Global underwriters Argo Group, Enstar Group, and SiriusPoint have published their respective earnings reports for the third quarter of 2023. The three insurance groups, which are headquartered in British overseas territory Bermuda, all reported improvements in the period.
In the three months ended September 30, Argo slightly narrowed its net loss attributable to common shareholders from US$51.4 million in 2022 to US$49.5 million this time around. The company, however, posted an operating loss worth US$21.1 million, versus operating earnings of US$15.5 million last year.
Meanwhile, subject to receipt of the remaining required regulatory approvals, Argo’s merger with Brookfield Reinsurance is expected to become official before the end of 2023.
Thomas A. Bradley, Argo executive chair and chief executive, said: “We were pleased to receive a majority of the required regulatory approvals for the merger with Brookfield Reinsurance.
“As we wait to receive the remaining required regulatory approvals, we continue to work diligently with Brookfield Reinsurance on integration planning and anticipate an orderly transition for our customers and business partners once the transaction is completed.”
According to Enstar’s announcement, the insurer bounced back from last year’s net loss attributable to Enstar ordinary shareholders of US$432 million to net earnings attributable to ordinary shareholders of US$38 million in Q3 2023.
“We maintained strong operational momentum in the third quarter with our agreement with AIG and ongoing execution of our strategic priorities, while delivering year-to-date growth in book value per share,” Enstar CEO Dominic Silvester, referring to the agreement to provide protection to AIG on its retained exposure to adverse development on Validus Re carried loss reserves, said.
“As we look to the end of 2023, we will rely on our core strengths of scale, claims management experience, and our strong balance sheet to continue providing long-term value.”
Led by chief executive Scott Egan, SiriusPoint reported US$73.8 million in consolidated underwriting income – a turnaround from Q3 2022’s underwriting loss of US$46.9 million. Net income available to SiriusPoint common shareholders in the quarter amounted to US$57.5 million. The corresponding result last year was a loss worth US$98.4 million.
Egan said: “We have had a strong quarter as we delivered positive underwriting results in the third quarter for the first time in the group’s history. Our combined ratio for the group’s core operations was 87.6% with catastrophe losses materially down at US$14 million compared to US$138 million in the prior year period.
“There has been improvement across all areas of our business and our actions are having the desired impact.”
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