According to AM Best, following Hurricane Nicole, a category 3 hurricane, the reinsurance market will be affected by losses from damage on Bermuda.
Arch Capital Group reported a strong increase in profits during the third quarter with a net income of $247.4 million, compared with $74.5 million in the same period of 2015. The Bermuda-based re/insurer also enjoyed healthy growth, due to a large increase in the amount of mortgage business it is underwriting.
Aspen is also on a high with a 6 per cent year on year increase in its gross written premiums (GWP). Chris O’Kane, CEO of Aspen, commented: “Aspen’s results this quarter reflect good underwriting profitability across our business. This was demonstrated by our 93.8 percent combined ratio and the improved accident year ex-cat loss ratios achieved by both business segments. Premium growth in the quarter was driven by Aspen Re, where the AgriLogic business is being successfully integrated and is performing well.”
With a 3% increase in its GWP on the same period from last year, Everest Re is also on a positive curve. The Bermuda-based reinsurer, with offices in London, Hamilton, NY or Singapore between many others, has published its third quarter results with a net income of $295.4 million for 2016, compared with $88.6 million in the same period for 2015, showing its strength in the reinsurance market.
In other news, PartnerRe saw its profits increase in the third quarter of this year, after figures for the same period of last year were hit by termination fees relating to its failed merger with Axis Capital.
Posted on Friday Oct 28