Zurich has unveiled fresh targets for profitability and growth for the next three years, after a better-than-anticipated market environment put the insurer on track to exceed its existing guidance a year ahead of plan.
James River has revealed strategic actions that conclude the review process begun in 2023, including a new partnership with Enstar, the continued commitment of Gallatin Point and a plan to redomicile to the US, along with announcing a $28.2mn Q3 operating loss.
Trisura Group reported overall insurance revenue growth of 10.5 percent to C$807.6mn in the third quarter that included 18.4 percent growth in its Trisura Specialty division and 7.1 percent in US programs, which it said reflected the maturation of existing programs.
RenaissanceRe grew its Q3 underwriting gain by 2 percent to $394mn, driven by 11 percent growth in its property underwriting profit to $395mn, more than offsetting results in the casualty and specialty segment, which essentially broke even after a $30mn profit a year ago.
Liberty Mutual has reported third quarter earnings including a preannounced combined ratio improvement of 5.9 points to 96.7 percent despite $1.1bn of catastrophe losses in the period, as it also reported a 4.0 points improvement in its underlying combined ratio to 88.1 percent.
Hagerty’s adjusted Ebitda fell by 35 percent in the third quarter to $24.2mn, driven by $24.7mn in pre-tax losses from Hurricane Helene, which drove the classic car insurer’s loss ratio up by 18.9pts to 60.0 percent.
Specialty insurer Global Indemnity has increased its operating income for the third quarter to $13.2mn, while its combined ratio improved 4. 3 points to 94.3 percent and gross written increased slightly to $99.8mn.
Intact Financial dropped to a C$215mn underwriting loss in the third quarter from an C$88mn gain a year ago, largely driven by catastrophe losses that doubled to C$1.2bn and its Canada personal property segment posting a C$478mn underwriting loss.
White Mountains-owned Ark reported a third quarter combined ratio of 79 percent in the third quarter, which was two points lower than in the prior-year period, despite 17 points of cat losses from events including Hurricanes Helene, Debby and Beryl along with the Calgary hailstorms.
AIG returned to an earnings beat in the third quarter with adjusted after-tax income per share that increased 18 percent to $1.23 and was ahead of the $1.10 a share analysts’ consensus, despite a moderate uptick in its reported and adjusted accident year combined ratios.
Greenlight Re has reported a 4.7 point deterioration in its combined ratio to 95.9 percent in the third quarter, with the Cayman Islands-based reinsurer’s gross premiums written dropping 8 percent due to the non-renewal of a personal property contract and a Lloyd’s casualty contract this year.
Palomar Holdings has reported an earnings beat in Q3 results that included catastrophe losses driving a 4.7 point deterioration in the combined ratio to 80.5 percent, while gross written premiums increased 32.2 percent to $415mn.
Kemper has reported a swing to a $105mn operating profit in Q3, with management expecting the hard market for its specialty auto business to continue well into next year and to drive growth.
Australian broker Steadfast Group has reported a 14 percent rise in unaudited underlying revenue for the first quarter of its fiscal year, with the expansive intermediary also pledging to bolster its London office in the face of rising demand.
CNA Financial’s P&C underwriting gain fell by nearly 50 percent in the third quarter, driven by catastrophe losses that rose by 52.1 percent to $143mn, while the company’s underlying loss ratio crept up by 110 basis points (bps) to 61.1 percent.