Results

Talanx Q1 profit jumps on lower Covid impact

Talanx – the majority shareholder in reinsurer Hannover Re and primary insurer HDI – has delivered a first-quarter operating profit of €625mn ($751mn), up 11.8 percent from the prior year, despite a €287mn large loss bill.

Munich Re P&C re CR improves 7.1 points despite €450mn winter storm hit

Munich Re booked a combined ratio of 98.9 percent in its P&C reinsurance business during the first three months of the year, compared with 106 percent in the first quarter of 2020.

Global Indemnity swings to Q1 underwriting loss as cats bite

Global Indemnity Group swung to an underwriting loss of $1.4mn in Q1 2021 as catastrophes took their toll on its results, although the carrier still managed to post an adjusted operating profit for the period.

Palomar GWP rises 44% in Q1 with E&S fuelled expansion

Palomar’s new E&S carrier ended 2021’s first quarter with annualized gross written premium (GWP) approaching $100mn and accounting for 23 percent of the insurer’s overall GWP, while the business also added $25mn of aggregate excess of loss protection in the period.

UPC confident Florida reforms will mitigate accelerating litigation trends

United Insurance Holdings (UPC) said it believes legislative changes in Florida targeting the one-way attorney fee statute will help address accelerating litigation trends as it reported a Q1 loss that was heavily impacted by a reserve charge for prior-year development on its book of business in the state.

ProAssurance falls to UW loss as Lloyd’s CR hits 123.4%

ProAssurance reported a slight beat on analysts consensus in 2021’s first quarter despite the carrier posting a 110 percent consolidated combined ratio for the period and its Lloyd’s business’ loss ratio jumping 14.6 points due to higher property and catastrophe events.

Root loss ratio improves 22 points in Q1 to 70.9%

Auto insurtech Root has reported a loss ratio of 70.9 percent for the first quarter and a swing to a gross profit of $6mn.

Greenlight Re swings to net profit despite CR deterioration in Q1

Greenlight Re has swung to net income of $6.5mn in the first quarter, with the Cayman Islands-based reinsurer also reporting a 55 percent increase in gross written premiums and an increase in its combined ratio to 101.5 percent.

Heritage combined ratio jumps to 107.7% after weather impacted Q1

Heritage Insurance Holdings saw its first quarter 2021 combined ratio spike to 107.7 percent after the carrier faced increased weather losses, with the company ultimately falling to a net loss of $5.1mn for the period.

Uri and commercial auto severity claims drive UFG to Q1 operating loss

United Fire Group (UFG) reported a small first-quarter operating loss of $0.7mn, or $0.03 a share on an adjusted basis, as its combined ratio increased by 2 points to 107.2 percent on higher cat losses and severity of commercial auto losses.

Commercial pricing deceleration trend emerges from Q1 US P&C earnings

A common theme from Q1 earnings calls of US-listed property casualty (re)insurers is deceleration – with the strong commercial rate increases of recent quarters showing signs of tempering – but executives were bullish that margins will continue to improve and the positive market conditions will be sustained.

QBE premiums rise 28% in Q1; cat losses exceed budget at $260mn

Australian carrier QBE has revealed strong premium growth during the first quarter of 2021 led by an expansion of its crop business.

Sampo reports 37% growth in underwriting profit in P&C units

Sampo Group’s P&C businesses reported 37 percent growth in underwriting profit during the first quarter of 2021 with a 4.5 percentage point combined ratio improvement.

Hiscox LM enjoys rate-fuelled Q1 GWP growth as it posts $47mn Uri loss reserve

Hiscox’s London Market arm has reported first-quarter top-line growth of 9.3 percent – 9 percent in constant currency – driven by favourable rate momentum, with rates up 13 percent across the portfolio.

Hannover Re beats consensus on CR but misses on operating profit

Hannover Re reported a 3.6 percentage point year-on-year improvement in its P&C reinsurance combined ratio for the first quarter of 2021, with operating profit in the segment rising 6.3 percent to €324mn ($389mn).

Mercury General beats consensus despite cat impact

Mercury General comfortably beat analysts’ consensus in 2021’s first quarter with operating income increasing by almost a quarter year on year and its combined ratio improving by 2.4 points despite facing a significantly higher level of catastrophe losses.

FedNat slumps to heavy Q1 loss and reveals further capital raise

Florida homeowners insurer FedNat Holding Company reported an operating loss of $19.4mn for the first quarter that included preannounced net cat losses of $18.3mn driven by Winter Storm Uri as it revealed it raised a further $21.0mn in April as it looked to replenish its capital base.

AFG Q1 operating earnings up 65% on specialty P&C UW profit and investment income

American Financial Group (AFG) has reported first quarter operating earnings that soared by 65 percent and which on a per share basis comfortably beat analysts’ consensus, the result of “substantially higher” specialty P&C underwriting profit, “significantly higher” investment income and favourable prior year development that exceeded catastrophe losses.

Axa XL grows revenues 4% in Q1 as rates move up 11%

Axa XL remains on course for its €1.2bn ($1.4bn) underlying earnings target in 2021, despite a “slightly higher than usual natural catastrophe charge” during Q1, driven by winter storm activity in Texas.

Argo Q1 GWP drops 8.4% on Ariel Re sale and other exits

Argo reported a slight deterioration in its first quarter combined ratio to 103.8 percent, although its underlying combined ratio improved to 93.4 percent, while the sale of Ariel Re and other business exits led to an 8.4 percent drop in gross written premiums.

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