2011 News

Reinsurers Resilient Despite Catastrophes, Economic Uncertainty, Says A.M. Best

In a special report A.M. Best summed up the financial position of the global reinsurance industry as “resilient” in light of  “the volatile economic conditions and the frequent and severe loss events of 2011.” Best pointed out that the only …

Cooper Gay Swett & Crawford Reports 2011 Earnings of $344 Million

Cooper Gay Swett & Crawford (CGSC), the global wholesale and reinsurance brokerage group, has released strong results for the year ending 31 December 2011, reporting revenues of $344 million and EBITDA of $69 million  with and net cash earnings of …

Lloyd’s Posts $822 Million Overall Loss for 2011

The loss, announced today by Lloyd’s of London, shows just how severe the second costliest year for catastrophes on record for the insurance industry actually was. Lloyd’s announced a loss of £516 million ($822 million) for 2011 – a large, …

Catastrophe Frequency, Tornadoes Test Insurers in U.S.: A.M. Best

According to A.M. Best Co., the frequency of catastrophe weather events represents the “new normal” for the insurance industry. “The insurance industry continues to be tested as catastrophic weather events have recently become more common and more severe,” Best said …

Munich Re Confirms 2011 Profit at $937 Mn; Forecasts $3.3 Bn in 2012

Munich Re’s official results largely confirm earlier estimates, made at the beginning of February. The world’s largest reinsurer, however, hopes to do a good deal better in 2012 than it did last year. It’s forecasting a profit of around €2.5 …

Geneva Association Report: 2011 an ‘Annus Horribilis’ for Insurance Industry

The latest report from the Geneva Association , No. 5 in the current series – Extreme events and insurance: 2011 annus horribilis -, describes the global impact of the major 2011 natural catastrophes, and analyzes the role and mechanisms of insurance …

Swiss Re Reports $2.6 Billion 2011 Net Income Despite Nat Cats

Swiss Re reported net income of $2.6 billion for the full-year 2011, despite what it described as “an exceptional natural catastrophe burden” – a strong performance compared to the $863 million reported for 2010. Its combined ratio for the year …

Earnings Report: Montpelier Re

                                                              Q4 2011         Q4   2010           Gross premiums written  —-          $91.7 mn        $102.3 mn Full year  -  2011         2010               $725.5 mn   $720.0 mn            Net premiums earned  ——-          $148.3 mn      $162.2 mnn   Full year – 2011           2010             $622.7 mn    $625.4 mn       Net …

Earnings Reports: Everest Re, XL Group

Everest Re                                         Q4 2011         Q4   2010           Gross premiums written                  $1.10 bn        $990.0 mn Full year  -  2011         2010               N/A                N/A Net premiums earned  —-             $1.005 bn      $1.020 bn   Full year – 2011           2010             $4.10134 bn  $3.9346 bn       Net …

Munich Re Sees $933 Million 2011 Profit Despite Cat Losses

Munich Re’s estimated earnings figures for 2011 confirm a net profit from its three sectors – reinsurance, primary and health –of €710 million [$933 million], compared to a net profit of €2.43 billion [$3.2 billion] in 2010. Fourth quarter profits rose …