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PartnerRe reported a net profit of $497mn for the first quarter of 2019 after generating a net investment return of $600mn during the period. -
First-quarter combined ratios deteriorated at most Bermuda-based (re)insurers.
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The Bermuda group’s underwriting loss expands more than ninefold to $42.6mn.
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The Bermudian total return (re)insurer reporter an improved combined ratio in Q1 2019 compared with a year prior.
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The third-largest P&C underwriter in the US reported 20.4 percent top-line growth and a 7.6 percent renewal rate increase in specialty lines.
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The regional insurer showed improved underwriting performance in Q1 compared with a year ago.
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Zurich recorded a 2 percent rate rise across its P&C book in the period.
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Weather events caused a C$37mn underwriting loss at the insurer, the owner of US specialty carrier OneBeacon.
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United Fire Group’s Q1 2019 underlying underwriting results improved compared with the prior year, although operating EPS decreased to 9 percent to $0.91.
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FedNat reported a quarterly loss as it took a $18.7mn hit from the March hail storm.
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Earnings fell 14 percent year over year but company flagged improving environment in E&S and reinsurance.
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Analysts noted “solid underwriting outperformance” and a lack of reserve strengthening.
