3 August 2018News

TransRe buys more retrocession in 2018

TransRe’s net premiums written in the 2018 second quarter were roughly flat with the comparable prior year period as a result of higher ceded premiums written due to an increase in retrocessional coverage purchased in 2018, the company said while presenting second quarter results.

The higher ceded premiums written were largely offset by increases in casualty premiums written by the European and Asia-Pacific operations and the impact of changes in foreign currency exchange rates, the firm added.

Net premiums written in reinsurance were broadly stable year on year at $976.6 million in the second quarter of 2018. Underwriting profit in the reinsurance segment was up 12.2 percent year on year at $69.8 million in the second quarter. TransRe’s 2018 second quarter combined ratio was 92.8 percent compared with 93.5 percent for the 2017 second quarter.

TransRe’s lower combined ratio and higher underwriting profit for the second quarter reflect the impact of increases in net premiums earned, the company said.

TransRe remains cautious in the current environment and will be patient until it sees sufficient improvement in rates to warrant meaningful growth in premium writings, the company added.

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More on this story

News
10 September 2018   TransRe, the reinsurance arm of Transatlantic Holdings and a wholly owned subsidiary of Alleghany Corporation, is planning a subsidiary in Luxembourg as it looks to restructure and bolster its presence in the European Union.
Insurance
4 May 2018   TransRe helped boost the results of parent company Alleghany Corporation in the first quarter of 2018, though the company’s group CEO expressed disappointment that rate hikes in the reinsurance business were not higher following the high cat losses of 2017.
Insurance
9 April 2018   TransRe, the reinsurance arm of Transatlantic Holdings and a wholly owned subsidiary of Alleghany Corporation, has made a series of appointments in North America, Latin America & Caribbean and Hong Kong.