Bermuda insurers, reinsurers report increased incomePosted On: Apr. 26, 2012 12:00 AM CST
HAMILTON, Bermuda—Bermuda-based insurers and reinsurers are reporting a rebound in income as three big underwriters released first-quarter 2012 results Wednesday.
Everest Re Group Ltd. reported net income of $304.7 million during the first quarter of this year, up from a $315.9 million loss during the same period in 2011.
Gross written premiums declined 2% to $1.05 billion, and the combined ratio improved to 89.0% from 151.4% during the same period a year earlier.
“We are extremely pleased with our results this quarter,” said Chairman and CEO Joseph V. Taranto in a statement. He added that Everest Re's “underwriting portfolio, particularly for catastrophe-exposed risks, has seen strong upward rate momentum, which is adding meaningfully to the risk-adjusted returns we are able to achieve. We expect market momentum to continue, and we remain well-positioned to capitalize on opportunities as they arise.”
Meanwhile, Aspen Insurance Holdings Ltd. also reported a jump in net income to $78.7 million during the first quarter of the year compared with a net loss of $152.8 million during the same period a year earlier.
Gross written premiums increased by 16.5% to $782.1 million, and the combined ratio improved to 93.8% from 148.7%.
“Our overall results this quarter are encouraging on a number of fronts,” said Aspen CEO Chris O'Kane in a statement. “The quarter saw strong performance in reinsurance, whereas insurance results were impacted by the Costa Concordia event. We continue to execute our strategy of ensuring that our capital, products and people are well-aligned with our customers, especially those who are paying good or improving prices for our products.”
Montpelier Re Holdings Ltd. reported net income of $110.4 million during the first quarter of this year, the Hamilton, Bermuda-based underwriter reported Wednesday.
That compared with a net loss of $104.3 million during the same period a year earlier.
Montpelier Re reported that gross insurance and reinsurance premiums rose 2.2% to $259.7 million during the first quarter, and its combined ratio improved to 58.9% from 178.8% during the same period a year earlier.
“We were very pleased to kick off 2012 with solid performance across the board,” said Montpelier Re President and CEO Christopher Harris in a statement. He added that “we are well-positioned to respond to opportunities as the year develops.”