CCR Re top line swells 16% in H1CCR Re, the open market reinsurance arm of French state-backed CCR, booked Eur441mn ($482.8mn) in gross written premium in the first half of the year, an increase of 16 percent on the prior year period.
Fosun H1 topline soars as Peak Re profits fallChina’s Fosun booked revenues of 48bn yuan ($6.7bn) in the six months ended 30 June 2019, marking a 57 percent increase year on year – due in part to 16 percent growth in revenue from its reinsurance subsidiary, Peak Reinsurance (Peak Re).
IGI praises “healthier” market as H1 underwriting performance improvesDubai-based International General Insurance Holdings (IGI) has booked an underwriting profit of $25.9mn in the first half of 2019, compared to $23.8mn in the prior-year period, on the back of growth across most major lines of business.
H1 US P&C loss and LAE increases outpaced earned premium growthAn AM Best analysis has revealed the US property casualty industry’s net underwriting income fell 9.6 percent in the first half, with improved investment income offsetting most of the decline.
Ardonagh losses climb to £44.5mn in H1Private equity-owned UK broker consolidator The Ardonagh Group saw its pre-tax loss climb to £44.5mn, ($54mn) in the first half of the year but its preferred “adjusted Ebitda” measurement saw a notable improvement in its underlying performance.
Greenberg transferred $64mn of Chubb shares to wife in divorce dealChubb chairman and CEO Evan Greenberg transferred a total of 431,296 of his shares in the insurance giant to his wife as part of a divorce settlement this summer - half of which she sold at that time for $32mn, SEC filings reveal.
Aspen H1 NWP climbs 7.6% on higher retained businessAspen has reported its net premiums went up in the first half despite a drop in gross writings, as its retention ratio jumped to 65.1 percent from 56.9 percent after a cut back in its use of reinsurance, especially in financial and professional lines.
QBE’s Regan points to North America pushThe chief executive officer of QBE Pat Regan has said the Australian carrier is poised to take advantage of growth in North America on the back of an improved pricing environment across the continent.
QBE takes larger H1 net individual risk losses after reinsurance restructureQBE has reported improved attritional claims experience for the first half of 2019 that was partly offset by increased net costs of large individual risk and catastrophe claims tied to its recently simplified reinsurance programme.
Hannover Re P&C drives H1 cash flow record despite Eur140.5mn losses: JefferiesHannover Re has generated its best first half cash flow ever at Eur1.53bn, sourced from a strong performance in P&C gross written premiums, despite the segment booking a 4.6 percent drop in its operating profit on the back of heavy losses.
Maiden targets return to operating profitability after $22mn Q2 lossMaiden Holdings has reported a second quarter loss, while revealing further details of its strategic actions.
Man City tops Premier League injury loss table in 2018-19 seasonEnglish football team Manchester City incurred the highest injury costs in the 2018-19 Premier League, spending £26.3mn ($31.8mn) on injured players, according to a report by broker Marsh JLT Specialty.
Palomar top line climbs 56% in Q2Quake insurance specialist Palomar Holdings reported strong top line growth in the second quarter as it continued to pursue what it sees as a “substantial market opportunity”.
Talanx share price flat after positive H1 resultInvestor reaction to Talanx Group’s second quarter profit and positive full-year outlook has been muted, as the German (re)insurance group’s shares have fluctuated by a maximum of 1.18 percent since the previous market close of Eur37.28.
Talanx grows top and bottom line in H1 despite heavier lossesTalanx Group – which includes HDI Specialty and Hannover Re – delivered an operating profit of Eur1.24bn ($1.38bn) in the first half of 2019, a 2.7 percent improvement on the same period in 2018, while its gross written premiums grew to Eur20.86bn from Eur18.76bn last year.
Other reinsurers “will wish they look like us”: Third Point Re CEOThird Point Re’s newly-confirmed CEO Dan Malloy has issued a defence of the total return reinsurer model, while predicting the Bermudian company’s combined ratio will be under 100 percent in 2020 assuming a normal cat year.
Tokio Marine international Q1 top line takes advantage of firming marketJapanese giant Tokio Marine Holdings saw its overall international book – which includes Tokio Marine HCC and Tokio Marine Kiln – grow its top line by 10.4 percent to 439.5bn yen ($4.15bn) during Q1 2019 compared to the prior year period, as it took advantage of rate increases in both North American and international business.
ProSight investment income supports stable Q2 profitNewly floated US insurer ProSight Global reported second quarter operating profits of $14.2mn that were broadly flat with the prior-year period as lower underwriting income was offset by higher investment income.
AIG targets expense ratio reduction with new initiativeBrian Duperreault has unveiled AIG 200, an initiative to reduce the insurer’s expense ratio which he believes for general insurance is running at least 500 basis points too high.
Natural catastrophes cost IAG $627mn in FY19Natural catastrophe claims cost Sydney-headquartered Insurance Australia Group (IAG) some $627mn in FY19, the carrier disclosed today as part of its annual results.