier's operating result was EUR257mn, an increase of more than 130% on the prior-year period.
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The positive results in Q3 are starting to form a “track record” of improvement as the carrier moves away from “a place of underperformance”, the executive told this publication.
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This is Burton’s last earnings call as the reinsurer’s CEO, as the firm recently appointed TransRe’s Greg Richardson to succeed him effective January 1.
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Hannover Re said it was in discussions with retro partners about buying less in 2024.
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In the US, growth was driven by property and motor lines, while Brazil and Mexico contributed most to the Latin America region’s growth.
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The firm’s insurance revenue result was pulled down by currency effects among other factors.
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The carrier attributed the growth to significant rate rises in property (re)insurance and growth across other specialty lines.
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Q3 cat losses were down to $12mn, from $114.6mn in Q3 2022, while favourable prior-year reserves also increased by fivefold to $24.7mn.
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The deal values the Bermuda casualty re subsidiary at 0.75x book with James River to receive $138mn in cash and a $139mn pre-closing dividend.
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The report noted that, overall, marine insurance results appear to indicate growth, which Iumi welcomed after a prolonged period of negative returns.
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The carrier reported EUR770mn of losses in Q3, and the Maui wildfires were the costliest event, with losses amounting to EUR200mn.
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CFO Paul Cooper said rates would be increasing “steadily to modestly” come 1 January.
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The reinsurer noted that no event loss, individually or in the aggregate, had a material impact during the period.
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The carrier reported major losses for the quarter of EUR770mn, a significant reduction on the EUR2.1bn reported in the same quarter last year.
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The carrier said that aggregate nat cat losses year to date are within budget despite an "active" third quarter.
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The legacy giant also disclosed a smaller buyback from Stone Point, with CEO Dominic Silvester also investing an additional $10mn.
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CEO Adrian Cox said the market has continued to soften more than Beazley initially anticipated.
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The carrier attributed growth in the division to "exceptional" conditions in the property market throughout the year.
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The combined ratio included 11 points of catastrophe losses, largely arising from Hurricane Idalia and the Maui wildfires.
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The company noted that TransRe had produced "considerable" levels of property business over the period.
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Brit’s combined ratio shed 23.4 points to return to a profitable 94%.
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The segment benefited from strong demand and disciplined pricing.
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The reserve bolstering is due to a “more pessimistic view” of casualty loss trends.
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The carrier reported a Q3 combined ratio of 138.8% for casualty within the P&C re unit.
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The Bermudian firm said it expects the acquisition could drive more growth than the prior forecast of $2.7bn incremental premium.
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A credit loss owing to a fraudulent letter of credit from Vestto added 1 point to the combined ratio in Q3, insurance president Jeremy Noble told analysts during a conference call.
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The Bermudian also revealed a $29mn restructuring charge for Q3.
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The Bermudian also disclosed that it raised $16.3mn of third-party capital in Medici during the quarter.
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The 11.6-point CoR improvement was driven by smaller catastrophe losses, which totaled $42mn for the quarter, compared to $212mn a year ago.
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With US third-quarter reporting season being well underway, the results so far highlight further runway for the hard property E&S market.
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The executive noted “increasing evidence [that] casualty rates widely underpriced and oversold during the last soft market need to increase.”
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The broker’s share price fell by around 4% after the announcement of its Q3 results and extended restructuring program.
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The group will look to deliver more integrated solutions to clients through increased tech spend, and will look to scale back headcount.
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The reinsurance segment of the carrier expanded premium by almost 10%.
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The unit almost doubled its organic growth rate from 11% in Q2, while in Q1 the division posted 12% organic growth.
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The broker’s Q3 organic growth was driven by specialty lines, including fac financial solutions, natural resources, surety, construction and aviation.
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This year, casualty pro-rata rates overall moved about 1 point, Everest’s Jim Williamson added, noting other deals in H2 where the numbers moved more than that.
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WTW said that new staff were ramping up revenue production, following a period of investment in talent.
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The company’s Q3 cat losses fell 77% to $170mn, compared to $730mn in the prior-year quarter.
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The company highlighted strong primary insurance performance, raising its 2023 forecast to over EUR1.5bn.
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The carrier has raised its projection for the year to EUR4.5bn, up from EUR4bn.
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Concern around prior-year loss development and social inflation is impacting the market.
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Adjusted earnings per share increased by 33% and the group also reported margin expansion.
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The carrier continued to experience a significant level of catastrophe losses this year, which resulted in lower year-to-date earnings than expected, according to CFO Frey.
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The investment firm posted a consolidated profit of £15.6mn for the first six months of the year.
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The insurer had expected to exhaust its entire A$50mn large events loss allowance, which has been now revised to around A$38m.
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Program management arm Accredited, which is in advanced sale discussions, posted profits of $28.6mn.
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The marine insurer said it benefited from benign claims and investment gains.
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The carrier reported no major loss impacts during the six-month period.
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Property remained the largest class of business, whilst North America is an increasingly important income source.
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An 85% combined ratio and 22% top-line growth are a deserved boost for Lloyd’s – the question is what comes next.
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Lloyd’s achieved GWP growth of more than 20% in H1, whilst posting an 85.2% combined ratio.
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All underwriting segments in the Lloyd’s market produced an underwriting profit in the first half.
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The insurance company had set out plans last summer to expand its market share in Florida.
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The carrier increased gross written premiums by 13% to $2.92bn, while the combined ratio deteriorated by 13 points from a prior-year figure of 71%.
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Gross written premium increased by 22% to £29.3bn, and investments returned to profit.
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The marine insurer said its investments had started to recover after an “exceptional period” last year.
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The ratings agency said there had been no capital inflows through new company formations.
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The executive said that (re)insurers would need to produce stable and consistent returns before a capital influx.
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Underwriting income more than doubled to $77.5mn from $32mn as the company grew its top line largely through its specialty segment, reduced reinsurance exposure and lowered catastrophe and large losses.
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Insurance's GWP decline was driven by a couple of programs that were underperforming, while reinsurance's deceleration was driven by a deliberate slowdown in the mortgage book.
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Net income increased to $219mn over the period, up from $48mn in the same period last year, while underwriting income increased by 33% to $208mn.
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Insurance revenues rose by 10% to EUR4.2bn, the carrier has reported.
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The carrier’s net natural perils cost of A$1.2bn overshot its allowance by A$290mn in a "significant" loss year ending 30 June.
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Swiss, Munich, Hannover and Scor all delivered optimistic messages on pricing for next year.
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The carrier’s GI unit reported a combined ratio of 94.8% for the first six months of the year.
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The Q2 underwriting improvement was also driven by a higher favorable reserve development of $15.5mn compared with $5.5mn a year earlier.
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The P&C reinsurance combined ratio was 92.9%, down by 2 percentage points year on year.
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London’s major carriers have projected bullish messages on a prolonged hard market for property, while acknowledging other classes are in very different cycles.
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Lancashire group CUO Paul Gregory added that Q2 2023 marks the 22nd consecutive quarter of positive rating momentum.
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The international unit experienced an average renewal premium rate increase of 9.4% during the first half.
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The commercial lines unit increased premiums by 7%, with rate rises up 7% year to date.
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The executive also lambasted the growing tide of corporate regulation in Germany and the EU.
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The carrier's combined ratio in P&C operations rose by 1.3 percentage points over the period, to 92.9%.
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Flooding in Italy during the second quarter cost the German reinsurer around EUR200mn.
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The carrier’s insurance GWP increased by 35.1%, while reinsurance GWP grew by 19.9%.
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The carrier’s P&C division reported a combined ratio of 91.6%, a 5.4-point improvement on the same period last year.
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The (re)insurer’s CEO Jean Jacques Henchoz said that Hannover Re remains on track for its full-year combined ratio target of 91-92%.
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The executive said new capital would require more data points to prove the long-term profitability of reinsurance underwriting.
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In total, nat cat events triggered A$1.26bn of losses for the year, $97mn above the group’s allowance of A$1.16bn.
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The combined ratio increased to 92.4%, driven by investment and inflation.
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The carrier’s largest loss in H1 arose from the earthquake in Turkey and Syria, resulting in a EUR257mn charge.
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The carrier is “leaning into” the hard reinsurance market, while the London market segment has returned to growth.
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The reduced impact from the war in Ukraine helped the carrier continue a spell of profitable underwriting.
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The US operations drove the net adverse development with a $25.4mn hit, up from $6.7mn in Q2 2022, attributable to business lines the company has exited.
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The carrier experienced three large claims in Q2 in the property and marine and energy lines of business.
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The carrier reported increased premiums of 658.7bn yen for its non-life segment.
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The reinsurance result was boosted by the group’s acquisition of TransRe last year.
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The hammering of hailstorm losses that US homeowners’ carriers reported for H1 will drive positive change in property markets.
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The legacy carrier reported unrealised losses of more than $345mn for 2022, up from $78mn the year prior.
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CFO John Dacey said the carrier remains underweight in Florida due to concerns around underlying economics.
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The executive said he was prepared to accept volatility rather than passing margin to reinsurers.
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The carrier achieved treaty price increases of 21% at 1.7, against increased loss assumptions of 16%.
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It was reported last month that Axa was believed to be preparing for a sale of Axa XL Re.
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During the period, the legacy business completed a $1.9bn LPT with QBE and a $245mn LPT with RACQ Insurance.
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The carrier reported premium growth across its Axa XL insurance and reinsurance business units.
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The LPT SiriusPoint struck with Compre was reduced to $905.6mn from $1.3bn as a result of paid losses and favourable prior-year reserve development.
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Market conditions remain “vibrant” with substantial rate increases in property business.
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AIG decided to buy additional retrocessional protection for Validus Re and a low XoL reinsurance placement for its Private Client Group (PCG) ahead of the wind season.
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The carrier’s consolidated combined ratio improved 1.9 points to 91.5%, as its Q2 pre-tax cat losses declined 52%.
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The company said the NEP expansion reflected 6% growth in P&C, 7% in specialty lines and 21% in L&H.
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AIG grew GI NWP in NA by 17% to nearly $4bn as both commercial lines and personal lines NWP rose 17% to over $3.4bn and $563mn, respectively.
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The carrier’s before-tax profit leapt by $356mn to $547mn under the new IFRS 17 reporting standards.
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Depressed M&A activity is a headwind likely to impact Aon for the remainder of the year.
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The reinsurance unit’s combined ratio improved to 95.8% from 96.4% in June 2022.
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The growth figure represented a 1-point deceleration from the previous quarter.
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Gallagher Re posted 11% organic growth in Q2, down from 12% in Q1, while RPS recorded 10%, up from 8% the previous quarter.
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CFO Morin said Arch was able to deploy more capacity, resulting in a significant premium growth for property lines.
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The broker said that key hires – including Lucy Clarke – would pay off in improved results.
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The chief executive also remarked on the strong rating environment in the property cat (re)insurance markets.
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The broker said it experienced headwinds from prior-year book sales, inflation and investment costs.
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The CEO said the business shift would be structurally simpler, as he said Beazley was “very confident” on its reinsurance cover despite exposure to Vesttoo.
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The new CEO said the carrier must remain focused on pricing for geopolitical uncertainty.
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The carrier reported a 66% increase in GWP for its property business.
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The carrier also reported 9% rate increases at the summer renewals.
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Everest’s reinsurance unit grew GWP nearly 27% to ~$2.8bn, driven by an increase of 34.7% in property pro-rata, 29.6% in property cat and 16.2% in casualty pro-rata.
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The expansion came in tandem with a 3.5-point improvement in the segment’s combined ratio, to 81.9%.
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The CEO said Chubb has ‘never seen better pricing’ on primary property.
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The reinsurer said it was monitoring conditions in the property E&S markets, where it has been reducing capacity to grow in property treaty, as rate gains could provide fertile ground for future growth.
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The carrier reported a comprehensive result of $78.6mn – its first interim profit.
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Large loss events resulted in a net negative impact of $68.5mn on the property segment’s Q2 underwriting results.
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Global property cat rates were up 30% during the quarter.
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The results represent a return to double-digit expansion following three quarters of single-digit growth.
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The carrier’s claims ratio has deteriorated despite an increase in motor premiums.
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New accounting standards impact the timing of when profit emerges on a contract.
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The carrier experienced a downturn in investment performance during 2022.
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Antares Re recorded GWP of $854.5mn for 2022, of which $728mn was written in Europe.
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The legacy carrier reported significant unrealised investment losses.
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The broker estimated there was a 7% uplift in alternative capital and a 5% recovery in traditional equity.
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The broker reported double-digit growth across US, international and global reinsurance operations.
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The carrier’s legacy business reported pre-tax losses of $56.6mn, while its Accredited business recorded a pre-tax profit of $55.7mn.
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The carrier also recorded a large one-off benefit from the separation of its balance sheet and MGU segments.
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The company said it was now considering a “high number” of potential business opportunities, having received 60 new business enquiries over 2022.
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The Club posted an investment loss of 3.8%, as fixed income assets were hit.
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The carrier is looking to boost specialty income to around 40% of overall premium.
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The underwriting vehicle increased its capacity for 2023 by 34% to £238mn.
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The P&C segment also reported a top-line expansion of 14%.
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The carrier’s combined ratio for commercial lines in Canada, Ireland and the UK strengthened slightly to 95.4%.
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The largest single loss event in the quarter was the Turkey and Syria earthquake, which cost EUR15mn.
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Most carriers were keen to talk about how they are taking on the ongoing hard market in Q1, but some complexities partly offset their good news.
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Net profit at a group level took a hit, however, in part due to the impact from domestic natural disasters and major accidents.
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The international segment booked a 105bn yen Taiwanese Covid loss, offset by strong growth in North America.
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Parent company MS&AD reported a net profit for fiscal 2022 of 161.5bn yen.
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The company did not provide prior-year period figures as it usually discloses its results on a semiannual basis.
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The executive said IGI is seeing similar trends in treaty rate renewals during the second quarter of the year.
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The reinsurer has cat capacity available at 1.6 and 1.7 where pricing meets its margin targets.
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Growth was mainly driven by rate increases, with North America accounting for 50% of P&C expansion.
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The result was impacted partly by EUR600mn of losses caused by the earthquake in Turkey in February.
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The carrier said it was on track to hit a mid-80s combined ratio by the end of the year while continuing to prioritise the most attractive classes of business.
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The (re)insurer’s losses were driven by various cat events, including the earthquake in Turkey and flooding in New Zealand from Cyclone Gabrielle, both in February.
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The carrier also reported GWP in excess of $3bn and $1.7bn in net earned premiums for 2022.
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The improvement in underwriting results was attributed in part to a significant decline in large loss payments in Q1.
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The carrier reported group revenue of EUR31.8n, 2.1% higher than in the prior-year quarter.
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The global P&C CEO said the carrier will deploy roughly the same capacity in the state as last year.
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Beazley CEO Adrian Cox told investors the carrier's cyber expectations remained “unchanged” for the year, despite predicting a slowing of growth into Q2.
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AGCS reported an 11% improvement to operating profit, reaching EUR202mn.
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The marine insurer said that it benefited from a benign claims year and reduced large losses.
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The carrier attributed its growth to a 56% increase in its property risks and 24% increase in its cyber business in the first quarter of the year.
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The carrier continued to rebalance its portfolio towards specialty at 1.1 and 1.4.
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The reinsurer said its P&C re division is on track to contribute at least EUR1.6bn to its full-year operating result at year-end.
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To seize the market opportunity, the company plans to raise non-convertible debt with closure expected in Q2 2023.
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New sidecar Outrigger Re posted a combined ratio of 21% and gross written premiums of $44mn.
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Given better pricing following a disappointing January 1, the company increased its exposure significantly.
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The charge was related to a reassessment of potential claims in professional lines, mostly from accident years 2019 and prior, and to losses from businesses Argo has exited.
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The company has eroded about half its international catastrophe deductible following New Zealand losses.
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The CFO said cedants ‘recognise the new supply-demand reality’ as it benefitted from an early release of Hurricane Ian reserves.
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The carrier attributed its results to strong investment returns.
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The executive said the company was applying a “gentle brake” in the D&O class as rates fall.
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The carrier hailed positive rating momentum in both the London market and the Re & ILS division.
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The carrier’s P&C re and CorSo units benefited from price increases at 1 April, as well as the receding impact of Ukraine.
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The Bermudian disclosed that its board has established a special committee of independent directors to review any acquisition proposal by Dan Loeb.
-
The CEO said the reinsurer has already written some private deals ahead of the June 1 deadline and expects to continue a pivot away from E&S in favour of property cat reinsurance.
-
The Hong Kong-based carrier expanded GWP by 7% to $2.3bn over the year.
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The segment reported a 13.5-point improvement in its CoR to 56.5%, while maintaining a 14.6% growth in net written premiums.
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Returns from April 1 and May 1 were at or exceeded the return levels of January 1 renewals.
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Most of the losses were sustained by the reinsurance segment, which reported $108mn in pre-tax cat losses, compared with $110mn in the prior year period.
-
What you need to know about the changes to international accounting standards for insurance contracts, which became effective at 1 January.
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The broker also said it grew in fac, as well as in its strategy and technology group.
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Overall the group’s net result is likely to exceed consensus at EUR1.3bn.
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Aon’s results continue a trend of accelerated organic growth among brokers in the first quarter.
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The carrier booked a net impact from the Turkish earthquake of EUR77mn.
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Plus this week’s Q1 results and the latest executive moves.
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The CEO also said Gallagher Re posted a 12% organic revenue growth in Q1 amid the current hardening of the reinsurance market.
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Gallagher’s operating earnings per share soared 9.8% to $3.03 – beating analyst consensus of $2.99 earnings per share – in Q1.
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Arch plans to “take advantage” of these favorable market conditions, and may expand PML to 10%-12% of shareholders’ equity by July 1, from the current 8.1%.
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The withdrawal from the aviation reinsurance class announced yesterday represented ~$10mn of non-renewed premium.
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Lancashire said positive rate momentum in the market was benefitting nearly all of its business lines, including its reinsurance portfolio.
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Shares were trading down 6% following the publication of the broker’s Q1 results.
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The broker reported new business and increased retention in aerospace, financial solutions and natural resources.
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The carrier recorded an unrealised investment gain of 1.5% compared with a loss of 2.3% in the same quarter last year.
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The decrease was also driven by non-renewals of some marine business in Q1 as well as declines in some specialty lines including liability, and accident and health.
-
The company also reported top-line growth of 25.8%, with gross premiums written during the quarter totaling $4.8bn.
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Lloyd’s has begun to move away from more ‘traditional’ syndicate launches, with a number of recent start-ups aiming to minimise expenses in order to return profits.
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The broker expects the restructure to result in savings of $300mn by 2024.
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Primary insurance rate increases were 10% for property in Q1 compared to 7% in Q4.
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The broker said US property cat reinsurance rates increased by 40% to 60% in April for clean renewals.
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Mark Cloutier set out Aspen’s plans for top-line 2023 growth in the range of 10%, and a continued strategy of pursuing rate rather than exposure growth in property cat.
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The increased growth from Q4 halts a trend of gradual deceleration experienced through 2022.
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The Bermudian carrier reported GWP of just over $4.3bn in 2022, a 10% increase on the year prior.
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The Connecticut-based insurer said $138mn in cat losses stemmed from its commercial lines segment, while $47mn came from personal lines.
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The Irish subsidiary boosted its top-line growth by 58% during the year as it took advantage of market dislocation.
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Insurers have been hoping that higher interest rates would signal a new era, but not all commentators agree there has been a paradigm shift.
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All four quartiles of the Lloyd’s market once again grew GWP in aggregate during 2022, Insurance Insider’s analysis shows.
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The muted GWP growth came after exits from aviation war, construction and contingency classes.
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Net claims from the two major events cost the business almost £250mn.
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Deputy underwriter Alec Taylor continues the late Meacock’s criticism of the cost of doing business in the Lloyd’s market.
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The syndicate also reported net unrealised investment losses of $20.9mn, up from $5.7mn in 2021, amid mark-to-market losses.
-
The syndicate booked net unrealised losses of just under £40mn and an investment loss of 2.3%.
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The syndicate said that claims were “marginally worse” than expected in 2022, but manageable.
-
The syndicate reported a combined ratio of 105.1% for 2022 – its first full year of trading.
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A higher proportion of syndicates reported year-on-year combined ratio deteriorations than in 2021, analysis shows.
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The Lloyd’s business reported a 95% CoR for 2022, a deterioration of two points on the 2021 result.
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The syndicate also reported an overall profit of £35.1mn for the year, up from a £34.3mn loss in 2021.
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The carrier has reserved a gross figure of £138.3mn for stranded Russian aircraft, but the eventual size of claim remains uncertain.
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Syndicate 1084 reported an overall profit of $16.6mn compared to $129mn in 2021, as net incurred losses increased by just over $227mn.
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MS Amlin Syndicate 2001 – one of the largest in the Lloyd’s market – reported a combined ratio of 99.9% for 2022.
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Syndicate 33 also reported unrealised investment losses of $69.3mn in 2022, taking its total investment loss for the year to $43.2mn.
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The syndicate’s combined ratio was down for the fifth year in a row.
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The carrier also posted a 187.3% increase in its GWP, reporting premiums of $218.8mn in 2022.
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The syndicate’s net loss ratio in 2022 was 60.3%, an increase of 4.7 percentage points from 55.6% the prior year.
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TMK Syndicate 510’s profits fell by 31% in 2022, a decline it attributed to £55.86mn in unrealised losses from investments.
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The results show 2022 was the first year in which MS Amlin Syndicate 2001 has reported an underwriting profit since 2015.
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The syndicate booked a comprehensive loss of £103.7mn for the year as its underwriting profit fell by 90%.
-
Five years on from “Project Thunderbolt”, we assess the progress of the start-up challenger broker.
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The private-sector reinsurance unit said cat loss costs were down 23% from 2021.
-
For its regional divisions, the carrier reported combined ratios of 84% for the US and Bermuda along with 96% for the UK.
-
The fast-growing group – which did not exist when the UK voted to leave the EU – is now close to $500mn of adjusted Ebitda.
-
Last week’s headline results were in line with preliminary figures, but here are three Lloyd’s stories you may have missed.
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The executive said that the current banking situation affirmed the need for robust D&O pricing.
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Syndicate 1225 has reported a sub-100% combined ratio for 12 consecutive years.
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Specialty reinsurance profits dropped amid Ukraine war claims.
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Lloyd’s has confirmed a combined ratio of 91.9% in its full-year results for 2022, following preliminary numbers that also showed an improvement in the attritional loss ratio to 48.4%.
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The specialty business – which includes Price Forbes and Bishopsgate – reported 16% organic growth in an integration year.
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GWP rose by 17.9% to EUR8.9bn, with premium income now almost double 2018 levels.
-
This publication’s tally of disclosed insured losses resulting from Russia’s invasion has increased 18% to $3.1bn.
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Kayley Stewart joins from Fidelis, and Yvonne Ledger and Kate Carrett are joining the environmental liability team.
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Gard’s best underwriting results in 15 years was driven by the “extraordinary” lack of large losses in its commercial marine and energy business last year, according to CEO Rolf Thore Roppestad.
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The results covered a period of around 10 months after the marine insurer changed its reporting calendar.
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The parent company of Hannover Re and HDI exceeded its large loss budget for 2022, reporting losses of EUR2.2bn.
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The combined ratio reported by Lloyd’s for 2022 would put it in the top half of Insurance Insider’s peer group, analysis of preliminary results shows.
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The start-up carrier also secured a ~20% uplift in GWP planned for 2023, taking it to $1.2bn, after resubmitting its Lloyd’s business plan.
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The results improved despite a larger impact of nat cats compared with last year.
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Lloyd’s has drawn attention to an improved attritional loss ratio in 2022, warning the market that it would be “very difficult to get back” if it slips.
-
The release of Swiss Re, Munich Re, Hannover Re and Scor’s year-end reports provides an update on market conditions.
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The company also expects the overall decrease in loss expenses due to the recent Florida legislation to be on the lower end of 25%-40%.
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The P&C Re segment recorded large losses above expectations for the sixth consecutive year in 2022.
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Aviva said the operating profit can be attributed to strong performance in the carrier’s UK and Ireland life business.
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The executive said the carrier had sufficient “dry powder” to expand in hard market conditions.
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CEO Adrian Cox and CFO Sally Lake are set to lose more than £100k each in long-term share awards after the accounting error.
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GWP at Lloyd’s increased 19% during the year, whilst investment losses resulted in an overall pre-tax loss of £0.8bn, according to preliminary results for 2022.
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The carrier reported a combined ratio of 90.6% despite losses from Hurricane Ian and Ukraine.
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Beazley executives spoke of further growth prospects in the class, after its results revealed a 79% combined ratio for its cyber division in 2022.
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The Bermudian’s underwriting profit and combined ratio worsened due to an increase in claims.
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CFO Ian Kelly said the EUR0.40 reduction reflects 2022 as a loss-making year.
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With the new war exclusions starting to take effect from Q4 last year, the executive expects a disorderly few months before the market reaches equilibrium.
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The carrier said an investment loss of $179.7mn largely offset 14% GWP growth over the period.
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Analysts question a 24% Q4 earnings miss as the company cuts its dividend.
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2022 represented a period of bumper legacy deal-making for the legacy carrier.
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The executive said the low claims of 2022 and the large losses of 2021 were anomalous.
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The firm’s US unit recorded $36.6mn of net unfavorable development in Q4 2022, compared with a $121.6mn charge in Q4 2021.
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The syndicate also booked a combined ratio for the year of 78.6%.
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Reclassifying expenses as underwriting or corporate costs for different reporting metrics is set to get more complex under IFRS17.
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Despite the suspension of the casualty reinsurance business, CFO Sarah Doran told analysts that she expects the company’s total gross premium to grow in 2023.
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The result represented a 4.2-point deterioration from previous mid-point forecasts.
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TransRe contributed $986mn of P&C re premium during the year.
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The executive didn’t provide a target for the number of investments it expects to keep, but said SiriusPoint will not be an active acquirer in the near term.
-
Plus all this week’s top exclusives and executive moves.
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The reinsurer’s retro programme was renewed at a smaller size for 2023.
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Gard CEO Rolf Thore Roppestad said the renewals went “right to the wire” after the late announcement of IG reinsurance rates.
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R&Q is selling its 40% minority stake in Tradesman, which it acquired in 2019 following the acquisition of Sandell Re.
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The carrier also reported a drop in reinsurance revenue, with Axa XL Re reporting revenues of EUR3.2bn, a 27% fall from the year prior.
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The P&C segment also booked 2.3% risk-adjusted price increases at the 1 January renewal.
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Analysts said Conduit is well positioned to benefit from the attractive conditions in reinsurance.
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The broker benefited from new cargo business, higher war rates and a rebounding contingency segment.
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The Bermudian reported 1.1 risk-adjusted price increases of 19%.
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Despite 2022 being a “horror year”, the group reported record revenues and operating profit.
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The carrier said 18% nominal price increases are mitigated by a 13% rise in loss assumptions.
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The Ki syndicate saw a year of significant growth, as its GWP rose by 110.8% to $834.1mn, with Brit also continuing to expand top line.
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The group restructured its aggregate reinsurance protection and simplified the top layers of its main cat treaty.
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The carrier has reported a P&C re combined ratio of 102.4% for the year.
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Group profit improved by 5.7%, as the P&C segment benefited from improved underwriting and investment results.
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This came as parent AIG said it had around $6bn of reinsurance limit available for 2023.
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North America commercial lines CoR for the quarter improved 10.4 points to 84.4%.
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The income figure makes the MGA amongst the largest marine underwriters in London in its first full year of underwriting.
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The Bermudian increased its cat load to $100mn-120mn in Q1 2023, compared to around $80mn a quarter for 2022.
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Kentro Capital, which includes Nexus Underwriting and Xenia Broking, reported a run-rate adjusted Ebitda of around £21mn.
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The carrier booked a heavy domestic and overseas cat load during the quarter.
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The carrier was impacted by Covid-19 in Taiwan and Japan, as well as natural catastrophes.
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The carrier also recorded a deterioration in investment performance amid financial market turbulence.
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Pre-tax current accident year net cat losses for the insurance and reinsurance segments totaled $34.6mn for the quarter, nearly half of the $72.3mn figure posted in Q4 2021.
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The carrier increased its Ukraine reserves to $65.8mn while reporting a combined ratio of 97.7%.
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The executive said the broker stopped receiving client proposals whilst it was set to be taken over.
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Executives noted that changes capping cat exposure via the treaty made it a less capital-intensive transaction for Zurich than in the past.
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The cat XoL rate increase in Europe was over 40%, while the average attachment point of the global property cat business increased “meaningfully,” he added.
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The carrier has upped its global all-perils cat coverage to $1.2bn since January last year.
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The broker has experienced a resurgence in growth under new leadership and strategy.
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For the year, Mapfre Re’s combined ratio improved to 96.8% compared to 97.1% in 2021, despite the impact of cat events.
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The company reported a 17% jump in gross written premiums for the year in a pre-results announcement.
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The carrier benefited from favourable rate environments across all geographies, as well as lower catastrophe and weather-related claims.
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The Bermudian reported $15mn in catastrophe losses for the quarter, down from $125mn in the same period last year.
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The carrier has exceeded its H1 natural hazard allowance of A$580mn.
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The carrier said it achieved average risk-adjusted price increases of 30% on cat business.
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Overall, the company booked C$167mn of cat losses in Q4, or C$24mn above the C$143mn estimate that Intact reported on January 12.
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The carrier benefited from light cat losses and positive prior-year development in the fourth quarter.
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Slowing primary pricing, the looming threat of inflation and increased cat retentions were key themes from this reporting round.
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Commercial risk solutions’ Q4 organic growth dropped 8 points year on year to 4%.
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The property and transportation division’s CoR deteriorated 9.5 points to 90% in the fourth quarter, driven by its crop insurance operations.
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The firm’s insurance LR rose to 60.7% from 49.1%, while the reinsurance LR moved down to 58.7% from 64.1%.
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The January 1 renewal for 2023 was “one of the most profound” the company has ever had, the CEO said.
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Evan Greenberg addressed questions about property cat reinsurance on a Q1 earnings call.
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Analysts expressed surprise at the “underwhelming” profit and RoE projections.
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The carrier said GWP was up 12.7% to EUR33.3bn.
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The Bermudian also raised third-party capital of $402.9mn effective January 1, 2023, including $377.2mn in DaVinci and the remaining in Medici.
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Excluding agriculture, Chubb’s P&C CoR rose to 85.9% in Q4 from 85.4% the prior-year quarter.
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In a brief update, the (re)insurer said reinsurance revenue is expected to grow by at least 5% at constant exchange rates.
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The expansive intermediary, which completed its $1.6bn acquisition of TigerRisk earlier this month, also reported 19% organic growth for the second year running.
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Speaking on the company's Q4 conference call, the executive said the market should not assume that WRB will become a heavy cat-exposed writer.
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The CEO also heralded the group’s “best full-year brokerage segment organic performance in decades”, with a figure of 9.7%.
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RLI renewed its property per-risk treaty with an estimated 40% risk-adjusted rate increase, and the first dollar retention went up to $2mn.
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The executive noted that the quarter marked the 21st quarter of rate increases.
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The carrier estimated losing less than $10mn of desired renewals due to exits from property and property cat reinsurance.
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The charges spanned workforce actions, rationalizing technology and reducing the overall real estate footprint.
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The executive said the 1 January renewal was the “most challenging” in almost two decades.
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Organic growth has been slowing after a period of bumper double-digit expansion.
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Pre-tax catastrophe losses during the quarter totaled $64mn, including weather-related losses of $32mn, primarily attributable to Winter Storm Elliott.
-
The carrier also secured risk-adjusted rate increases of 19% across its portfolio at 1 January.
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Carriers will be looking forward to the positive outcomes from the 1 January harder market, but results will provide clarity on lingering challenges.
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The business has also agreed to buy Glasgow-based trade credit broker Linda Scott.
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The Norwegian marine insurer said that rates on the mutual book needed to rise to counter inflation.
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The London wholesaler is ‘performing well’ according to parent AUB Group.
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The Lloyd’s capacity provider raised the money as part of an accelerated book-build process.
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The carrier also posted £97mn of Ukraine losses and a £157mn investment loss.
-
The unit booked a combined ratio of 90% as top-line expansion helped to improve underwriting performance.
-
The European and North American units booked profits for the period, while the Asia and Oceania segment registered a heavy loss.
-
The broker said organic growth was driven by new producer hires reaching maturity across specialty, international and advisory.
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The carrier will turn its attention to embedding sustainability across Zurich in the next three-year period.
-
The parent company of Hannover Re and HDI also increased its reserves for losses arising from the Russian invasion of Ukraine to EUR361mn.
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The reinsurance market next year will be a “challenging environment”, which Beazley expects to “shift significantly”, according to CEO Adrian Cox.
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The carrier said it was on track to reach a combined ratio in the “high 80s” this year.
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Q3 reserve releases were driven by an improvement in claims developments in most lines of its long-tail unit, as well as in its energy and property lines in the short-tail book.
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Zurich had already planned to reduce its US cat exposure by 10%, a target that has nearly been achieved, the executive said.
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Lack of exposure and extensive reinsurance protection meant Hurricane Ian was “not a big event”.
-
Profits were up 8% at a group level, with strong performance across both life and P&C.
-
The carrier’s North American business recorded the strongest GWP growth, booking a 14% increase for the year to date.
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The business unit has posted strong profits following a period of underwriting remediation.
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Overall, the carrier posted $408mn of cat and man-made losses in Q3, up from $333mn a year earlier, of which $297mn related to Hurricane Ida and the European floods.
-
Conduit Re CEO Trevor Carvey said that a lack of legacy left the carrier well placed for the upcoming renewal.
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The French carrier has vowed to continue its “selective” reinsurance underwriting strategy.
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The reinsurer posted losses of $40mn from Hurricane Ian but said pricing and terms were set to improve.
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Aviva increased its UK commercial lines gross written premiums (GWP) to £2.147bn ($2.479bn) for the year to date, an increase of 13% compared with the same period last year.
-
The group vows to continue remedial work to restore profitability.
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The company is confident it has sufficient additional reinsurance capacity should claims begin to develop outside of initial expectations.
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Argo has recognized $37.7mn of prior year development (PYD) in the first nine months of 2022, which falls within the retained loss corridor of $75mn in the loss portfolio transfer (LPT) deal the specialty insurer struck with Enstar in Q2 for its US insurance back-book.
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The Norwegian insurer posted a loss of $49mn, driven by losses in its bond portfolio.
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The carrier has reduced its full-year projected consolidated result for reinsurance and expects a worse P&C combined ratio.
-
The specialty insurer booked an $11.9mn overall net adverse reserve development, up from $6.2mn last year, fueled by a $16.2mn charge in the US business.
-
The carrier boosted gross written premiums by 33% and posted profits of $24mn.
-
Cat losses were up during the quarter but offset by a reduction in the expense ratio.
-
Odyssey also booked an underwriting loss and a combined ratio of 107.8%.
-
The impact of Ian losses on SiriusPoint’s total equity was ~3.5%, lower than RenRe and Everest, and in line with Axis.
-
Considering Hurricane Ian's impact, rate hardening will only accelerate, CEO Alex Maloney said.
-
The carrier also reported run-off liability earnings of $109mn, or 3.7% in the third quarter of the year.
-
New owner AUB expects the acquisition to deliver A$25mn in synergies.
-
The carrier also revealed $19.5mn in Hurricane Ian losses.
-
The carrier also offered assurances on the strength of its reserving to combat inflation.
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SiriusPoint International CEO Monica Cramér Manhem has decided to retire from the business.
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The carrier booked a Hurricane Ian loss of EUR276mn.
-
Gross written premium grew across all business lines, with P&C reinsurance reporting a 37.5% increase.
-
The French carrier’s P&C unit has been reducing exposure to nat cat during 2022.
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Peter Zaffino said AIG expected to able to source similar levels of reinsurance capacity as currently given its relationships with counterparties.
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The carrier is ready to deploy capital if rate rises prove attractive, Hiscox’s CEO said.
-
The carrier reported substantial expansion in its Re & ILS division, with GWP up by more than 32%.
-
A 3.9-point decline in the casualty and specialty segment offset a 2.5-point deterioration in the company’s property business.
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The firm’s North America CoR deteriorated 8.3 points to 114%, but the international division’s CoR improved 13.3 points to 81.4%.
-
The hurricane could prove a key test of the London market’s efforts to reduce catastrophe exposure, but will local carriers be able to lean into the hardening market?
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The carrier also reported a fee income of $60mn, up from $30mn in the nine-month period ended 30 September 2021.
-
The carrier said inflation and losses were to blame for its likely miss on the P&C re full-year target combined ratio of 94%.
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CEO Greg Case said dislocation in the reinsurance market created “tremendous opportunities” for the firm.
-
The organic growth figure came in below that of major rivals Marsh McLennan, WTW and Gallagher.
-
The reinsurance unit was impacted by almost EUR60mn of claims relating to droughts in South America.
-
The group booked a net loss of $285mn and negative return on equity due to cat losses, prior-year reserve charges and falling investment yields.
-
In a Q3 earnings call today, Arch CEO Marc Grandisson also told investors that events like Hurricane Ian “almost always result in opportunities”.
-
Benchimol said there was a risk of losing business, but more important was the transition to a specialty carrier with low volatility.
-
Growth is accelerating at the broker in the wake of a challenging period following the collapse of the Aon merger.
-
The executive described the hardening property cat market as a “tremendous opportunity” for the Bermudian.
-
The acceleration defied wider sector trends, which has led to slowing growth at other brokers.
-
The Bermudian’s operating loss per share, however, grew nearly four times from the prior-year quarter to $5.28 per share.
-
The cat and expense developments offset favorable reserve developments during the quarter, as the Bermudian released $178mn.
-
The firm said inflation and modelling changes had driven the need for bigger limits.
-
The insurer said the estimate represents a 13.9-point impact on its Q3 combined ratio based on earned premiums.
-
Marsh CEO Martin South added that the broker expected to see property rates easing, but "the reverse is going to be true."
-
Guy Carpenter is lining up for a challenging 1 January renewal, but hard conditions may ultimately prove a tailwind.
-
The broker continued to expand margins and posted adjusted earnings per share slightly above analyst expectations.
-
The estimate is driven by $540mn of losses attributable to Hurricane Ian.
-
The carrier expects its underwriting track record to help it secure favourable reinsurance terms in a tough market.
-
The group achieved broad growth but wrote down its investment in contingency broker EC3.
-
The carrier’s property business retained $175mn of losses net of reinsurance related to the Hurricane.
-
The full-year results for 2021 also show the Bermudian start-up held $333mn of net premiums written, as at December last year.
-
The Warburg Pincus-backed start-up also booked a smaller-than-expected Ebitda loss.
-
According to financial reports, 90% of London market wholesale specialty insurance business is placed through PPL’s platform.
-
The company attributed H1 losses to inflation, increasing reserves and capacity and £3.5mn of investment losses.
-
The business has retained Evercore to advise on future funding options.
-
The business booked a turnover increase of 14.5% to £41.4mn.
-
The open market arm of the French state-backed group faced Ukraine and hailstorm losses.
-
The H1 story has overall been a positive one for Lloyd’s, but the market and the Corporation are entering a period which will be characterised by huge uncertainty and volatility.
-
CFO Burkhard Keese outlined expenditure on the digitalisation programme, in a media briefing on Lloyd’s H1 results that also tackled inflation and growth.
-
Lloyd’s posted a £1.8bn H1 loss overall, driven by unrealised mark-to-market losses which offset an underwriting profit of £1.2bn.
-
The firm’s leadership said a pattern of strong results is needed before triggering an IPO process.
-
The carrier also reported GWP of just over $2.3bn for the first half of the year.
-
The broker found reinsurers’ underlying RoE had improved during the period but still fell short of the cost of capital.
-
The carrier’s programme management business’ GWP rose by 82% to $807.3mn.
-
In a six month period characterised by continued rate rises and few major catastrophes, the Lloyd’s market should be set for another profitable half-year underwriting result.
-
ABIR reported that Bermudians posted a total loss ratio of 69.9% and a combined ratio of 100.1% last year.
-
In 2021, the US-Bermudian reinsurance composite’s combined ratio improved six points YoY.
-
The broker’s revenue rebound was offset by reductions of business in Colombia and Ecuador.
-
The broker said EPS estimates for 2023 were broadly flat due to inflation fears.
-
The ratings agency warns latent exposure to property risk could cause capital deterioration.
-
The combined ratio improvement was driven by an increase in net premiums earned, favorable development of net loss reserves from prior accident years and current devaluation.
-
The Brazilian reinsurer suffered large losses from weather-hit crop producers.
-
The international and specialty units now contribute almost half the group’s annual income as the firm continues to diversify.
-
The syndicate also posted an underwriting profit of £17.1mn.
-
Third-party reinsurance capital was predicted to hit $95bn in 2022.
-
The Ukraine loss reserve tally has reached $2.4bn as of the end of June.
-
Despite the carrier’s profit declining, turnover increased by 15% to £19.2mn.
-
The carrier posted losses from various flooding and hail events hitting Australia in the past year.
-
Cat claims for the half amounted to $175mn including the impact of the Ukraine conflict.
-
Zurich’s P&C business saw H1 business operating profit rise 31.8% on a year ago, with a 91.9% combined ratio for the period.
-
General insurance GWP rose by 6% to £4.7bn in the six-month period.
-
EUR316mn of a EUR346mn reserve charge at the half-year point at Talanx was realised in its P&C reinsurance division.
-
The firm pointed to likely material increases in reinsurance rates for peak zone business in some cases.
-
The carrier said pricing on property quota share, particularly in the US, was not keeping pace with inflation.
-
On August 1, Demotech downgraded UPC's financial stability rating by two notches to M from A.
-
The deal also includes a $75mn loss corridor that must be eroded before adverse development passes to the legacy firm.
-
The carrier reported EUR90mn of Ukraine losses for the second quarter, bringing the H1 total to EUR200mn.
-
The first six months have been characterised by substantial double-digit growth and further improvement in underwriting performance.
-
Personal lines InsurTech Lemonade’s net loss rose by 22% to $67.9mn during Q2 from a $55.6mn loss in the same period last year, as its net loss ratio jumped 10 points to 90%, fueled by the strains of inflation.
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AIG improved its underwriting performance in Q2, as its general insurance (GI) combined ratio declined by 5.1 points to 87.4% and the carrier booked $202mn in favorable reserve development compared with $51mn last year.
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The group reported 12% organic growth for the year alongside eight acquisitions.
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The carrier also reported a pre-tax $21mn loss for the second quarter of 2022, driven by unrealised and realised losses on investments.
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The Q2 deterioration in Geico’s underwriting performance was offset by improvements in its other divisions.
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The carrier said the movement was driven by unfavourable bond performance and reserve deterioration.
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The business unit continued its run of post-remediation profitability, posting a combined ratio of 95%.
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TMHCC increased profit by 48% but the European segment recorded a loss due to a provision for losses from the Ukraine conflict.
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The business attributed the losses to Ukraine claims and a negative investment performance.
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The carrier booked a combined ratio of 91.0%, a 3.2-point improvement on the prior-year period.
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The carrier has posted healthy returns following a period of extensive remediation of its portfolio.
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The executive reiterated SiriusPoint’s intentions to continue with strategic partnerships, pointing to the firm’s “robust pipeline of deal activity”.
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The reinsurer so far has made no claims on its retro protections for war-related impacts.
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The carrier booked EUR316mn in reserves for Ukraine during the first half.
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The carrier booked $45mn Q2 cat losses net of retrocession that included $41mn from Natal Floods and $4mn associated with the Australian floods.
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The (re)insurer’s investment results were fueled by a net loss of $57.3mn from its investment in the TP Enhanced Fund.
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The carrier completed legacy deals within both its Re & ILS and London market segments.
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The carrier is in growth mode in reinsurance following a period of caution, owing to pricing concerns.
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The carrier posted $48mn of losses relating to Ukraine and said that rates were keeping pace with inflation.
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Axa also announced the launch of a group EUR1bn share buy-back scheme.
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Generali said wider group performance was driven by positive development of the life, P&C and other businesses segments.
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Business placed in the region had shown the sharpest increases, but is also recording the fastest deceleration.
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The broker said inflation should positively impact its ability to navigate another recession.
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The broker reported organic expansion slightly below rivals Marsh McLennan and AJ Gallagher.
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The carrier’s 6% rate increases over 2022 YTD are “subsumed” by larger loss expectations, including rising inflation.
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The legacy carrier had been an interested in acquiring the Coverys managing agency as a route to entry.
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The broker consolidator agreed in June to sell to Goldman Sachs for around £360mn.
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The carrier’s underwriting result was up 164.9% at $104.9mn, while its combined ratio was 91.6%.
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The P&C re segment secured 12% rate increases at the 1 July renewals.
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Arch Capital CEO Marc Grandisson told analysts on an investor call today that the industry has started incorporating higher inflation into models.
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The CEO said that WTW was making good progress under its strategy but acknowledged there is more to do.
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CEO Juan Andrade said the carrier would be looking continually to expand and “bridge gaps”.
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The carrier’s management emphasised further underwriting actions.
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Growth was slower than rival brokers, but CEO Carl Hess said investments would bear fruit in H2.
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The carrier cut its GWP by 9.8% during the summer renewals, including a 24% reduction in exposure to the US.
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South African flood losses, Canadian and European storms and second-quarter events in the US were cited as contributors to the deterioration.
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The Bermudian also reported margin improvements and top line acceleration despite a decline in mortgage gross written premium.
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The carrier said increased demand should maintain upward rate pressure at January 1.
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The executive laid out the carrier’s plans following a property cat exit on a call with analysts.
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The MGA will write cyber for both SMEs and larger corporations via the German base.
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Alex Maloney also reiterated that the company, which reported H1 results earlier today, is still “committed” to the cat game.
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The carrier’s combined ratio improved by 22.1 points to 105.1%.
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The carrier said its ultimate net losses in Ukraine since the start of the conflict were towards the lower end of its initial range, at $22mn.
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The Bermudian’s gross premiums written rose 9% year-on-year as increases from the insurance segment offset a 4% decrease in reinsurance.
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The company’s property segment booked a combined ratio of 57.6%, 13.8 points higher compared to Q2 2021 due to a higher attritional loss ratio.
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The carrier’s combined ratio improved by 7 points to 87%, marking its best CR performance since H1 2015.
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The rate-on-line index rise is the steepest uplift in 16 years.
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The CEO said Marsh McLennan had grown EPS through previous recessions and that tailwinds remained for the business.
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The broker’s results are being watched closely for signs of how the sector will fare in the current economic landscape.
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Carriers may face questions over slow recognition of Ukraine losses, may have secondary peril losses to detail, and need to show conviction on managing inflation risks.
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The firm said portfolio diversification and strong analytics helped to mitigate the impacts.
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The legacy carrier’s GWP of EUR28.5mn was less than half that of the prior year.
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The company also gave further details on its planned $100mn fundraise.
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Investee company Kentro is set to hit £450mn in GWP in 2022.
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The group has so far completed 24 acquisitions, with more to come in 2022.
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The broker’s analysis found rate increases and lower cat experience contributed to strong underwriting results.
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The carrier also revealed it has meaningfully reduced catastrophe business since 2017.
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The company’s capacity doubled to £232.7mn for the year.
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Plus the lowdown on the potential Howden-TigerRisk tie-up and all the top news of the week.
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The segment recovered after Covid-19 impacts and remedial work at Tokio Marine Kiln.
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Catastrophe claims were up 75% for the year, whilst Covid-19 claims shrank to £13mn.
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The carrier’s combined ratio improved by 3.9 points to 93.9%, largely due to a better loss ratio.
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The firm posted a combined ratio of 81.3% for its P&C segment and 91.7% for its specialty unit, improving from 97.7% and 94.8% in Q1 2021, respectively.
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The Bermudian’s Q1 LR decreased 17.2 points to 32.8% in the first quarter, offsetting a 1.4-point deterioration in the expense ratio to 19.6%.
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The carrier also improved its combined ratio by 55 points to 118% .
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Net profit decreased by 9.3% to EUR727mn due exposure to Russian fixed income instruments and its stake in Russian carrier Ingosstrakh.
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The specialty segment, comprising former Corant brands, increased revenue by 94%.
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Aviva has reported a 9% increase in its Global Corporate and Specialty (GCS) lines gross written premium (GWP) compared with Q1 last year as a result of continued rate momentum and new business growth and retention.
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The firm highlighted that over the last year it has recruited more than 1,200 staff across all lines of business.
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Profits slipped by 3% at the carrier in Q1, driven by floods in Australia, which added to the highest Q1 cat claims in over a decade.
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The carrier’s P&C divisions in North America and Latin America both reported 17% year-on-year increases in GWP.
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AGCS continued its run of improved profits, posting a combined ratio of 95% for the quarter.
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CEO Rolf Thore Roppestad said all parts of the business grew well and highlighted renewables as a significant opportunity.
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The start-up also revealed $15mn-$30mn in Ukraine losses.
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The carrier’s CFO emphasised that any future loss predictions from the ongoing conflict would be “highly speculative”.
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The revised estimates come after Hiscox reported its results for the first quarter last week.
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The unit recorded EUR100mn in Ukraine losses on specialty lines during the quarter, while the group suffered a heavy investment impact from the war.
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Cat losses added 16 points to the combined ratio during the quarter, including an unquantified impact from Ukraine claims.
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Clarity is growing over how the Ukraine war loss may eventually play out, although the picture is still uncertain.
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The carrier highlighted in its Q1 results this morning that it had $50mn exposure net of reinsurance to the war in Ukraine.
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The legacy specialist has faced a downturn in profits following a bumper run of results through 2020 and 2021.
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Swiss Re goes against the tide in expanding in cat, while specialty rates appear to be holding up better than expected.
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Doubling rates in cyber led the carrier to grow its cyber and executive risk premium by 47%.
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The carrier also took heavy Covid-19 losses in its L&H division, leading to an operating loss at group level.
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A Q1 results update shows total revenues at Axa XL increased 4% to EUR6.2bn ($6.5bn) as top-line growth was offset by drop in revenue at Axa XL Re.
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The investment returns were driven by growth-oriented positions in the enterprise technology and financial services sectors at Third Point Enhanced Fund.
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The reinsurer also flagged that it is not banking on many reinsurance recoverables from its CorSo exposure to war claims.
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The firm’s exposure to the Ukraine-Russia conflict, as well as a loss portfolio transfer, were confirmed in a performance update.
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Shares in the carrier were down 3% as it disclosed $40mn of estimated losses from the Ukraine war.
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Market volatility also eroded investment income, with a $283mn Ukraine loss.
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The carrier also announced a $116mn LPT for a casualty reinsurance run-off book its Re & ILS business.
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RenaissanceRe CEO Kevin O’Donnell explained on an earnings call his take on the mid-year renewals and a relatively low impact of the Ukraine war.
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Aircraft location and condition is driving uncertainty around Russia aviation losses, CEO Peter Zaffino said.
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The carrier decided against booking a precautionary aviation charge due to a “lack of clarity”.
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The carrier also took heavier-than-budgeted major losses of EUR336mn.
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The firm reported that net claims and claims expenses incurred related to the invasion had a $27.1mn negative impact in the casualty and specialty segment.
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NA CoR declined 17.6 points to 90.8% as the region’s long-troubled commercial lines book swung to profits with an 88.8% CR, down 17.9 points from Q1 2021.
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The business performance is on track for an eventual flotation, but the date will depend on stock market conditions, the CEO said.
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Cat losses were similar year on year, but reserve releases were higher.
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Rates are experiencing a slow taper but eventual Ukraine claims figures are difficult to gauge.
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The reinsurance segment swung back to underwriting profits as its CoR declined 8.5 points to 93.6% and its LR improved 11.4 points to 63%.
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Q1 net adverse prior year reserve development was $3.4mn, or 0.7 points on the LR, up from last year’s $1mn net reserve charge.
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The broker said it planned to ramp up investment for hiring talent, as well as developing employees with improved analytical and technological tools.
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Plus this week’s Q1 results and all the top news of the week.
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The broker posted earnings per share ahead of analyst expectations and expanded margins.
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The broker completed five tuck-in brokerage mergers in Q1, the same number as the previous year, but totaling $32.2mn, down from $89.7mn in Q1 2021.
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The firm suspended relationships with Russia-based clients and estimated those actions will affect its 2022 brokerage unit revenues by up to $10mn.
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CEO Marc Grandisson said most of Arch’s exposure to the war comes via Lloyd's aviation, marine war businesses.
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The carrier also revealed $30mn in Russia-Ukraine Q1 losses.
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CEO Alex Maloney acknowledged the company has exposure to losses in Russia, “although they have not yet materialised”.
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The firm said the conflict gave rise to uncertainty but at this stage losses appeared manageable.
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The loss of the carrier’s Russian operations is set to create “modest margin headwinds” for the business.
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The carrier’s reinsurance unit reported a slight improvement in the Q1 combined ratio at 94.1%, down from 95.1% the year previous.
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The company posted adjusted diluted earnings per share of $2.66, ahead of analyst consensus of $2.50.
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Growth was driven by the P&C reinsurance segment, which increased GWP by 39.1% to $310.1mn.
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The (re)insurer revealed it has “limited exposure” to the Ukraine-Russia conflict and did not make a loss provision due to the degree of uncertainty.
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The firm recorded a third consecutive margin improvement in the first quarter of 2022 as its core loss ratio narrowed by 2.7 points to 49.3%.
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The most profitable syndicates tend to be consistent performers long term, Insurance Insider analysis shows.
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Guy Carpenter CEO Dean Klisura outlined challenges for reinsurance buyers, due to the war’s impact, on a Marsh McLennan investor call.
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First quarter results are being watched closely amid global macro-economic turbulence after a bumper 2021.
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The firm took $175mn of qualifying losses as cat claims dropped notably from last year’s Uri-impacted quarter.
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The carrier said lines including political risk, credit and surety and aviation were facing claims.
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Only the top quartile increased GWP between 2019 and 2020.
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Only 31% of syndicates reported underwriting losses in 2021 – down from 64% in 2020.
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The syndicate noted that it was exposed to political violence, political risk and marine classes within Ukraine.
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The syndicate reported a combined ratio of 83%.
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Lloyd’s improved its underwriting performance relative to its most directly comparable peers in 2021, Insurance Insider analysis shows.
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Plus the latest executive moves and all the top news of the week.
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The carrier strengthened reserves by $41mn due to uncertainty around financial and professional lines claims development.
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Although the syndicate’s loss ratio improved, it booked an investment loss for 2021.
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Remedial actions this year have included dropping property D&F and North American binder business.
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Inigo 1301 achieved the greatest scale of the new syndicates, writing $428mn of business.
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Catastrophe losses remained high in 2021, adding 5 points to the loss ratio for the year compared to 2020.
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The 2021 result is the first time Syndicate 2003 has turned an underwriting profit in four years.
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The Corporation’s results show aggregate losses for the syndicates whose 2017 and 2018 underwriting years remained open rose £98mn last year.
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Management commentary and disclosure from the Lloyd's 2021 result outlines key challenges for the market ahead.
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Lloyd’s CFO Burkhard Keese said further progress is needed among the lowest-performing syndicate quartile, despite their aggregate combined ratio improving 17%.
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Lloyd’s 2021 results have revealed significant improvements in virtually all lines of business as well as rocketing premium growth in reinsurance and primary casualty business.
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Amid ongoing restructuring, poor performance from discontinued classes is weighing on the bottom line.
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CEO John Neal hailed the return to sustainable underwriting profitability as the market posted its first underwriting profit since 2016.
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On a pro-forma adjusted basis, the intermediary’s Ebitda hit £418.7mn.
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The syndicate also increased gross written premiums by 17.6% to $1.7bn, amid favourable market conditions in most classes.
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The company reported a pre-tax, pre-divide income of $5.3mn and combined ratio of 105.6%.
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Combined ratio aside, detail on growth, rates and reserves will give some indicator of how well the market is preparing for what lies ahead.
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The carrier is the latest in the Lloyd’s market to post a substantially improved combined ratio in 2021.
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GWP in the P&C segment grew 7% to EUR24.1bn, following a 4.9% rise in auto line business and 7.5% growth in its non-motor line.
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The company also posted strong reinsurance and group-wide profits during the quarter.
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Under new ESG policies, the Spanish carrier will no longer invest in coal, gas or oil companies lacking energy-transition plans.
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On its earnings call, the company also announced it is buying reinsurance and retro cover on an all risk and war basis.
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The syndicate has doubled its underwriting profit and improved its combined ratio as its turnaround work bears fruit.
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The IGI president said the carrier would continue to diversify and grow amid “healthy” market conditions.
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Cayman Islands-based Greenlight Re's Q4 results were boosted by $11.5mn of favorable prior-year development and premium increases at its Lloyd’s and financial lines businesses.
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The company’s reinsurance assets rose 7.3% from December 2020 to December 2021.
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The carrier predicted an improved performance for Syndicate 33 in 2021 and a narrower 2020 loss for 6104.
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IGI’s combined ratio improved by 13 points to 83.8%.
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The firm posted a combined ratio of 80% for its P&C segment and 72.5% for its specialty unit, improving from 97.6% and 100.2% in Q4 2020, respectively.
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The CEO said that Hiscox had ‘negligible’ exposure in Russia and property exposures in Ukraine were heavily reinsured.
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The legacy carrier has made huge gains through its hedge fund strategy through 2020.
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CEO Ash Bathia told this publication that all business lines were contributing to the result, with property results exceptionally strong.
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The business is eyeing further growth in 2022, with a premium plan approval of $681mn and the acquisition of Agora Syndicate 3268 set to boost its property D&F book.
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The insurer also failed to file its annual report on time last year.
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The carrier reported its highest GWP in more than a decade, improving by 6% to £8.8bn.
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The positive set of results came after 2020 figures were heavily impacted by Covid-19 claims.
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CEO John Boylan expects "material" increase in premium in 2022.
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Specialty primary business also delivered better underwriting profits, as BHSI grew 36%.
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The carrier’s CFO said there will be continued opportunities to grow top line in P&C, CorSo and L&H over 2022.
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CEO Mumenthaler emphasised cat as a “core competence” for the carrier.
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CorSo also returned to profit as its CoR improved 24.9 points to 90.6%.
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The reinsurance unit's combined ratio plummeted to 91.2% from 129.4%, outweighing the increase in the insurance services combined ratio, which spiked to 98% from 55.5%.
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The carrier was buoyed to a set of bumper earnings throughout 2020 following major investment returns.
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Axa XL has worked to trim volatility, reducing nat-cat reinsurance exposure by 40% and restructuring its reinsurance retentions.
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Gross written premiums came to $378.8mn in its first year of trading, with an indicative renewal rate increase of 13.7%.
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The carrier booked EUR838mn of cat losses for 2021, equal to 12.8% of premium.
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The figures reflect a major turnaround from 2020, when the carrier was heavily impacted by Covid-19 claims.
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The overall combined ratio for (re)insurance operations narrowed by 9.9 points to 89%, driven by lower cat losses.
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The reinsurer said nat-cat business is one of its most profitable lines but emphasised that it will also chase growth in life and health and Ergo to reduce long-term volatility.
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Product launches in Asia helped drive growth at the P&I club, which now insures 158 million gross tonnes.
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Fellow Names-backed Verto Syndicate 2689 reported a loss of £10mn for 2021.
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Munich Re’s P&C re unit reported a Q4 consolidated result of EUR648mn ($735mn), a sixfold increase year on year, as the carrier announced 14.5% premium growth at the 1 January renewals.
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Argo’s Q4 2021 loss ratio jumped to 87.1% from 69.8% a year ago, despite cat losses dropping to $6.8mn from over $50mn in Q4 2020.
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The firm’s worldwide cat top layer grew by 75%, but its “top or drop” limit declined 25% and aggregate deductibles increased.
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The CEO said the business unit was focused on bottom-line profits rather than top-line growth.
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At a group level, the carrier booked $905mn in cat losses from Uri, Ida, Bernd and Seroja.
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A turnaround in the fortunes of AGCS saw the combined ratio at the business unit drop by 18 points to 97.5%.
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Excluding the effects of cats and reserve developments, AIG’s core loss ratio also improved, decreasing to 59.2% from 60.3%.
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The broking start-up and backer Warburg Pincus shared exclusive revenue and capital figures and denied claims of a funding request made to staff.
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Improved underwriting performance and double-digit top line growth at most carriers has characterised results reported so far.
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Atrium Underwriters has posted a combined ratio of 88% for 2021, with a strong underwriting performance driving profits up 24% to £68mn ($92mn).
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The unit still faced £272mn in nat-cat losses and a £58mn Covid-19 impact during the period.
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The carrier benefited from substantial top line growth and an absence of Covid-19 claims.
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The international segment booked 47bn yen in cat losses including Ida and Uri.
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Plus the latest Q4 earnings and all the top news from this week.
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Emerging results suggest a far-improved Lloyd’s underwriting performance in 2021.
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A$209mn of its A$270mn agg reinsurance deductible remains eroded, in line with prior estimates.
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Despite heavy cat losses, its combined ratio improved by 0.5 pts, due to an improved expense ratio of 17.2%, compared with 24% in 2021.
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The carrier generated a combined ratio of 95.7% for the year, a 17.0-point improvement year on year.
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The CEO also said that price increases in property cat were insufficient for the company to allocate more capital to the line.
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The exit of key Florida insurers could spur rate increases.
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Beazley’s Smart Tracker syndicate also reported a 49% increase in GWP to $198.2mn as the company pushed ahead with top-line growth across the board.
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The carrier’s reinsurance unit upped profits by 53%, with reduced expenses benefiting the combined ratio.
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The carrier also increased its levels of co-participation on the upper layers of the cover.
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Gross premiums written increased by 30% to $4.6bn for 2021. The biggest growth was seen in cyber and risk and market facilities, which both increased by 48.6%.
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The carrier increased P&C pricing by 7% in 2021.
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Gross premiums leaped by 25%, to $3.43bn, from a 26% surge in reinsurance and 21% growth in insurance.
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The (re)insurer’s GWP surged 32%, helped by strong gains in both its insurance and reinsurance divisions.
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The investor has been calling on the board to explore strategic alternatives for the business since September last year.
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Financial results in the fourth quarter were impacted by senior staff departures and lost business.
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The carrier also said its new retro purchase will provide first-dollar protection.
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The White Mountains-owned carrier benefited from reserve releases from Hurricane Ida losses in Q4.
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CEO Carl Hess said the results did not fully reflect the near and long-term potential of the firm.
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The group reported 75% erosion of its aggregate deductible, below an earlier estimate
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The business wrote £1.7bn in gross written premium across syndicates 510 and 1880 for 2021.
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Shares in the broker are up by 4% after it comfortably beat analyst earning expectations.
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The broker grew organically in all divisions and comfortably beat analyst earning expectations by 11%.
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The Hannover Re and HDI parent also reported operating profit up b46% to EUR2.45bn.
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The carrier also trimmed its retro programme in “challenging” buying conditions.
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Positive results from E&S writers, good news on submission flows and creeping discussion of wage inflation are among the trends reflected in early Q4 commentary.
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Rates across Axis’s insurance book rose by 14% in 2021, roughly matching the 14% rate increases Axis said it achieved across its insurance portfolio in 2020.
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The executive also said that in many cases, the increases in ceding commissions that buyers were looking for were “too much”.
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The broker went on a hiring spree in 2021, a year that also saw the business post its best-ever results.
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CEO and president Dan Glaser hailed 2021 as the finest year in the company’s history.
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The company lowered its full-year core loss ratio 2.6 points to 55.1% and posted a $266mn full-year underwriting gain.
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Kevin O’Donnell also said 1.5-point rises in ceding commissions for long-tail line treaties were an “acceptable” increase in acquisition costs, given improved underlying profitability.
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Casualty premiums grew 48% and the company raised $663mn in new capital for its alternative capital vehicles.
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The insurer increased its occurrence treaty coverage by $300mn as the aggregate deal shrank, following a full loss to reinsurers in 2021.
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The expansive intermediary this morning reported 19% organic growth for the year to 30 September 2021.
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Expansive intermediary Howden Group reported 19% organic growth for the year to 30 September 2021, as well as a 48% increase in revenue to £1.15bn ($1.57bn).
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Increased capacity has been secured for the three underwriting teams, K2 Financial, K2 Property D&F and K2 Cat.
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For the carrier’s P&C business, the company said it would focus on annual revenue growth of 3%-4% between 2022 and 2024.
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An RAA study found that for the nine months ended September 30, the combined ratio for group of US reinsurers deteriorated by 0.5 points to 100.7%.
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Catastrophe losses push P&C industry CR higher, send industry to underwriting loss for first nine months of the year, AM Best estimates.
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Excluding the catastrophe losses, the carrier would have posted a profit of £102mn.
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The carrier boosted gross written premiums by 18% and benefited from rate improvement.
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The Japanese carrier expanded international premiums by 14.4% in the hardening market.
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Expansive intermediary Ardonagh Group reported adjusted Ebitda of £85.4mn ($114.9mn) for the third quarter, up 30.9% year-on-year, as the business also saw organic income growth of 10%.
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The four major European reinsurers reported strongly improved results in the first nine months of 2021, despite the heavy toll of catastrophe claims, according to analysis from Fitch.
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Claims of EUR44mn for Hurricane Ida and EUR81mn for Storm Bernd have pushed the unit over its large-loss budget.
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IGI has reported third-quarter core operating income of $15.4mn, a 140.6% increase year on year, as net earned premiums grew and claims and expenses fell.
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Zurich has exhausted its $450mn aggregate reinsurance cover after booking around $450mn in losses from Hurricane Ida and $150mn-$200mn from Storm Bernd.
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The carrier said the floods represented by far its largest ever loss for a single natural event.
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Aviva increased gross written premium (GWP) in UK commercial insurance by 16% to £1.9bn ($2.5bn) during the first nine months of the year, as continued rate momentum helped fuel its top-line growth.
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Generali’s nine-month P&C operating profit fell by 2.4% year on year to EUR1.79bn ($2.1bn), despite catastrophe claims for the period more than doubling year-on-year.
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Zurich’s gross written premium (GWP) in its property and casualty segment rose 11% to just over $31bn during the first nine months of the year, driven particularly by North American growth.
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Aggregate reported net losses from Q3 catastrophes across the (re)insurance industry have now passed the $20bn mark, analysis by Insurance Insider shows.
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The remediation work at Allianz Global Corporate & Specialty (AGCS) has been “accomplished”, and the business unit is now targeting profitable growth, according to Allianz CFO Giulio Terzariol.
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Allianz’s operating profit grew by 11% to EUR3.2bn ($4.3bn) in the third quarter with high claims from natural catastrophes offset by negligible Covid-19 losses and a considerably improved run-off result.
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The Bermudian carrier took $188mn losses from Hurricane Ida and $60mn from the European floods.
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The reinsurer revised its full-year P&C CoR to 100% after third-quarter storms.
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White Mountains-backed carrier Ark has reported a 92% combined ratio for the third quarter, and a 95% combined ratio for the nine months to 30 September.
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Fairfax-owned carriers Brit and Odyssey Group generated Q3 combined ratios of 118.0% and 109.5% respectively as cat losses took their toll on the businesses.
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The carrier has $175mn remaining in its aggregate retention and is expecting limited catastrophe losses during Q4 given their treaty cover.
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The Alleghany-owned reinsurer’s combined ratio weakened by 14.3 points on higher cat losses.
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Beazley’s capital position “remains strong and within the preferred range contemplating all the loss activity to date”, according to Beazley CEO Adrian Cox, speaking during a Q3 earnings call with investors.
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The gross written premium increase was driven predominantly by cyber and executive risk, which grew by 44% year on year.
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The insurer grew GI net premiums by 11%, led by 17% growth in its commercial business.
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Axa XL anticipates booking losses of EUR400mn ($462mn) before tax and net of reinsurance from Hurricane Ida, the carrier has disclosed, as it reported total revenue growth of 3% in the first three quarters of 2021.
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The executive also noted that the carrier expects to maintain its cat footprint for 2022, despite recent losses.
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Hurricane Ida will also hit the K-Cession sidecar but not the XoL cover, board member Sven Althoff said.
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Investments in the InRe Fund suffered volatility, leading to net realized and unrealized losses of $285.2mn.
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Suncorp has estimated that weather losses in the past three months have eroded the A$650mn deductible on its A$400mn aggregate excess of loss (XoL) treaty by up to A$561mn, or 87%.
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The biggest increases in GWP came from the carrier’s P&C reinsurance and P&C insurance segments.
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The P&C unit’s combined ratio deteriorated to 101.5% after triple-digit Ida and Bernd losses.
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David Einhorn, the hedge fund reinsurer’s chairman, said the results "do not reflect the significant progress" Greenlight has made in revamping its underwriting and operations.
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The executive said during a Q3 earnings call that the company wouldn’t comment on market rumors related to the sale of its primary Lloyd's insurance business.
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The start-up reinsurer wrote $291.2mn in gross premium during the nine-month period.
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The company shrank overall GWP by 1.6% to $876mn, weighed down by a 10% drop of in international premiums, though it grew its core lines of business in the US by 20%.
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The incoming CEO flagged cyber and property cat as areas requiring further pricing attention.
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The Searchlight-backed consolidator now controls premium of around £1.8bn.
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The carrier continued to benefit from rate increases across its segments during the first nine months of 2021.
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Brokers have reported strong earnings in Q3, with Aon growing by 12% and Marsh McLennan 13%.
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Aon is the latest of the major brokers to report rising growth levels this quarter.
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Mapfre Re’s loss ratio worsened by 10.9 points as Storm Bernd alone caused EUR92.4mn in losses.
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The carrier’s primary unit CorSo also bettered its combined ratio by 24.9 points on last year’s figures.
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The executive said there was a strong case for meaningful rate increases in reinsurance.
-
The CEO also detailed the carrier’s efforts to capitalise on surging primary casualty rates through proportional treaty business.
-
The profitability metrics were impacted by the $1bn income received following the Aon deal termination.
-
Underwriting profits soared by 66% to $174mn, with a $234mn underwriting gain in mortgage outweighing losses in insurance and reinsurance.
-
The reinsurer grew GWP by 25% in the quarter to $3.5bn, while dropping its companywide attritional loss ratio by more than five points.
-
The company generated a $10mn underwriting gain in insurance, reversing last year’s $80mn loss, though the reinsurance division’s loss widened to $69mn.
-
The carrier launched a share buyback and announced portfolio rebalancing actions.
-
The Corporation’s CEO also warned that the increasing use of captives was “dangerous” for clients.
-
The executive said social inflation, fraud, and other loss drivers have driven up the cost of storms, and contributed to model miss.
-
The reinsurer grew GWP by 55% – to $1.77bn – helped by a surge in reinstatement premiums, but the company was weighed down by $727mn in net cat claims.
-
The broker revealed continued pricing momentum, with cyber conditions fuelling 32% rate rises in financial and professional lines.
-
The broker has reported consecutive quarters of huge growth following a hit during the pandemic.
-
The carrier said the claims stemmed from Hurricane Ida and storms in Europe.
-
The preliminary result was achieved despite EUR600mn losses from Bernd damages, as well as EUR1.2bn losses from Hurricane Ida.
-
Investee firm CBC has also secured £3mn financing from Coutts.
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Axis estimates Hurricane Ida will be a $35bn industry loss event while the European floods – from which Axis expects a $55mn bill – are projected to cost the industry $13bn.
-
The figure – which included $440mn in losses from Hurricane Ida and $210mn from severe flooding in Europe – exceeds the $617mn in claims in the third quarter of 2017.
-
The broker also expects to product positive Ebitda this year.
-
The vehicle also booked an operating loss of £480,000 after a significant run of acquisitions.
-
The midpoint for the estimate is around $97mn above the company’s pre-tax cat load, with $75mn resulting from Hurricane Ida.
-
Progressive books $341.9mn in cat losses from Hurricane Ida in August and sees the total rising to $510mn.
-
Plus all the highlights from the Reconnect conference and the week’s top news.
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In discussing the results, the tone coming from the 11th floor of 1 Lime Street was noticeably more confident and self-assured.
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The return to profitability follows a challenging 2020, when Covid claims drove Lloyd’s to a major loss.
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The carrier has non-renewed around $800mn of business in the past 18 months.
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The executive said a capital-light structure would enable continued investment in underwriting, origination and servicing.
-
The broker consolidator also revealed premium handled was up 55% to £1.5bn.
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Gibson Re will be domiciled in Bermuda and reinsure 80% of R&Q’s new qualifying legacy transactions.
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Some $614.5mn of GWP was generated by direct insurance lines.
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Proactive price action is enough to keep pace with inflation – for now.
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The business is working with Fenchurch on what is likely to be a secondary offering that sees HPS and MDP re-invest.
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The intermediary group’s backers have subscribed to an additional £350mn in equity.
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As earnings season draws to a close, insurers continue to post strong profits following sustained market correction.
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GWP surged 21% year on year for the carrier, with long-tail lines generating 28% growth.
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The carrier booked above-budget cat losses of $462mn due to Uri and Australian flooding.
-
The executive said it was too early to read the trend of loss cost inflation as US courts began to reopen.
-
The carrier intends to return £4bn of funds to shareholders by the end of 2022 as its divestment plan nears completion.
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The carrier posted a strong turnaround after suffering heavy Covid-19 claims last year.
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The carrier recorded strong premium growth across segments as combined ratios improved.
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The carrier benefited from a shrinking of large losses and strong investment returns.
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The carrier made recoveries on only one disaster event in the past year.
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The carrier returned to profit in Q2, with premium income down as a result of portfolio remediation.
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The insurer also sourced more buydown reinsurance layers to reduce its retention of North American catastrophe risks.
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The carrier benefitted from risk-adjusted rate change of over 7% in the period to bring GWP to $328mn.
-
The carrier’s combined ratio improved by seven percentage points thanks to reduced loss and acquisition costs.
-
Gross written premiums at the carrier grew by 40%, driven by rate improvement and the growth in crop insurance via the carrier’s acquisition of Diversified.
-
Winter Storm Uri added 12 points to the subsidiary’s claims ratio.
-
Despite a somewhat mixed outlook, UK listed carriers London players say they are still leaning into growth.
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AGCS posted profits of EUR98mn after making a loss in Q2 2020 when it suffered heavy Covid-19 claims.
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TMHCC booked a combined ratio of 87.4% following improvement in the carrier’s North American business.
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The carrier reported book value per share up 8.3% over the first half of the year.
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The carrier also estimated its own loss from the flooding as EUR200mn-EUR250mn.
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Hannover Re’s P&C re unit reported Q2 operating profit of EUR466mn ($528mn) compared to a loss of EUR14.9mn last year, as the segment benefited from a significant reduction in large losses.
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The insurance segment achieved record revenues in Q2 ahead of the completion of its sale to Ardonagh.
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The insurer cut average annual loss exposure by 40% more than a year ahead of schedule after shedding property limit and restructuring reinsurance purchases.
-
Storms in Spain during January and subsequent weather events across Europe in June impacted the P&C division.
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The executive said excess profits in the London market and reinsurance could be used to invest in retail opportunities.
-
Analysts noted that large losses were benign but rates were earning through and should continue to improve.
-
The broker reported adjusted diluted EPS of $2.66, up 48% on Q2 2020.
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The carrier had a strong underwriting performance in the London market and reinsurance as Covid-19’s impact receded.
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The underwriting profits within the carrier’s US operations narrowed to $25mn, after higher economic activity and attritional claims caused margins to tighten.
-
The executive said the carrier would continue with its underwriting approach and benefit from pricing tailwinds.
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Axa almost doubled its profits at a group level, and the business expects claims of EUR400mn from recent European floods.
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CFO John Dacey also urged primary carriers to be “realistic” on rising extreme-weather costs.
-
Executives addressed analysts following strong Q2 results and the earlier collapse of the Willis integration.
-
Plus this week’s company results and all the top news from the week.
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The Q2 results update came at the end of a week in which an agreement to acquire Willis Towers Watson collapsed.
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The carrier reported 14.2% top-line growth and rate increases of 10.2%.
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The carrier reported price improvements of 4% at the summer renewals.
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Net diluted earnings per share jumped to $43.25 in Q2 2021, up from $15.26 last year.
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He suggested that the company might be willing to allow higher commissions.
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The carrier has major growth ambitions in program management and aims to hit GWP of $1.5bn by 2023.
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The reinsurer grew its casualty pro rata reinsurance book by 64%, adding $218mn in GWP.
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The insurance division added almost $300mn in premium in the quarter, while volumes in reinsurance were higher by $360mn.
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The carrier may also take the opportunity to re-risk its ‘prudent’ investment portfolio.
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The firm has done more business via quota shares than initially planned, but said this gave it access to improving primary rates.
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The CEO said investors would be "scratching their heads" if hurricanes dragged insurers to a loss.
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The Brown & Brown CEO also called the company’s second quarter results the “best” in its history.
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The start-up fell to a $12mn half-year loss as its new book of premium was relatively harder hit by a small Uri loss.
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CEO Alex Maloney said the carrier was starting to ‘reap the benefit’ of three years of rate growth.
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The carrier increased reserves for P&C Covid-19 losses by EUR109mn in the quarter after UK and France court decisions.
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The company reported $139mn in Q2 cat losses that it said mostly came from Winter Storm Uri.
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The company grew P&C net written premiums by 47%, while the non-life combined ratio improved 32 points to 89% during the second quarter.
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The carrier’s reinsurance unit benefited from reduced frequency of cat losses in the second quarter.
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The reinsurer has been reducing its exposure to domestic companies since 2019.
-
In a results preview, the Chaucer owner said it had also benefited from improved investment returns.
-
The London-listed carrier reported growth and positive rate movement in all seven of its business segments.
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RenRe beats estimates with $329mn underwriting income driven by a surge of profits in its property segment.
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The CEO put Marsh's outperformance down to the economic recovery, price increases and a growing talent bench.
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CEO and president Dan Glaser called the results, which included double-digit insurance and reinsurance organic growth, “outstanding”.
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Analysts believe 2021 will be a “transition year” for Hiscox, Beazley and Lancashire.
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In a preliminary report, the reinsurer said its second-quarter net profit will come in ahead of a EUR808mn consensus.
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The composite insurer has seen top-line growth in Spain and Latin America.
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The chairman role was changed over at the group’s AGM, where annual results for 2020 were shared with staff.
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The investor projects GWP at its largest portfolio company to rise by almost a third this year.
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The limited liability vehicle consolidator, which has raised £75mn in capital in recent months, reinstates a dividend.
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Continued rate momentum and retention drives growth in the carrier’s global specialty business.
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Claims against the IG pooling arrangement totalled $463mn for the year, with North paying out $90mn.
-
The company says 2020 was a “breakthrough year” for the division.
-
Positive prior-year reserve development added $4.3mn during the period, cutting 5.3 points off the combined ratio.
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The division housing Price Forbes and Bishopsgate booked Ebitda of £15.6mn, up almost 80%.
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At group level the pandemic has a positive effect thanks to reduced motor claims.
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The Japanese parent predicts a bounce-back in the operations that include MS Amlin in the current fiscal year.
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The carrier reported a full-year Covid-19 underwriting impact of 60bn yen for the international business.
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Natural catastrophes make a smaller impact on the combined ratio than a year earlier.
-
The start-up has so far participated in around 80 contracts.
-
All seven market segments achieve rate expansion, though property momentum eases from a year earlier.
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The executive says that AGCS is ready to pursue growth after renewal rates rose 22% in the first quarter, following 26% expansion for 2020 as a whole.
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The growth was driven by higher premium rates, particularly in commercial insurance.
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The combined ratio for AGCS improves by over 19 points as the division swings EUR81mn into the black.
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The carrier recorded average rate rises of 9% for P&C accounts renewing at 1 April.
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SiriusPoint posted higher underwriting income in the first quarter than a year ago and lowered its combined ratio to 96.6% from 98.6% in what was a heavy cat quarter for the industry.
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CEO Ian Beaton pegs renewals rate growth at the White Mountains-owned business at 10%.
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The result reflected a significant improvement on the prior-year quarter, when the investment book was hit by the pandemic.
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The Bermudian booked a $4.6mn loss from Winter Storm Uri.
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The marine mutual reported a combined ratio of 108% but was driven to profit by strong investment returns.
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This came as the insurer said its reinsurance programme was oversubscribed and it expected rate increases to be in a mid single digit range.
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The group reports an 86% CoR in its last trading update as a listed entity.
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Rate increases are tailing off, but the carriers’ reports reveal divergent growth strategies.
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The carrier’s North American commercial lines unit grew net written premiums by 29% to $2.7bn.
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The CFO also highlights a total EUR1.7bn Covid-19 related reserve charge for contingency and EUR1bn for BI.
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The HDI and Hannover Re parent says it is targeting 2021 group net income in the upper range of its forecast.
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The carrier lifts premium by 17.1% at the April renewals.
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Kevin Rehnberg says the carrier is disappointed with the level of catastrophe losses but expects less volatility going forward.
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The Australian carrier says catastrophes cost it a net $260mn, 44% above its allowance.
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The carrier expects rate increases on US and Australian accounts to be smaller than those at 1.1 and 1.4.
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Many carriers agreed on the growing attraction of primary markets but differed on reinsurance-expansion tactics.
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The carrier reserves $47mn for Storm Uri but says the overall claims experience was positive.
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The carrier reported price increases at 1.1 of 5% across the board.
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Parent Axa says the unit is on track to achieve a full-year earnings target of EUR1.2bn ($1.4bn).
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The US-focused specialty insurer dropped its core loss ratio by almost two points as it delivered its best underlying underwriting result since 2016.
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The broker’s performance was driven by a growth acceleration in commercial risk solutions.
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The carrier says it remains in a strong financial position after a year of financial market volatility and heightened claims.
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The carrier increased premium volume by 20% at 1 April as Japanese cedants lifted limits.
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The primary unit swings back to profit, while P&C re earnings expand seven-fold.
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Parent company BGC Partners said the broking business saw strong growth across all lines.
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Insurance rates in the US rose 15%, while London market pricing was up 10%
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Rates for Japanese wind treaties increased between 5% and 10% at the April renewal, while quake pricing was up 5%.
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The CEO said the carrier was turning aside more business than it wrote, yet had “sufficient headroom” to grow.
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Net income leapt by 140% whilst margins expanded across all business segments.
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CEO Alex Maloney says the group’s highest-ever Q1 GWP was driven by market conditions.
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The reinsurer grew premiums by 31% in the quarter overall, led by a 33% pickup in property premiums and 29% growth in casualty and specialty.
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Axis posted operating earnings of $83mn in Q1, compared to an operating loss of $164mn in the same period last year.
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The carrier racks up losses from Uri and Filomena as well as deterioration on Laura and Sally.
-
The intermediary’s 6% organic growth was aided by the economic recovery, price improvements and disruption in the broking market.
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Marsh books 9% US organic growth while Guy Carpenter continues to expand at pace.
-
Indications from Bermudians suggest Covid-19 noise will abate, while early US reporters suggest a slowdown in rate momentum.
-
Analysis of the numbers by Insurance Insider showed a slight loosening of the Corporation’s restrictions on growth between 2019 and 2020.
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Claims from Winter Storm Uri will cost the carrier about $43mn, before tax.
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The insurer racked up $915mn of qualifying cat losses after winter storms.
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Primary unit Ergo was among the positive drivers that eclipsed above-average, Texas-storm-driven major losses within P&C re.
-
The solvency remains well within the targeted 200%-250% range.
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The French carrier grew its top line by 14.3% at the April renewals.
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The mutual has paid out EUR456mn in net Covid-19 claims.
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The Brit owner anticipates a “solid” operating income despite the US winter storms.
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Last year, RenRe reported an operating profit of $33mn in Q1 due to Covid-19 losses.
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The carrier says it expects winter storms Uri and Viola to account for between $80mn and $90mn of claims absorbed during the period.
-
Brokers, underwriters and industry figures are at odds over the sector’s role but small steps make sense.
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The carrier reported a combined ratio of 104.5% but said there were opportunities ahead in 2021.
-
A direct P&C turnaround and a narrowing of the loss in the scaled-back reinsurance division are eclipsed by hefty contingency losses within the specialty division.
-
This publication outlines key messages from the 2020 results, with takeaways on underwriting improvement, growth and expenses.
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Catastrophe losses more than doubled to $360.8mn, which included $181.2mn of Covid-19 losses.
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Covid-19 losses materially impact the property market, but the marine, aviation and transport segment returns to profit.
-
The carrier reported £194.1mn in coronavirus claims, led by accident, health and life.
-
Axa XL’s flagship Syndicate 2003 reported a loss of £334mn ($459mn) for the year as its combined ratio deteriorated by 23.8 points to 133.8% on Covid-19 losses and adverse development on long-tail lines.
-
Covid-19 claims are expected to reach £6.2bn on a gross basis as major claims added 23 points to the 2020 combined ratio.
-
A focus around improving underlying numbers and rates should not obscure the key strategic challenges facing the market.
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The Fosun-owned carrier’s underwriting margin improves by 3.4 points to 11.2%.
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CEO David Ross said that new working practices had proved hugely effective and would fundamentally alter the City of London.
-
The analyst approves of the start-up’s blended reinsurance approach.
-
Corrections to historical numbers push the net loss down to $58.7mn.
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CCR Re has revealed overall premium income growth of 12% at the January renewal, with P&C premium up 13%.
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Life reinsurance, especially in the US, is expected to be the biggest source of the losses.
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The company reports a 41% increase in full-year premium at HDI Global Specialty to EUR2bn.
-
The Spanish carrier’s targets imply a 2.4-point increase in the return on equity.
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The counter-cyclical carrier attacked specialty lines in 2020, more than quadrupling GWP.
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Hiscox’s decision to adjust its exposure in US casualty retail classes has been welcomed by analysts, who nevertheless warned that it will slow the carrier’s recovery.
-
In earnings highlights the German InsurTech claims to have made a profit from its own insurance business.
-
In securing the Enstar ADC, Axa XL has drawn a line in the sand and signalled a fresh start to investors.
-
Short-tail underwriting earnings almost double, while long-tail slips into the red.
-
The carrier also said the Texas Big Freeze will be a "high double-digit million" loss.
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The P&C segment recorded a EUR120mn benefit from the pandemic.
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The syndicate’s combined ratio improves by 5.2 points despite a £12.3mn provision for Covid.
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CNP Assurances acquires the UK carrier’s life business in the market.
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The segment returned to underwriting profit despite the group reporting a significant pre-tax loss.
-
Pandemic claim reserves remained unchanged at $475mn, as CEO Bronek Masojada promised a switch from “resilience to opportunities” in 2021.
-
The carrier has posted strong profits over three consecutive quarters after Covid-19 hit the investment book in Q1.
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Covid-19 claims of $964mn weighed on the reinsurance unit’s result for the full-year.
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RSA has reported £259mn ($361mn) in Covid-19 losses for 2020, as well as a reduction in premium for the year of £166mn due to the pandemic.
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The carrier is “very optimistic” on Japanese and US renewals this year, and outlined plans for growth in various lines and regions.
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However, 2021 could be a turning point for the profitability of delegated authority books, according to the broker.
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Parent Axa reiterates its target of EUR1.2bn of earnings at the unit this year as it unveils an ADC deal with Enstar.
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The carrier revealed 10.9% premium volume growth at 1.1.
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Parent BGC Partners says its recently renamed insurance brokerage unit turned a profit on an adjusted basis.
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Analysts note the carrier’s forecast 2021 life technical margin is lower than expected.
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The reinsurer lifts the division's Covid-19 loss assessment by EUR28mn in the fourth quarter within a set of results that beat expectations.
-
In its first results disclosure the start-up reports a net loss of $4.6mn.
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Regional per occurrence deals were also down compared to last year, but Validus lifted its retro cover by $75mn.
-
The Norwegian mutual says pricing achieved a balance between owners’ needs and underwriting profitability.
-
The company added 18 programs to its roster, taking the total of active programs to 48.
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The syndicate is exploring diversification and aiming to get its own managing agent approved.
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Plus an update on European (re)insurer results and all this week’s top news.
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The carrier reported “significant claims provisions” following the judgement in the FCA BI test case.
-
The CEO lays part of the blame for the UK’s Covid-19 BI woes at brokers’ door.
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The reinsurer adds $300mn to the unit’s pandemic reserving in Q4 and slashes premium volumes by 11% at the renewals.
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Performance at AGCS deteriorated, with the unit reporting an operating loss of EUR482mn.
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Gross written premiums at the carrier’s North American segment grew by 9% to $4.7bn.
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The A$14bn pool will switch brokers on 1 April.
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The company benefited from improved underlying results, premium growth at its US operations, and a much smaller reserve hit.
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The last loss tally was 1.7% ahead of an August 2020 estimate for the storm, which exacerbated floods caused by EUR1.57bn event Ciara.
-
An underwriting loss at the international segment eclipses a profitable performance from MENA personal lines.
-
The CEO said pricing was going up by 10%-30% and that terms were being tightened globally.
-
The pandemic and natural disasters impacted the result by $178mn.
-
Excluding Covid-19, the carrier’s combined ratio improved 4 points to 98% for the nine months to September.
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The carrier reported $271.4mn in Covid-19 losses and a combined ratio of 112.6%.
-
The CFO said that commercial lines business was improving faster than retail, reversing previous trends.
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The move follows Fidelis’ decision to hand back $275mn it had raised for a retro vehicle.
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The reinsurance unit of the Spanish group takes a near-EUR80mn full-year hit on the pandemic.
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The carrier reports strong pricing momentum, with commercial premiums rates up 17% in North America.
-
The CEO said his company would be going on offense to accelerate book value growth while strong market conditions lasted.
-
The carrier predicts $40mn to $60mn of GWP this year from new lines of business.
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The CEO says the carrier deployed most of the $340mn raised in June at the 1 January renewals.
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Earnings at the international non-life business also halve as EMEA operations swing to a 12.5bn yen loss.
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The Australian carrier reported a 3% increase in reinsurance spend over the six-month period.
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The combined ratio deteriorates by 26.9 points to 107.8%, though comes in ahead of forecasts.
-
The two European carriers are bullish after achieving the best overall rate increases since 2018 at 1 January.
-
Margins expanded in three of four business units, including by 200 bps in corporate risk and broking, but contracted by 37 bps overall.
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The French reinsurer reported average treaty price increases of 7.8% in January and predicted rate growth through to 2022.
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The (re)insurer had previously disclosed the $400mn reserve charge, largely connected to casualty reinsurance business from accident years 2015 to 2018.
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Executives reiterate the mid-single expansion guidance announced in March, despite growing organically by 1% in 2020.
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CEO Manning Rountree says its new Lloyd’s investment “hit the ground running” at the renewals.
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Citi, Jefferies and Berenberg laud the carrier’s steep rate increases in specialty lines.
-
Net income increased by over 40% in the quarter to $524mn and reinsurance continued its growth momentum.
-
The CEO also discussed Beazley’s approach to re-underwriting cyber risks.
-
The 2020 loss comes in much smaller than expected, with the company upbeat on growth prospects and profitability for this year.
-
In a results preview, the German puts 2020 Covid-19 losses at EUR1.5bn.
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The carrier reports rate growth of 15% and predicts a return to profitability and dividend payments.
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The carrier maintains its 2021 profit forecast amid 8.5% 1 January premium growth.
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The total increase to the Bermudian firm’s AuM will be “tempered” at the start of the year due to timing of allocations, cat losses and side pocketing.
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Further Covid losses, core loss ratio improvements, reserving and the duration of the cycle are key themes emerging from the reporting season.
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Underlying margins expanded faster than they did in Q3 as Chubb reported 11.5 points of rate improvement above loss trend in NA commercial.
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The intermediary cited Convex and Vantage among new entrants adding capacity to the market at the renewal.
-
Doyle’s comments follow bullish commentary from underwriting executives and a Travelers disclosure last week that the pace of gains had slowed.
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Marsh grew its underlying top line by 4%, while Guy Carpenter gained by 5%.
-
RenRe said it had “ample dry powder” even after fully deploying its $1.1bn 2020 capital raise.
-
Group CEO David Howden said the A-Plan acquisition brings further retail M&A opportunities.
-
The intermediary recorded revenue of £777mn, with 6% Ebitda growth taking earnings to £223mn.
-
The additional $730mn in capital for its Upsilon RFO, DaVinci and Medici funds include $130mn of the company’s own money.
-
Fourth-quarter lockdown measures will push Covid-related P&C Re and CorSo losses up $400mn to $2.7bn for 2020, the analysts say.
-
Cat losses will cost up to $80mn, down from last year’s $140mn, as the carrier indicated underlying results continued to improve in Q4.
-
The broker said that it expects double-digit growth for most property syndicates for 2021.
-
The group’s GWP grew to almost £900mn over the year after Searchlight’s investment.
-
He replaces long-serving executive Gary Long, who retired earlier in the year.
-
David Bangs joins from Willis Re Singapore where he worked for more than 15 years.
-
The club reported a combined ratio of 102.2% for the first half of 2020, and an underwriting deficit of $2.2mn.
-
Suncorp, IAG and QBE reinsurers could face significant recoveries after a landmark court ruling.
-
The follow-only syndicate has carved up most of its 2021 capacity among leading Lloyd’s intermediaries.
-
Revenue rose 2.2% on an underlying basis at the broking group.
-
The carrier slashes international unit full-year profit forecasts due to the pandemic and nat cats.
-
The carrier lost 36bn yen in BI and event cancellation lines and the investment book took a 33.1bn yen hit.
-
The Bermuda reinsurer's net income per share fell 5% to $206mn during the period.
-
Covid-19 claims frequency benefits and a EUR78mn contribution from a recently acquired Portuguese business drive earnings.
-
The German carrier says P&C gross written premiums expanded 3% to $27.3bn in the period.
-
Parent BGC says the insurance business is now at a scale at which it expects quarterly improvements in profitability.
-
AIG executives revealed that proceeds from the sale would be used to reduce the carrier’s debt leverage.
-
Both StarStone and Atrium make underwriting profits after losses a year earlier.
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A stable Covid-19 claims assessment within P&C and a better-than-forecast trajectory in life buoy the stock.
-
The CFO says the carrier will first focus on bringing its combined ratio below 100%.
-
The carrier is moving to lift quota share support to reduce its retained exposure.
-
The London-listed carrier expects 110% combined ratio for 2020 as it lifted cyber loss assumptions.
-
The carrier adds just EUR8mn to its running Covid-19 claims tally, which now stands at EUR256mn.
-
Operating profit was down 40% in AGCS as the carrier pruned its portfolio in North America and investment income fell.
-
The carrier leaves its Covid-19 loss estimate unchanged at $42mn.
-
The carrier’s year-to-date pandemic losses in P&C re hit EUR2.1bn.
-
CFO Bouas-Laurent reassures analysts that the cash injection will not harm solvency.
-
Aon, Willis and MMC calls reveal clients’ hard market tactics, staff retention strategies and Covid-19 headwinds.
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The reinsurer bolsters P&C re Covid-19 reserving by EUR100mn in the third quarter, taking the total to EUR700mn.
-
Parent Axa leaves its EUR1.5bn estimate for Covid-19 losses unchanged at the nine-month mark.
-
The CEO reports “forward momentum” after recording strong rate and GWP growth.
-
News of strong premium and rate expansion, along with stable Covid-19 reserving estimates, push the stock higher.
-
The carrier reported overall rate increases of 18% in the London market in the first nine months of the year, with reinsurance up 12%.
-
Pandemic losses inflate the quarterly combined ratio by 10.1 points.
-
The division makes progress on its loss ratio and expenses at the end of a nine-month period in which large losses rose 82%.
-
Organic expansion of 13% in reinsurance was offset by declines in retirement solutions and data and analytics.
-
The reinsurer’s CFO warns pandemic “is not over” and declines to guide on year-end result.
-
The reinsurer warns of pandemic-related uncertainty and adds another $500mn to Covid claims and reserves, taking the total to $3bn.
-
The improvement was fuelled by an 8.3% growth in brokerage revenue to $1.3bn.
-
The rapid rise in the cost of cover comes as clients fight for survival, the CEO says.
-
Organic expansion stalls at Guy Carpenter but Marsh grows 3% as the group beats profit expectations.
-
The reinsurance segment expands 3% on an organic basis within a set of results that came in marginally ahead of consensus.
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Net investment income grew by 54%, which partially offset an underwriting loss.
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CEO Kevin O'Donnell said climate change was driving increases in cat loss frequency.
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Rate acceleration, frequency benefits and less-than-feared top line pressure were among the takeaways from US disclosures.
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The carrier says higher retro renewal costs will act as a counterweight to rising rates.
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CEO Alan Schnitzer acknowledges coming reinsurance rate hikes.
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“Non-Covid” claims in the quarter also came in above average, with the Beirut blast its largest man-made loss.
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Quarterly losses were led by the Midwest derecho, Hurricane Isaias and the Glass Fire.
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The business sees significant growth opportunities in its newly launched E&S program management segment.
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The legacy and program manager says its investment portfolio has bounced back from first-half losses.
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The I50 broke a rising streak in September as more than 80% of component stocks fell and the Floridians ended up at the bottom.
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Bravo and Arachas acquisitions add £45.6mn of adjusted Ebitda on a pro-forma basis.
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Positive news on rates fails to offset the disclosure of steep contingency-related losses.
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The figure is double the estimate published by the carrier in July.
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The latest estimate is marginally below a previously disclosed $75mn UK BI claims cap.
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Praise should be given where it’s due on Lloyd’s huge underlying underwriting improvement.
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The property segment swings £1bn into the red from a small profit a year earlier.
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The CEO says £12bn-£13bn of new business is set to be approved for 2021.
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The Corporation sets its overall expectation of pandemic claims at £3bn net of reinsurance.
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Net profit at the open market arm of the French state reinsurer rises 71% to EUR29mn on tax tailwinds.
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Amid the noise, the market will be keenly watching Lloyd’s first-half results for small positive signs on growth and performance.
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The research firm puts average Covid-19 losses as a percent of net earned premium at 4.4% in the first half.
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CEO Ian Parker says claims are returning to normal levels, making the second-half outlook uncertain.
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Covid-19 losses during FY20 were partly offset by reduced frequency of losses.
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First-half executive commentary also reveals Hannover Re is allocating capital for growth as Scor continues portfolio review.
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The fronting business added 10 programs in the first half.
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The recently listed company pegs rate growth at 19% in the second quarter.
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The chiefs of the Talanx-owned business name the US as a key target market.
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Accounting for expected H2 cat losses, the $500mn cover is only $20mn away from triggering.
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The carrier said that it was “well positioned” to grow in the commercial market.
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The division reported a positive underlying result excluding the pandemic, with rates up 14.8% in London.
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The group’s combined ratio improved by 9.5 points to 95.9%.
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HDI Global Specialty drives premium growth in the division.
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Investment gains propel the result, which follow a $516.8mn net loss in Q1.
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Warren Buffett’s reinsurance business fell to a $1.1bn loss as Covid-19 and prior-year casualty losses hit the result.
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Geico’s combined ratio came in at 77.2% down 18 points as frequency fell 24% to 30% across all product lines.
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The Tokio Marine group expects a 100bn yen ($947mn) negative impact on profits overall for the full year.
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The carrier booked higher natural catastrophes and loss deterioration on its crop book.
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The London market business booked the majority of its Japanese parent’s fiscal Q1 Covid-19 losses.
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“We have plenty of capacity to work with in this market,” said the Everest Re CEO.
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The carrier’s top team says price increases are now spilling over into loss-free lines and regions.
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Investors react after the carriers’ group earnings almost halve year on year.
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Axa estimated its total 2020 impact from Covid-19 for the group at EUR1.5bn, which it booked in the first half.
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The carrier cancelled its share buy-back plan in order to reinvest capital into reinsurance growth.
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The CFO said that the unit was focused on building a profitable book and that growth would come later.
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Group operating profit fell 84.4% in the quarter after pandemic claims and a series of large losses.
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The carrier said Covid-19 had a EUR800mn negative impact on the P&C division in the first half.
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Hiscox’s 90% projected CoR should prompt further thought at Lloyd’s on moving to a growth paradigm.
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The carrier cut its exposure significantly in the first half of the year as the firm reassesses its view of risk
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The carrier increased its claims estimate for Covid-19 by $82mn to $232mn and reported a loss of $139mn.
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The group reserved $232mn for Covid-19 related claims and cut back on its Re & ILS GWP.
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The broker believes it will be able to proceed with the deal without having to divest any businesses.