Global specialist re/insurer and capacity provider Newpoint Re has reported strong financial performance for the full year 2024, with gross written premiums rising to $400.9 million, a significant increase from $249.4 million in 2023.
The firm also saw notable improvement in profitability, with net income reaching $8.4 million, up from $4.7 million the previous year. Newpoint Re’s total assets grew by 47% year-over-year to $768.9 million, while shareholders’ equity increased 4.4% to $308 million.
Meanwhile, operationally, the firm maintained a healthy combined ratio of 85% for 2024 and has paid out over $160 million in claims since 2019.
Andrew Bye, executive director of Newpoint Re, commented, “Today, we announce the conclusion of another successful year for Newpoint Re. Our strategy of providing precision backing for specialist and overlooked risks, by establishing enduring relationships of mutual trust and alignment, has been effective since Newpoint’s inception, and we intend to maintain that course.
“The strategic investment to align our underwriting and actuarial resources is paying back well through the development of Underwriting Forecast and Reserving Models, to ensure we write within our available capital.
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“We are strongly capitalised for the business we write and are well set against our peers. Our results show strong growth due to the opportunistic nature of the marketplace. We remain resilient and well-positioned to take advantage of future market cycles to provide capacity in select, specialist lines, where we identify demand for flexible and custom solutions, which we can deliver on a sustainable basis.
“We expect there to be some levelling out of growth over the course of 2025, in part due to the softening market conditions and new capacity entrants. We seek to balance our global footprint by encouraging the development of opportunities in Europe, the Middle East and Africa. We are also excited to be building our brand equity with more announcements to follow in the coming months.
“Newpoint Re has been a story of entrepreneurial success since we established the company in the late 2010s, and we are pleased to announce another set of robust results today under the IFRS17 Reporting Standard.”
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