Zurich Insurance Reports 24% Jump in 2018 Net Income Driven by Life, P/C Units

Article 0 Comments Zurich Insurance’s reported 2018 net income after tax of $3.72 billion, a 24 percent jump from $3.0 billion it reported in 2017 – primarily driven by growth in its life business and improved underwriting in its property and casualty business. Zurich’s results “demonstrate further progress against the […]

W.R. Berkley’s Reinsurance Results Falter

Article 0 Comments W.R. Berkley Corp. ended 2018 with a decline in net income and worsening reinsurance combined ratio due to higher catastrophe loss expenses. At the same time, insurance premiums and investment income grew. The Connecticut-based insurer and reinsurer booked more than $132.3 million in net income during the […]

PIMCO and Allianz Partner to Launch Insurance Linked Securities Business

Article 0 Comments PIMCO, the Newport Beach, Calif.-based fixed income investment manager, has hired Rick Pagnani from Mt. Logan Re as executive vice president, to lead the launch of the firm’s property and casualty insurance linked securities (ILS) business. The ILS market, which offers low correlation to other asset classes […]

9 Month Results Show U.S. P/C Insurance Pivot to Big Profit: A.M. Best

Article 0 Comments The U.S. property/casualty insurance industry’s net underwriting income has so far swung from a massive loss in 2017 to substantial profit, according to an A.M. Best report. Carriers booked $3.5 billion in net underwriting income for the first nine months of 2018, A.M. Best said, versus a […]

Kemper’s Strong Third Quarter Includes Infinity Results

Article 0 Comments Kemper Corp. reported net income of $92.2 million for the third quarter of 2018, compared to $47.7 million for the third quarter of 2017. As adjusted for the acquisition in the quarter of nonstandard auto insurer Infinity, net income was $131.7 million for the third quarter compared […]

Liberty Mutual Reports $282M Profit for 3Q

Article 0 Comments Liberty Mutual and its subsidiaries reported net income of $282 million and $1.911 billion for the three and nine months ended Sept. 30, 2018 versus net loss attributable of $665 million and $188 million for the same periods in 2017. Improvements in net income and in the […]

Mercury General in California Reported 3Q Income of $58.6M

Article 0 Comments Mercury General Corp. reported third-quarter net income of $58.6 million. On a per-share basis, the Los Angeles-based insurance carrier said on Monday it had profit of $1.06. Earnings, adjusted for investment costs, were $1.11 per share. The auto insurance company posted revenue of $894.8 million in the […]

W.R. Berkley Q3 Profit Holds Steady

Article 0 Comments W.R. Berkley Corp.’s third quarter featured flat net income but also higher premiums and soaring investment income. The Connecticut-based insurer and reinsurer said it generated $162 million in net income during the 2018 third quarter, on par with the 2017 third quarter. Its insurance combined ratio was […]

P/C Insurers Double Net Income in First Half of Year

Article 0 Comments U.S. property/casualty insurers saw their net income after taxes more than double to $34 billion in first-half 2018 from $15.5 billion in first-half 2017, with the help of lower catastrophe losses, growing premiums, and an increase in investment income, according to a results report from Verisk’s ISO […]

The Hartford Reports Big Profit Gain in Q1; Record New Commercial Business

Article 0 Comments The Hartford reported a big rise in net income for the 2018 first quarter, crediting improved overall underwriting results, lower catastrophe losses, a boost in net investment income and tax reform. Net income for the quarter came in at $597 million, which compares to $378 million in […]