Bermuda’s P&C (re)insurance industry improved its resilience in 2023 thanks to price improvements, tightening terms and conditions, limit and aggregation management and favourable investment returns, according to a report by the Bermuda Monetary Authority.
Results
International (re)insurance broker Consilium has reported 54 percent growth in managed gross written premium (GWP) for the year ending June 2024, with the Aventum Group subsidiary affirming its ambitious medium-term growth targets.
Shares in the Progressive Corporation were trading up 4 percent Friday after the US personal lines giant reported an 18 percent increase in net written premiums to $5.56bn in November and improved its combined ratio by 5.5 points to 85.6 percent.
Munich Re has unveiled a profit target of €6bn for 2025, with group insurance revenue expected to reach €64bn.
The US non-standard auto insurance segment showed slight underwriting profitability in the first six months of 2024 after two years of losses, leading to modest pre-tax operating income and net income, according to a new AM Best report.
New Zealand-based insurer Tower Limited has posted a more than tenfold increase in underlying net profit after tax to NZ$83.5mn ($49.3mn) for the financial year ended 30 September 2024, with results bolstered by a reduction in large loss events.
Despite heightened competition in property and minimal impact from late hurricane season activity, the overall growth outlook for the E&S market remains strong, largely driven by healthy submission flow, especially in casualty.
Australian insurer QBE has maintained its guidance for a full-year combined ratio of 93.5 percent, with catastrophe losses for the year so far coming in within budget following the repositioning of its US property cat exposure.
Vienna Insurance Group (VIG) has reported a P&C net combined ratio of 94.3 percent for the first nine months of 2024, with the group confirming a positive outlook for the financial year with profit before tax expected to be at the upper end of its target range.
Baloise is likely to generate enough cash in 2024 to launch a CHF100mn ($113mn) buyback, analysts at Berenberg have said following the company’s third quarter trading update on Wednesday.
MS Reinsurance, MS&AD’s Zurich-based reinsurance arm, has posted a combined ratio of 90.2 percent for the first six months of 2024, driven by lower natural catastrophe exposure during the period.
Japanese insurer Sompo’s domestic P&C operations have posted a combined ratio of 99.3 percent for the fiscal first half, an improvement of 1.4 percentage points owing to a decrease in natural catastrophe losses.
MS Amlin has reported a combined ratio of 84.5 percent for its Lloyd’s business for the first half of 2024, a year-on-year improvement of 6.3 percentage points.
Tokio Marine’s international operations reported a 5.2 percent increase in net premiums written (NPW) for the second quarter of its financial year, helping to drive a jump in unit profits despite the impact of natural catastrophe losses.
Corporate and specialty insurer HDI Global has posted a combined ratio of 90.5 percent for the first nine months of 2024, an improvement of 2.2 percentage points year on year.
