Kemper Q3 beats on strong specialty insurance growthKemper has reported third quarter net operating income of $130.0mn, or $1.93 per diluted share, up from $104.5mn or $1.59 per diluted share in the same period.
The Hartford beats as core income climbs 31%The Hartford comfortably beat Wall Street forecasts for Q3 core earnings that included the first full quarter of results from its Navigators acquisition earlier this year.
Swiss Re’s CorSo on course to grow premiums in 2019 despite portfolio cutbacksSwiss Re’s CFO has revealed that its troubled Corporate Solutions unit will likely grow net premiums for the full-year 2019 despite the drastic portfolio retrenchment announced earlier this year, 65 percent of which will be done in 2020.
Samsung completes $150mn Canopius investmentKorea’s largest non-life insurer, Samsung Fire & Marine Insurance (SFMI), has completed its investment in Canopius for a stake worth $150mn, as the top-five Lloyd’s insurer targets international growth.
Hiscox shares dip as analysts note high cat lossesShares in London-listed carrier Hiscox fell this morning following a trading statement which estimated $165mn net losses from H2 cats including Typhoon Hagibis, noted US casualty claims inflation and predicted a higher-than-expected combined ratio of 97-99 percent in its retail arm.
Berkshire Hathaway has “below-average” disclosure: KBWKeefe, Bruyette & Woods (KBW) analyst Meyer Shields has criticised “persistently inadequate” disclosures from Berkshire Hathaway, despite better than expected operating earnings in its 2019 third quarter results released this weekend.
Hiscox pegs H2 cat losses at $165mn; warns on US casualty claimsHiscox Ltd estimates net losses from Hurricane Dorian and the Japanese Typhoons Faxai and Hagibis at $165mn and warned that it is also experiencing some “increased claims activity” in a number of long-tail US casualty lines, in its nine months trading statement this morning.
Berkshire Hathaway P&C reinsurance UW improves despite Q3 cat lossesThe Berkshire Hathaway P&C reinsurance unit that houses Gen Re delivered a pre-tax underwriting gain of $314mn for the third quarter that was well ahead of the $67mn reported in the prior-year period despite a $281mn estimated hit from Typhoon Faxai in Japan.
AIG misses Wall Street forecasts despite narrowing GI underwriting lossesAIG reported adjusted after-tax income of $505mn, or $0.56 a share that represented a turnaround from the $301mn, or $0.34 a share loss it fell to in the prior-year period but was below analysts’ consensus forecasts of $1.00 a share.
Operating profits climb 12% at Fairfax FinancialFairfax Financial reported an uptick in underwriting income as well as higher interest and dividends from its (re)insurance operations that combined to push operating profits up by 12 percent to $280.1mn for the third quarter.
Heritage slows Florida de-risking in Q3Florida insurer Heritage Insurance Holdings said it has returned to organic growth in the third quarter, driven by strong expansion outside its home state and a deceleration of Florida de-risking.
“Vast majority” of Irma creep borne by FHCF: Universal presidentThe Florida Hurricane Catastrophe Fund (FHCF) will absorb the “vast majority” of the approximately $200mn increase in gross Irma loss reported by Universal Insurance Holdings, according to the carrier’s president and chief risk officer Jon Springer.
Argo shares drop again after Q3 $42mn charge warningShares in Argo Group have fallen by as much as 10 percent in the wake of the Bermudian’s $42mn Q3 reserve charge warning on Wednesday, as shares were down by another 1.8 percent in early trading this morning.
Swiss Re shares down as firm shelves share buybackShares in Swiss Re were trading down on Thursday following news the reinsurance giant will not go ahead with a second tranche of share buybacks in reaction to higher than expected catastrophe losses.
Mapfre Re Q3 profit swells despite “catastrophic” Faxai and non-cat hitsMapfre Re – comprising Spanish giant Mapfre’s reinsurance and Global Risks specialty units – saw its net result grow from Eur3.4mn ($3.8mn) in Q3 2018 to Eur17.2mn ($19.2mn) this year, despite retained losses from Japanese Typhoon Faxai, two large non-cat losses and a Brazilian drought.
Willis Towers Watson sees 6% organic growth in Q3Willis Towers Watson (WTW) has continued the pattern of positive reporting amongst the big three brokers with third quarter organic growth of 6 percent.
Swiss Re P&C income up 39% despite 9M $1.1bn loss billReinsurance giant Swiss Re reported net income of $800mn within its P&C reinsurance division (P&C Re) for the first nine months of 2019, a 39 percent increase from the $634mn reported in the prior year.
Universal earnings slide in Q3Universal Insurance Holdings has reported adjusted operating income of $28.5mn, down from $66.8mn, driven by a 15.8 point combined ratio increase.
UPC falls to bigger Q3 loss than in prior periodFlorida insurer United Insurance Holdings (UPC) has reported a core loss of $29.2mn, compared with a $14.9mn loss in the third quarter of 2018.
Murphy to be Selective chairman as Marchioni gets set for CEO roleSelective Insurance Group has announced that John Marchioni will take over as the carrier’s next CEO on 1 February 2020 with the incumbent Greg Murphy moving to the newly created position of executive chairman.