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Bernina Re Announces Full Year 2022 Results

Bernina Re Announces Full Year 2022 Results

Bernina Re Ltd. today announced its results for the year ended 31 December 2022

  • Twelve-month underwriting profit of $8.9m, at an underwriting combined ratio of 75.4%.
  • Included in the underwriting result above is a one-off cost for commuting a large portion of the Company’s portfolio from 2019 and prior underwriting years. The portfolio commuted represented almost $2.5bn of written limit and almost $150m of gross written premium. Absent this cost, the underwriting combined ratio would have been 49.3%.
  • 2022 underwriting year delivered an underwriting profit despite impact of Hurricane Ian, which contributed 65.7% to the underwriting combined ratio. The Company’s loss estimates for this event remain stable compared to initial estimates at Q3 2022.
  • Net profit of $6.8m.

Michael Dennis, Chief Executive Officer, said, “Bernina Re’s property catastrophe-driven reinsurance and retro book has shown great resilience in 2022, the fifth costliest year on record for insurers, with the second costliest insured loss event on record globally. We have delivered a pleasing overall underwriting profit, including a profit contribution from our 2022 underwriting year, despite the significant industry loss caused by Hurricane Ian in September 2022. A more favourable interest rate environment for our conservative investment portfolio has further contributed to the positive net result for the Company.

Bernina Re has been well placed to take advantage of strong market conditions during the January 2023 renewal period and beyond. Together with the persisting interest rate environment, these dynamics have contributed to a positive financial performance in 2023 to date.”

About Bernina Re

Bernina Re is a specialist reinsurance and retrocession provider. We offer our clients risk-transfer products and solutions underpinned by disciplined and prudent underwriting, superior analytical capabilities, and a culture of professional excellence. Our capital is provided by funds managed by Credit Suisse Insurance Linked Strategies Ltd. (Credit Suisse ILS). Bernina Re is registered in Bermuda and is licensed as a Class 3A reinsurer.

Important Notice

The data and analysis provided by Bernina Re Ltd. herein or in connection herewith are provided “as is,” without warranty of any kind whether express or implied. Neither Bernina Re Ltd., its affiliates nor their officers, directors, agents, modelers, or subcontractors (collectively, “Providers”) guarantee or warrant the correctness, completeness, currentness, merchantability, or fitness for a particular purpose of such data and analysis. In no event will any Provider be liable for loss of profits or any other indirect, special, incidental and/or consequential damage of any kind howsoever incurred or designated, arising from any use of the data and analysis provided herein or in connection herewith.