Latest news with #reinsurance
Yahoo
5 hours ago
- Business
- Yahoo
Everest Group quarterly profit rises on reinsurance strength, investment returns
(Reuters) -Everest Group reported a higher second-quarter operating income on Wednesday, helped by strong growth in its reinsurance business and gains from investments. Demand for insurance has remained resilient, as individuals and businesses seek risk mitigation products to guard against macroeconomic uncertainty and recession fears. Reinsurers, which insure the insurance companies, are seeing increased competition after years of rising rates and stricter policy terms and conditions, following losses due to natural, health and geopolitical catastrophes. The company's gross written premiums in its reinsurance business rose 1.6% to $3.2 billion in the reported quarter. Its investments also raked in higher returns, benefiting from strong alternative investment returns. Everest's net investment income rose to $532 million in the quarter ended June 30, from $528 million a year earlier. Its combined ratio came in at 90.4% for the quarter, compared with 90.3% a year earlier. A ratio below 100% means the company earned more from premiums than it paid out in claims. Bermuda-based Everest provides property, casualty and specialty reinsurance and insurance offerings across more than 100 countries on six continents. Everest's net operating income came in at $734 million, or $17.36 per share, for the quarter, up from $730 million, or $16.85 per share, a year ago. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
6 hours ago
- Business
- Globe and Mail
RenaissanceRe Holdings Ltd. Announces Quarterly Dividend and Renewal of Share Repurchase Program
The Board of Directors of RenaissanceRe Holdings Ltd. (NYSE: RNR) announced today a quarterly dividend of $0.40 per common share on its common shares. The dividend is payable on September 30, 2025, to shareholders of record on September 15, 2025. In addition, the Board of Directors approved a renewal of RenaissanceRe's authorized share repurchase program, bringing the total current authorization up to $750.0 million, which includes the remaining amounts under prior authorizations. The program will expire when the Company has repurchased the full value of the shares authorized, unless terminated earlier by the Board of Directors. Pursuant to the program, RenaissanceRe may repurchase shares through open market purchases and privately negotiated transactions, and the decision to repurchase common shares will depend on, among other things, the market price of the common shares and the Company's capital requirements. About RenaissanceRe RenaissanceRe is a global provider of reinsurance and insurance that specializes in matching desirable risk with efficient capital. The Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, RenaissanceRe has offices in Bermuda, Australia, Canada, Ireland, Singapore, Switzerland, the United Kingdom and the United States. Cautionary Statement Regarding Forward-Looking Statements Any forward-looking statements made in this Press Release, including any statements regarding any future results of operations and financial positions, business strategy, plan and any objectives for future operations, reflect RenaissanceRe's current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are subject to numerous factors that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements, including the factors affecting future results disclosed in RenaissanceRe's filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.
Yahoo
7 hours ago
- Business
- Yahoo
Everest Group: Q2 Earnings Snapshot
HAMILTON, Bermuda (AP) — HAMILTON, Bermuda (AP) — Everest Group, Ltd. (EG) on Wednesday reported second-quarter net income of $680 million. The Hamilton, Bermuda-based company said it had net income of $16.10 per share. Earnings, adjusted for non-recurring costs, were $17.36 per share. The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $15.14 per share. The reinsurance company posted revenue of $4.49 billion in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $4.4 billion. _____ This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on EG at Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 days ago
- Business
- Yahoo
Saudi insurers Buruj and Medgulf enter binding merger agreement
Saudi Arabia-based Buruj Cooperative Insurance has reached a binding merger agreement with local peer Mediterranean and Gulf Insurance and Reinsurance (Medgulf). The agreement comes after the two insurers signed a memorandum of understanding in July 2024. The merger will involve the integration of Buruj into Medgulf, resulting in the transfer of Buruj's rights, liabilities, assets and contracts to Medgulf. In exchange, Medgulf will issue 33,157,894 ordinary shares, each with a nominal value of SR10, to Buruj's shareholders. This will result in an increase in Medgulf's capital from SR1.05bn ($279m) to SR1.38bn and an increase in the number of Medgulf's shares from 105 million to 138 million, representing a capital increase of 31.58%. Each Buruj share is valued at approximately SR19.49 for the merger, leading to a total valuation of Buruj's shares at around SR585m. After the merger resolution is issued and the consideration shares are deposited, Medgulf's existing shareholders will hold approximately 76% of the company's capital, while Buruj's shareholders will hold 24%. Key shareholders in Medgulf post-merger will include the Saudi Investment Bank (14.44%), Rakan Abdullah Rashed Abunayyan (9.16%), Medgulf (Bahrain) (8.68%) and Cigalah Multi-Industries Company (6.84%). Additionally, Yasser Yousef Naghi, a significant shareholder in Buruj and its board chairman, will own 2.76% directly and 9.24% indirectly through controlled entities, totalling approximately 12%. In January 2025, Buruj received a non-objection ruling from the General Authority for Competition regarding the merger's economic concentration. "Saudi insurers Buruj and Medgulf enter binding merger agreement" was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Argaam
4 days ago
- Business
- Argaam
MEDGULF enters binding merger deal with Buruj
The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) entered into a binding merger agreement with Buruj Cooperative Insurance Co., pursuant to which Buruj will merge into MEDGULF. Accordingly, MEDGULF will subsume all of Buruj's rights, liabilities, assets and contracts. In exchange, MEDGULF will issue 33.157 million new ordinary shares with a nominal value of SAR 10 each to Buruj shareholders. Earlier, MEDGULF had disclosed its firm intention to make an offer under a merger deal, in accordance with the conditions and provisions of the merger agreement, the two insurers said in separate statements to Tadawul. Any material developments relating to the merger will be announced in due course, the statements added.
