Echo Reinsurance Limited (Echo Re), a Swiss-based reinsurer, reported gross written premiums of $482 million in its full-year 2024 results, marking a 7.3% increase from $449 million in 2023.
In light of the solid premium growth in 2024, Property made up 40% of Echo Re’s portfolio composition for the year. In terms of geographical split, Asia made up 61% of GWP.
The company posted a profit after tax of $24 million, down from $30 million the previous year.
In total, catastrophe losses for 2024 amounted to $46.5m, representing less than 9.6% of the total premium volume.
Echo Re’s investment result was $10.6 million, up from $9.4 million. Investments including cash totalled $566 million, up significantly from $452 million.
Total technical income rose to $337 million in 2024, compared to $321 million in 2023.
Total technical expenses for the year amounted to $319 million, which included expenditures for claims incurred of $218.2 million, and acquisition and administration costs of $99 million.
The technical result for 2024 was $18.7 million, down from $22.4 million in 2023.
Echo Re’s operating result stood at $29 million for the year, compared to $32 million in the prior year.
Fabian Pütz, Chief Executive Officer and Gregor Schulte, Chief Financial and Operating Officer, said, “At Echo Re, we are proud to have continued to use the market cycle to position ourselves as a reliable long-term business partner. The increased and consistent support we have provided throughout a challenging market cycle, together with the trust of our valued business partners, has enabled us to further develop and strengthen our relationships with both new and existing clients.
“As a result, we have successfully scaled and developed our inwards reinsurance portfolio, with a strong focus on maintaining a favorable diversification across regions and lines of business. Combined with a relatively moderate impact from large individual and catastrophe losses, we are proud to conclude Echo Re’s 16th year of operation with further improved technical and non-technical results.
“We are also delighted that this positive trend has been recognized by the upgrade of our financial strength rating from “A-” to “A” (outlook: stable) by both S&P and Fitch. We see this as a great reward and recognition of the progress Echo Re has made in recent years in implementing its long-term strategic plan. It is truly rewarding to see the organization thrive and grow and we would like to thank all our employees for their dedication and contribution over the past few years.”
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