Updated / Wednesday, 12 May 2021
12:48
FBD said today that the underwriting performance of its business so far this year has been in line with expectations
FBD Insurance has said the provision it holds for Covid-19 business interruption claims relating to its pub policies remains at €65m net of reinsurance.
In a trading update issued ahead of its AGM today, the company said that a recent supplementary court judgement gave additional clarity on costs and the definition of closure.
FBD said the final determination of the remaining aspects of quantum should be determined after a further court hearing in July. In the meantime we will continue to progress our claim with reinsurers. In addition we have engaged with the Financial Services & Pensions Ombudsman (FSPO) on complaints that they are in the process of adjudicating, the company added.
Abishek Chand
Dumith Fernando. Picture: SUPPLIED
Last year was unpredictable and challenging for most businesses in Fiji, however, the FijiCare Group recorded an increase in its consolidated net revenue from insurance activities by $1.2 million, resulting in total net insurance revenue of $33 million for the full year in 2020.
According to group chairperson Dumith Fernando, this was driven by resilient underwriting performance from the group as medical underwriting continued to be the core growth revenue driver.
“Additionally, it was encouraging to witness organic growth in the general insurance products offered by FijiCare, where we expect to continue to gain momentum in 2021,” he said.
First Quarter 2021 Net Loss of $103.5 million – ($3.37 per diluted share) and Adjusted Net Operating Loss
1 of $108.8 million – ($3.54 per diluted share)
35.6% growth in Core (excluding Commercial Auto) Excess and Surplus Lines (“E&S”) Gross Written Premium and 14.6% increase in E&S renewal pricing, each versus the prior year quarter. This renewal rate increase is ahead of that of the prior year quarter. Core E&S Gross Written Premium has grown 85.7% since the first quarter of 2019
Fronting business within the Specialty Admitted segment grew meaningfully as recently added programs continued to mature and expand. Segment Gross Written Premium grew 23.6% and fee income 21.8%, each versus the prior year quarter
Everest Re Group, Ltd.: Everest Re Group Reports First Quarter 2021 Results
14% Growth in Gross Written Premium with
Continued Attritional Underwriting Margin Improvement
Everest Re Group, Ltd. ( Everest or the Company ) today reported its 2021 first quarter results. First Quarter 2021 Highlights
Net operating income of $260 million, equal to $6.49 per share
Gross written premium growth of 14% and net written premium growth of 16%
Attritional combined ratio of 87.3%, a 2.5-point improvement year over year
Underwriting income of $45 million inclusive of pre-tax net catastrophe losses of $270 million ($260 million net of reinstatement premiums)
No change to the Covid-19 Pandemic ( Pandemic ) loss provision
Combined ratio of 98.1%
The following table summarizes the Company s net income and related financial metrics.
Saudi Re to hike capital with 1:10 bonus share issue
RIYADH, 8 hours, 24 minutes ago Saudi Reinsurance Company (Saudi Re), a leading reinsurance company in the Mena region, said it will increase the company’s capital through 10% bonus share distribution, granting one share for each 10 owned-shares. Saudi Re said that the board recommended the increase of Saudi Re s capital to SR891 million ($237.6 million) from SR810 million and converting SR81 million ($21.6 million) of retained earnings into capital, through this 1-for-10 bonus share distribution. Fahad Al-Hesni, Managing Director and CEO of Saudi Re, said: The capital increase will strengthen Saudi Re s capital base and support the expansion plans in the domestic and international markets. The board s recommendation comes in line with Saudi Re s effort to generate better returns and create a greater shareholder value.”