NU Online News Service, Aug. 3, 3:05 p.m. EDT
Four reinsurers posted positive numbers for the second quarter of this year as a benign catastrophe season helped lift net income considerably over last year's second quarter.
Allied World based in Zug, Switzerland, says its second-quarter net income rose 3 percent, or $2.6 million, to $96.4 million. Revenues also rose 3 percent, or $14 million, to $481 million in the quarter.
For the first six months, net income more than doubled by $212 million to $315 million. Revenues rose 18 percent, or $162 million, to $1.06 billion.
The second quarter combined ratio improved by 12.3 points to 85.1. The company notes that it experienced no significant catastrophe losses for the quarter or first half of the year.
“The company had strong underwriting performance and solid investment returns,” says Scott Carmilani, president and chief executive officer of Allied World.
Endurance, based in Pembroke, Bermuda, reports second quarter net income rose 76 percent, or more than $31 million, to $72 million over the same period last year. Revenues rose 3 percent, or $18 million, to $566 million.
For the first six months of the year, the company reports net income of $155 million compared to a net loss last year of $46 million for the same period in 2011.
“Our results this quarter reflect relatively light catastrophe losses and improving [property and casualty] market conditions which led to improved underwriting margins within both our insurance and reinsurance segments compared to a year ago,” says David Cash, CEO.
Partner Re Ltd., headquartered in Pembroke, Bermuda, says its net income for the second quarter rose 42 percent, or $52 million, to $176 million. Revenues were off close to 5 percent, or $60 million, to $1.29 billion.
Net income for the six months was in excess of $526 million compared to a net loss of $683 million in 2011. Revenues were up 7 percent, or $166 million, to $2.6 billion.
RenaissanceRe Holdings Ltd., of Pembroke, Bermuda, reports net income to common shareholders for the second quarter of this year of $142 million, a four-fold increase from $25 million for the same period last year. Revenues rose 11 percent, or $30 million, to $310 million.
For the first six months of the year, the company reports a net income of $344 million compared to net loss of more than $223 million in 2011. Revenues were slight down by $1.5 million, to $667 million.
“Although property catastrophe pricing at June 1 was a little lower than we anticipated, we are pleased with the results of the recent renewal season,” says Neill A. Currie, CEO of RenaissanceRe. “We have grown significantly in each unit this year, and have produced an attractive portfolio of risks.”
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