Results

R&Q falls to $58mn H1 loss after $40mn legacy reserves charge

London-listed R&Q has posted a heavy $58mn pre-tax operating loss for H1 2023 following adverse movements in its legacy back book, but said its up-for-sale fronting arm Accredited continued to perform strongly.

Helios reports H1 CR of 88% across capacity portfolio as GWP rises 28%

Listed Lloyd’s investment vehicle Helios Underwriting posted strong growth in its portfolio for the first half of 2023 as it capitalised on the continued improvement in market conditions at One Lime Street.

AM Best: US homeowners market remains challenged as pressures take toll

The US homeowners insurance market’s results continue to deteriorate in the face of increased frequency of natural catastrophe events and secondary perils, along with rising loss costs, inflation and further supply chain disruption, AM Best has detailed in a new study.

Korean Re net income jumps threefold in H1

Korean Re, Asia’s second-largest reinsurance company, reported net income of KRW268.9bn ($198.9mn) in the first six months of 2023, a more than threefold increase compared to the same period last year.

Saga pulls sale of underwriting business citing market conditions

London-listed Saga plc has rolled back on plans to sell its underwriting business, as inflation and a stressed claims environment has dragged down the potential value of the unit and hampered the performance of its wider insurance business.

Helvetia posts 94% combined ratio in H1

Swiss insurer Helvetia has posted a profit after tax of CHF257.8mn ($281.3mn) for the first half of 2023 – up from CHF191.4mn in the prior-year period – as the carrier saw its combined ratio deteriorate 1.2 percentage points to 94 percent.

Saga 6M combined ratio slips to 136.4%

London-listed over-50s insurer Saga has posted a combined ratio of 136.4 percent for the six months ended 31 July, up 23.1 percentage points on the prior-year period.

H1 “very challenging” for mutual insurers as combined ratio jumps to 113.2%

Elevated catastrophe losses saw mutual insurers’ underwriting results deteriorate in the first half of this year, with the sector continuing to perform worse than stock insurers, according to a National Association of Mutual Insurance Companies report sponsored by Aon.

Lloyd’s broker AHJ sees operating profit jump 52% in 2022

Lloyd’s (re)insurance broker Alwen Hough Johnson saw its operating profit increase more than 52 percent in the year ended 31 December 2022 thanks to continued organic growth, profit from underwriting facilities and a reduction in operating costs.

Cavaness: RPS’s organic growth expected to slow to 8% in Q3

The president of Risk Placement Services expects the high level of growth in the E&S market to continue, although the Arthur J Gallagher wholesale subsidiary’s organic growth is expected to dip in the third quarter both sequentially and year over year.

BP Marsh targets 2023/24 specialty start-ups as new business enquiries jump 27%

Specialist UK insurance investor BP Marsh continues to see a high number of potential new business opportunities, having received 42 new enquiries in the six month period ended 31 July 2023.

Progressive CR up 3.6 pts to 97.2% in August on cats and unfavourable development

Progressive’s combined ratio increased 3.6 percentage points year on year to 97.2 percent in August, as the US auto specialist absorbed the impact of elevated catastrophe losses and continued to battle unfavourable development on business written in prior accident years.

AM Best: 2023 likely “another volatile year” for mutuals after $23.7bn H1 UW loss

The mutual sector’s $23.7bn H1 2023 underwriting loss, on the back of a $31.0bn loss for the whole of 2022, means it is “shaping up to be yet another volatile year for mutual insurers”, AM Best has said.

Skuld posts 90% H1 2023 CR

Skuld has posted a net combined ratio of 90 percent for the first half of 2023, amid what it characterised as a benign claims environment.

Brit posts 93.3% H1 CR as Ki drives top-line expansion

Brit Insurance has posted a 93.3 percent undiscounted combined ratio for the first half of 2023, with gross written premiums increasing 2.5 percent at constant rates of exchange to $2.02bn.

London company market premiums rise 24% to £44bn for 2022: IUA

London company market premiums rose 24 percent to £44bn during 2022, with overall premiums written having now doubled since 2015.

John Neal: Lloyd’s has earned the right to grow

Lloyd’s CEO John Neal said the market had “earned the right to grow” after delivering “some of the best numbers seen in decades” during the first half of the year.

DLG reports combined ratio of 106.4% in H1 on higher motor claims

Direct Line Group saw its combined ratio deteriorate by 17.7 percentage points to 106.4 percent in the first half of 2023, as a combination of heightened inflation and higher claims in its motor division sent profits tumbling.

Beazley shares fall on H1 miss despite 84% CR

Lloyd’s largest insurer Beazley has posted a combined ratio of 84 percent for the first half of 2023, providing a bullish outlook as it reaffirmed full-year targets for underwriting performance and overall growth.

Lloyd’s CR improves to 85.2% as UW profit doubles in H1

Lloyd’s has reported a combined ratio of 85.2 percent for the first six months of 2023, with an investment rebound helping the market deliver a pre-tax profit of £3.9bn.

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