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Everest Re Group Reports Fourth Quarter and Full Year 2021 Results

Everest Re Group, Ltd. (“Everest” or the “Group”) reported its fourth quarter and full year 2021 results.
Fourth Quarter 2021 Highlights
 Year over year gross written premium (“GWP”) growth of 25% for the Group, 26% for Reinsurance and 21% for Insurance
 Combined ratio of 91.9% for the Group, 91.5% for Reinsurance and 92.8% for Insurance
 Attritional combined ratios of 87.4% for the Group, 86.4% for the Reinsurance segment and 90.4% for Insurance
 Pre-tax underwriting income of $228 million including pre-tax catastrophe losses net of reinsurance and reinstatement premiums of $125 million
 Pre-tax net investment income of $205 million, well balanced between fixed income and limited partnership returns
 $1.0 billion in 31-year, 3.125% coupon senior notes issued on October 4, 2021
Full Year 2021 Highlights
 Net income of $1.380 billion representing a total shareholder return of 14.7%
 Pre-tax net investment income of $1.165 billion, well balanced between fixed income and limited partnership returns
 Pre-tax underwriting income of $224 million inclusive of pre-tax catastrophe losses net of reinsurance and reinstatement premiums of $1.065 billion
 $13.0 billion in total 2021 GWP. $9 billion reinsurance and $4 billion insurance
 Year over year gross written premium (“GWP”) growth of 25% for the Group, 25% for Reinsurance, and 24% for Insurance
 Attritional combined ratios of 87.6% for the Group, 86.3% for the Reinsurance segment and 91.2% for Insurance
 Operating cash flow of $3.8 billion
 Common share repurchases of $25 million during the quarter and $225 million for the full year 2021
Everest Re Group President & CEO Juan C. Andrade commented on the Company’s results:
“2021 was a pivotal year of continued profitable growth and momentum for Everest. We finished the year with a strong quarter and achieved record growth in both our underwriting businesses, drove expanding margins, solid underwriting profitability in an elevated natural catastrophe year, and generated exceptional investment income. These results led to $1.4 billion in net income for the year, and a milestone 14.7% total shareholder return. 2021 demonstrated the strong earnings power of our diversified franchises to create value for our shareholders. With a more profitable book of business coming out of a well-executed January 1 reinsurance renewal season, an expanding global value proposition, a strong balance sheet, and exceptional talent, we enter 2022 well-positioned to deliver on our long-term strategic objectives.”
Summary of Fourth Quarter 2021 Net Income and Other Items
 Net income of $431 million, equal to $10.94 per diluted share vs. net income of $64 million, equal to $1.59 per diluted share in the fourth quarter 2020
 Net operating income $359 million, equal to $9.12 per diluted share vs. net operating income (loss) of $(44) million, equal to $(1.12) per share in the fourth quarter 2020
 Underwriting gain of $228 million including $125 million of catastrophe losses net of recoveries and reinstatement premiums. Catastrophe events comprised of Canadian drought losses of $80 million and quad-state tornado losses of $45 million.
 GAAP combined ratio of 91.9% which includes 4.5 points of catastrophe losses vs. 2.9 points of catastrophe losses in the same period during 2020
 No change to Covid-19 Pandemic (“Pandemic”) ultimate loss provision of $511 million
 Operating cashflow for the quarter of $1.04 billion vs $683 million in the same period during 2020.
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Zurich delivers one of the best results in its history; expects to meet or exceed all 2022 targets

Group business operating profit (BOP) rises 35% to USD 5.7 billion in 2021; net income attributable to shareholders rises 36% to USD 5.2 billion
Proposed dividend of CHF 22 per share, an increase of 10% on prior year
Property & Casualty (P&C) BOP rises 50% to USD 3.1 billion; P&C combined ratio at 94.3%, the lowest level in the past 15 years
Strong growth in P&C with gross written premiums (GWP), up 12% in commercial insurance and 8% in retail and SME like-for-like1
Life BOP rises 27% to USD 1.8 billion on higher fee revenue and investment results, as well as lower claims
Farmers BOP up 8% to USD 1.6 billion; Farmers Exchanges2 GWP up 20% including MetLife acquisition (+7% like-for-like1)
Continued focus on customer needs, with 2.2 million net increase in number of retail customers5
Very strong capital position with Swiss Solvency Test (SST)3 ratio at 212%
Peter Maurer nominated for election to Board of Directors

Zurich Insurance Group (Zurich) reported very strong profits for the full year 2021. Business operating profit and net income attributable to shareholders were the highest since 2007. Growth was achieved in all segments, with commercial insurance in particular benefiting from disciplined underwriting, higher prices and an increase in new business.
Group Chief Executive Officer Mario Greco said: “Zurich has delivered the strongest performance in a long time, demonstrating the strength of our franchise, the quality and commitment of our people, and the benefits of repositioning the business in recent years.
The P&C business achieved the best combined ratio in 15 years and double digit top-line growth. Higher risk-adjusted prices and continued measured progress towards our growth ambitions took P&C gross written premiums to more than USD 40 billion for the first time.
The extreme weather events of 2021 again highlight the pressing need to take collective action to address climate change. The insurance industry has a natural alignment with the sustainability agenda, and I am particularly proud of our work in this area throughout the past year as we continue to reinforce Zurich’s leadership position.
Zurich continues to benefit from an excellent balance sheet and financial flexibility. This, together with our strong operating results, has allowed us to propose a 10% increase in the dividend per share to CHF 22.
Zurich is in outstanding health as we celebrate our 150th anniversary this year. I am optimistic about Zurich’s momentum, the skills and enthusiasm of our people and the opportunities that lie ahead of us. I have every confidence we will meet or exceed our 2022 targets.”
Zurich View Full Press Release

BNP Paribas Group: Results as at 31 December 2021

The Board of Directors of BNP Paribas met on 7 February 2022, chaired by Jean Lemierre. The Board examined the Group’s results for the fourth quarter 2021 and endorsed the 2021 financial statements.

Read the full press release “BNP Paribas Group: Results as at 31st December 2021”
View the slides of the presentation

Diana Shipping Inc. Announces Preliminary Results of Self Tender Offer for Shares of Common Stock

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, today announced the preliminary results of its tender offer to purchase up to 3,529,411 shares of its common stock, par value $0.01 per share, at a price of $4.25 per share, net to the seller in cash, less any applicable withholding taxes and without interest. The tender offer expired at 5:00 P.M., Eastern Time, on December 21, 2021.
Based on a preliminary count by Computershare Trust Company, N.A., the depositary for the tender offer, the total number of shares tendered in the tender offer was 9,366,263 shares. In addition, there were 972,121 shares tendered pursuant to the guaranteed delivery procedure described in the tender offer documents. Because the preliminary information received from the depositary indicates that the tender offer was oversubscribed, it is expected that the number of shares that the Company will purchase from each tendering shareholder will be prorated so that the Company purchases a total of 3,529,411 shares in the tender offer for an aggregate purchase price of approximately $15 million.
The number of shares of common stock expected to be purchased by the Company, the aggregate purchase price for the shares, and the proration factor are preliminary and subject to final confirmation by the depositary and the proper delivery of shares tendered, including shares tendered pursuant to the guaranteed delivery procedure. The final results of the tender offer, including the final proration factor, will be announced promptly following completion of the confirmation process. Payment for shares of common stock accepted for purchase by the Company will be made in accordance with the terms of the tender offer promptly following final confirmation of the number of shares tendered and the final proration factor, and taking into account adjustments to avoid purchases of fractional shares. Certificates for all shares tendered and not purchased, including shares not purchased due to proration will be returned or, in the case of shares tendered by book-entry transfer, will be credited to the account maintained with the book-entry transfer facility by the participant who delivered the shares to the tendering pursuant to the terms of the tender offer.
If shareholders have any questions, please call the information agent, Georgeson LLC, by telephone, toll free at (800) 248-7690.

EuroDry Reports Results for the Nine-Month Period and Quarter Ended September 30, 2021

EuroDry Ltd. (NASDAQ: EDRY, the “Company” or “EuroDry”), an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced its results for the three and nine-month periods ended September 30, 2021.
Third Quarter 2021 Highlights:
• Total net revenues for the quarter of $19.5 million.
• Net income attributable to common shareholders of $11.8 million or $4.47 and $4.41 earnings per share basic and diluted, respectively, inclusive of unrealized gain on derivatives.
• Adjusted net income attributable to common shareholders1 for the quarter of $10.1 million, or, $3.84 and $3.79 per share basic and diluted, respectively.
• Adjusted EBITDA1 was $13.0 million.
• An average of 8.1 vessels were owned and operated during the third quarter of 2021 earning an average time charter equivalent rate of $28,103 per day.
• The Company declared a dividend of $0.3 million on its Series B Preferred Shares. The dividend will be paid in cash.
Nine Months 2021 Highlights:
• Total net revenues of $42.1 million.
• Net income attributable to common shareholders was $14.2 million, or$5.84 and $5.74 earnings per share basic and diluted, respectively, inclusive of unrealized loss on derivatives and a loss on debt extinguishment.
• Adjusted net income attributable to common shareholders1 for the period was $18.0 million or $7.42 and $7.29 adjusted earnings per share basic and diluted, respectively.
• Adjusted EBITDA1 was $26.3 million.
• An average of 7.5 vessels were owned and operated during the first nine months of 2021 earning an average time charter equivalent rate of $22,232 per day.
Recent developments
In October 2021, we drew a loan of $9 million with our vessels, M/V Pantelis and M/V Tasos, used as collateral, which will be repaid in eighteen monthly installments of $0.3 million each followed by another eighteen monthly installments of $0.2 million each.
In November 2021, we decided to redeem our outstanding Series B Preferred Shares at par using approximately $13.6 million from the funds we generated. The Series B Preferred Shares carried a dividend of 8% per annum until January 2023 increasing to 14% per annum thereafter. The redemption is expected to take place within 2021.
Aristides Pittas, Chairman and CEO of EuroDry commented: “During the third quarter of 2021, charter rates for the sizes of vessels we operate averaged 30-40% higher compared to their levels in the second quarter of 2021 reaching levels last seen in 2010. Rates continued to rise and peaked in mid-October but have since given away a bit mainly due to the slowdown of growth and, especially, of steel demand in China. They, nevertheless, remain at very profitable levels. In the near term, the re-opening and rebounding of economies around the world is threatened by the fast spread of the “D” variant of COVID-19, increasing commodity and energy prices and causing restraints in the supply chain of various materials and products; in the medium term, we expect that the low orderbook of the drybulk fleet, which remains near historical lows if expressed as a ratio to the existing fleet, will result in very modest fleet growth over the next one to two years, thus, maintaining tight supply conditions and providing support to the charter rate levels.
In the above environment, as previously announced, we expanded our exposure to the market by acquiring in September 2021 M/V Good Heart, a modern ultramax vessel, demonstrating our belief in the strong market fundamentals. Given the recent contributions from our vessels, our Board decided to use some of the earnings we accrued to redeem our outstanding Series B Preferred Shares at par and reduce our funding costs; this redemption will increase the earnings per share of our common shareholders by about $0.38 in 2022 and by about $0.67 every year from then on.
Overall, we remain positive about the prospects of the market and continue to evaluate opportunities for investment or any other form of cooperation exploiting our public listing and operating platform.”
Tasos Aslidis, Chief Financial Officer of EuroDry commented: “Comparing our results for the third quarter of 2021 with the same period of 2020, our net revenues increased by about $12.7 million, due to the significantly higher time charter equivalent rates our vessels earned as compared to the third quarter of 2020. Operating expenses, including management fees and general and administrative expenses increased from $6,397 per vessel per day in the third quarter of 2020 to
$6,495 in the third quarter of 2021. This increase is mainly due to the increased crewing costs for our vessels compared to the same period of 2020, resulting from difficulties in crew rotation due to COVID-19 related restrictions.
Adjusted EBITDA during the third quarter of 2021 was $13.0 million compared to $2.8 million achieved for the third quarter of last year. As of September 30, 2021, our outstanding debt (excluding the unamortized loan fees) was $73.9 million while unrestricted and restricted cash was $22.6 million. As of the same date, our scheduled debt repayments including balloon payments over the next 12 months amounted to about $11.5 million (excluding the unamortized loan fees) and all our loan covenants are satisfied.”
Third Quarter 2021 Results:
For the third quarter of 2021, the Company reported total net revenues of $19.5 million representing a 186.4% increase over total net revenues of $6.8 million during the third quarter of 2020 which was primarily the result of the higher time charter rates our vessels earned in the third quarter of 2021 compared to the corresponding period of 2020. The Company reported a net income for the period of $12.1 million and a net income attributable to common shareholders of $11.8 million, as compared to a net income of $0.5 million and a net income attributable to common shareholders of$0.1 million for the same period of 2020. For the third quarter of both 2021 and 2020, a gain on bunkers resulted in voyage expenses, net amounting to income of $0.1 million and $0.4 million, respectively.
Vessel operating expenses were $3.7 million for the third quarter of 2021 as compared to $3.1 million for the same period of 2020. The increase is attributable to the increased number of vessels operating in the third quarter of 2021 compared to the corresponding period in 2020, as well as to the increased crewing costs for our vessels compared to the same period of 2020, resulting from difficulties in crew rotation due to COVID-19 related restrictions, and the increase in hull and machinery insurance premiums. Depreciation expenses for the third quarter of 2021 amounted to$2.0 million, as compared to $1.7 million for the same period of 2020. This increase is due to the higher number of vessels operating in the third quarter of 2021 as compared to the same period of 2020. General and administrative expenses increased to $0.6 million in the third quarter of 2021, as compared to $0.5 million in the third quarter of 2020 due to higher legal and insurance expenses.
Interest and other financing costs for the third quarter of 2021 remained unchanged at $0.6 million as compared to the same period of 2020, since the increase in the average outstanding debt during the period was offset by the decreased Libor rates of our loans in the current period compared to the same period of 2020. For the three months ended September 30, 2021, the Company recognized a marginal loss on three interest rate swaps and a $0.1 million loss on FFA contracts, comprising a $1.6 million unrealized gain and a $1.7 million realized loss, as compared to a marginal loss on three interest rate swaps and a $0.2 million realized loss on FFA contracts.
On average, 8.1 vessels were owned and operated during the third quarter of 2021 earning an average time charter equivalent rate of $28,103 per day compared to 7.0 vessels in the same period of 2020 earning on average $11,873 per day.
Adjusted EBITDA for the third quarter of 2021 was $13.0 million compared to $2.8 million achieved during the third quarter of 2020.
Basic and diluted earnings per share attributable to common shareholders for the third quarter of 2021 was $4.47 calculated on 2,634,822 basic and $4.41 calculated on 2,675,224 diluted weighted average number of shares outstanding, compared to basic and diluted earnings per share of $0.06 for the third quarter of 2020, calculated on 2,279,730 basic and diluted weighted average number of shares outstanding.
Excluding the effect on the income attributable to common shareholders for the quarter of the unrealized gain on derivatives, the adjusted earnings attributable to common shareholders for the quarter ended September 30, 2021 would have been $3.84 and $3.79 per share basic and diluted, respectively, compared to adjusted earnings of $0.05 per share basic and diluted for the quarter ended September 30, 2020. Usually, security analysts do not include the above item in their published estimates of earnings per share.
First Nine Months 2021 Results:
For the first nine months of 2021, the Company reported total net revenues of $42.1 million representing an 165.3% increase over total net revenues of $15.9 million during the first nine months of 2020, which was the result of the increased number of vessels operated and the higher average charter rates our vessels earned during the period of 2021 compared to the same period of 2020. The Company reported a net income for the period of $15.1 million and a net income attributable to common shareholders of $14.2 million, as compared to a net loss of $5.6 million and a net loss attributable to common shareholders of $6.7 million, for the nine month period of 2020. For the nine months of 2021, voyage expenses, net amounted to income of $0.5 million resulting from gain on bunkers as compared to voyage expenses of $0.2 million in the same period of 2020. Vessel operating expenses were $9.9 million for the nine months of 2021 as compared to $8.7 million for the same period of 2020. The increase is attributable to the increased number of vessels operating in the first nine months of 2021 compared to the corresponding period in 2020, as well as to the increased crewing costs for our vessels compared to the same period of 2020, resulting from difficulties in crew rotation due to COVID-19 related restrictions, and the increase in hull and machinery insurance premiums. Depreciation expenses for the first nine months of 2021 were $5.4 million compared to $4.9 million during the same period of 2020, mainly due to the increase in the cost base of certain of our vessels due to the recent installation of ballast water management systems and the higher number of vessels operating in the same period. On average, 7.5 vessels were owned and operated during the first nine months of 2021 earning an average time charter equivalent rate of $22,232 per day compared to 7.0 vessels in the same period of 2020 earning on average $8,927 per day. General and administrative expenses increased to $1.7 million during the first nine months of 2021 as compared to $1.6 million in the same period of last year due to higher legal and insurance expenses. In the first nine months of 2020, two vessels underwent special survey for a total cost of $1.8 million, while there were no vessels undergoing drydocking during the first nine months of 2021.
Interest and other financing costs for the first nine months of 2021 amounted to $1.7 million compared to $1.9 million for the same period of 2020. This decrease is mainly due to the decreased Libor rates of our loans in the current period compared to the same period of 2020. For the nine months ended September 30, 2021, the Company recognized a $0.1 million gain on three interest rate swaps and a $2.5 million unrealized loss and $3.0 million realized loss on FFA contracts as compared to a loss on derivatives of $0.8 million for the same period of 2020, comprising of a $0.3 million loss on FFA contracts and a $0.5 million loss on three interest rate swaps.
Adjusted EBITDA for the nine months of 2021 was $26.3 million compared to $1.8 million achieved during the first nine months of 2020.
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Liberty Mutual Insurance Reports Third Quarter 2021 Results

Liberty Mutual Holding Company Inc. and its subsidiaries (collectively “LMHC” or the “Company”) reported net income attributable to LMHC of $721 million and $2.346 billion for the three and nine months ended September 30, 2021, increases of $324 million and $1.750 billion over the same periods in 2020, respectively.
“Despite an elevated level of catastrophe losses, net income attributable to LMHC for the quarter improved to $721 million, up 81.6% from the prior year,” said David H. Long, Liberty Mutual Chairman and Chief Executive Officer. “We continue to experience extraordinary returns in our partnerships, LLC and other equity method investment portfolio which generated $1.0 billion of pre-tax net investment income, up from $467 million, primarily driven by private capital investments. Pre-tax catastrophe losses net of reinsurance in the quarter were $1.2 billion compared to $980 million in the third quarter of 2020 with losses stemming from Hurricane Ida totaling $812 million.
“Topline growth was strong across both of our businesses as net written premium increased 6.5%. Global Retail Markets premium in the quarter grew 5.4% over the same period in 2020, driven by U.S. personal lines where personal auto and homeowners policies in force increased 5.9% and 6.5%, respectively. Global Risk Solutions premium grew 11.3% driven by a combination of rate increases and exposure growth. Core underwriting results in this segment continued to improve, with a 6.5 point decrease in the core loss ratio to 61.1% for the third quarter driven by rate execution, improved risk selection, and lower large loss activity.”
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Results of the ECB Survey of Professional Forecasters for the fourth quarter of 2021

HICP inflation expectations revised up for all horizons
Real GDP growth expectations largely unchanged
Unemployment rate expectations revised down for all horizons

In the ECB Survey of Professional Forecasters (SPF) for the fourth quarter of 2021, HICP inflation expectations stood at 2.3%, 1.9% and 1.7% for 2021, 2022 and 2023, respectively. Compared with the previous round for the third quarter of 2021, these were revised upward by 0.4 percentage points for 2021 and 2022 and by 0.2 percentage points for 2023. Respondents attributed the upward revisions mainly to higher energy prices and the impact of supply chain tensions. Regarding the near-term outlook, many respondents reported that they expected a further increase in the inflation rate in the final months of 2021 but continue to expect a sharp fall in inflation to below 2% during the course of 2022. Regarding the broader factors influencing the inflation outlook, respondents, on average, believed that underlying inflation pressure would gradually rise in line with the recovery in economic activity. Longer-term inflation expectations for 2026 stood at 1.9%, revised up from 1.8% in the previous round.
Regarding GDP growth, SPF respondents’ expectations were largely unchanged for 2021-2023. The apparent upward revision for 2021 mainly reflects the actual growth outcome in the second quarter, which was stronger than previously expected. Overall, the growth expectations continue to imply that economic activity will surpass its pre-pandemic level (fourth quarter of 2019) in the fourth quarter of 2021. Average longer-term expectations for real GDP growth were revised up slightly to 1.5% from 1.4% in the previous round.
The profile of unemployment has been revised down by between 0.2 and 0.3 percentage points for all horizons. SPF respondents expect the unemployment rate to decline from 7.8% in 2021 to 7.0% by 2026.

Table: Results of the ECB Survey of Professional Forecasters for the fourth quarter of 2021

(annual percentage changes, unless otherwise indicated)

 
 
 
 
 

Survey horizon

2021

2022

2023

Longer term (1)

HICP inflation

 
 
 
 

Q4 2021 SPF

2.3

1.9

1.7

1.9

Previous SPF (Q3 2021)

1.9

1.5

1.5

1.8

HICP inflation excluding energy, food, alcohol and tobacco

 
 
 
 

Q4 2021 SPF

1.4

1.5

1.6

1.8

Previous SPF (Q3 2021)

1.2

1.3

1.5

1.7

Real GDP growth

 
 
 
 

Q4 2021 SPF

5.1

4.5

2.2

1.5

Previous SPF (Q3 2021)

4.7

4.6

2.1

1.4

Unemployment rate (2)

 
 
 
 

Q4 2021 SPF

7.8

7.4

7.2

7.0

Previous SPF (Q3 2021)

8.1

7.8

7.5

7.2

1) Longer-term expectations refer to 2026.
2) As a percentage of the labour force.

BNP Paribas Group: Results as at 30 September 2021

The Board of Directors of BNP Paribas met on 28 October 2021. The meeting was chaired by Jean Lemierre, and the Board examined the Group’s results for the third quarter 2021.
Read the full press release “BNP Paribas Group: Results as at 30 September 2021”

Ecclesiastical Insurance Office plc announces results for the period ending 30 June 2021

Ecclesiastical Insurance Office plc (“Ecclesiastical”), the specialist financial services group, announced its 2021 interim results.
Group overview

Profit before tax of £46.5m (H1 2020: loss before tax £59.7m), primarily driven by investment returns as a result of improving market conditions.
Gross Written Premiums (GWP) grew 12% to £226.5m (H1 2020: £202.5m), supported by strong retention and rate increases as well as new business wins.
Underwriting profit of £2.5m (H1 2020: loss of £1.3m). The overall underwriting result was impacted by a strengthening of reserves in our Australian business.
We remained in a robust and strong capital position with AM Best and S&P affirming our excellent and strong ratings.
We continued to prioritise the wellbeing of our colleagues and in June, we were awarded Best Companies’ 2 star accreditation demonstrating ‘outstanding’ levels of employee engagement.
Continued external recognition of the Group as a trusted and specialist financial services organisation. This included being named as the UK’s most trusted home insurer for the 13th time by independent ratings agency Fairer Finance, and our Canadian team was named one of the Top Employers for Young People for the ninth consecutive year. Ecclesiastical UK won Digital Insurance Innovation of the Year Award at the British Insurance Awards for Smart Properties, while EdenTree was named Best Ethical Investment Provider at the 2021 Investment Life and Pensions Moneyfacts Awards for the 13th time.

Mark Hews, Group Chief Executive Officer of Ecclesiastical, said:
“After a challenging year in 2020 due to the impact of the COVID-19 pandemic, I’m delighted that the Group has made an excellent start to 2021 and reports a profit before tax of £46.5m (H1 2020: loss before tax £59.7m). Our decision to hold to our long-term investment strategy was validated as financial markets recovered from the lows of last year, helping us to deliver impressive investment returns and outperform the indices for most asset classes. We remain in a robust and strong capital position with AM Best and S&P affirming our excellent and strong ratings.
“In the UK and Canada, our GI businesses have reported robust growth due to rate increases, solid retention and new business. In Australia, we have strengthened our reserving following a rise in historic liability claims in the first half of the year. This has resulted in an overall underwriting performance of £2.5m (H1 2020: underwriting loss £1.3m). 
“Increasing investor confidence saw strong inflows of money into our award-winning investment management business EdenTree. Bolstered by new recruits, EdenTree maintained its reputation as one of the leading responsible and sustainable investment firms with the launch of three new funds in July.
“With an ambition to grow our business to give more to those in need, the Group has remained committed to supporting charities and communities throughout the pandemic and we’re proposing to make a donation to our charitable owner in the weeks ahead. We launched our third annual Movement for Good awards, which will see us give £1m to charities across the UK and Ireland. On behalf of all our charitable beneficiaries, I would like to thank all those who continue to support the Group’s work.
“The first half of 2021 continued to be a challenging period for our colleagues and customers due to the ongoing pandemic restrictions. I’m proud of the way our teams across the business have continued to show great resilience and adaptability to deliver for our customers, brokers and communities. For the first time in May, we ran the b-Heard survey to give colleagues an opportunity to have their say on working at Ecclesiastical. I’m delighted that we were awarded Best Companies’ 2 star accreditation demonstrating ‘outstanding’ levels of employee engagement. As we return to a more normal way of life, we will continue to prioritise the health, safety and wellbeing of our employees as we embrace new and more flexible ways of working.
“The easing of restrictions and the improving economic conditions are helping many of our customers recover from the financial impact of successive lockdowns and we are settling the small number of business interruption claims, where cover exists, as quickly as possible.
“We continue to make good progress against our strategic priorities. We launched a new visual identity for the Ecclesiastical Insurance brand and opened our head office in Gloucestershire, which is now welcoming colleagues with flexible ways of working. We are also continuing to invest in new systems to improve our efficiency and enhance the customer experience.
“As a responsible insurer, we are not only supporting and protecting customers, but we are also building our climate change commitments for the long-term too. We’ve been members of voluntary initiative ClimateWise for a number of years, and have established a climate strategy group that is considering how we can best respond to the climate crisis. Already, as part of our strategy we have committed to managing our portfolio of investments in a responsible and sustainable way. In January of this year, we adopted a new investment strategy that not only avoids investment in businesses that cause social harm but also proactively seeks to invest in markets that have positive impacts, as well as considering environmental, social and governance factors in every investment case.
“Another way we support our climate change commitments is by helping our customers reduce their impact through our risk management advice and guidance. We recently launched our Ecclesiastical Smart Properties proposition, which uses cutting-edge technology to protect properties. This technology not only protects customers from fires and escape of water, but can also help to save money and reduce the building’s carbon footprint as well.
“Looking ahead, I’m excited about the future of the business. In the UK, we are investing significantly and have the appetite and capacity to grow across all the sectors we operate in, with an ambition to be the first choice for brokers placing business in our specialist markets. By growing our business and generating profits to donate to charity, we are fulfilling our purpose as an organisation committed to the greater good of society.”