Alleghany reports Q1 profit and strong premium growth across reinsurance operations
Alleghany Corporation has reported a healthy profit for the first quarter of 2021, with the re/insurance business delivering double digit net premium growth across all business lines.
The re/insurer reported net profit of $230 million in Q1 2021, having made a loss of $361 million in the first three months of 2020.
Its combined ratio was 99.0 percent for Q1, compared with 101.7 percent the previous year.
Net written premiums (NWP) came in at $1.75 billion, a year on year increase of 14.4 percent on the $1.53 billion reported in Q1 2020. The reinsurance segment reported NWP of $1.39 billion, up 15.2 percent on the $1.21 billion reported the previous year.
Joe Brandon, Alleghany’s president, said: “Each of our re/insurance operations delivered double digit net premium growth, reflecting continued broad-based rate increases, and each produced a modest underwriting profit despite incurring a total of $181 million of catastrophe losses related to Winter Storm Uri and related storms.”
Brandon added: “Looking ahead, we continue to see encouraging underlying momentum across our businesses, reflected in continued rate increases and strong, profitable growth at our re/insurance operations and the breadth of current projects, backlogs and order flow at Alleghany Capital.”
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