Newpoint Re reports 60% GWP growth in 2024

By Scott Vincent

June 19 - (The Insurer) - Newpoint Re reported full-year gross written premium growth of 60% in a results announcement on Thursday, with the St Kitts and Nevis-based reinsurer growing its total assets by 47% at year end.

Newpoint Re said its GWP totalled $400.9 million for the full year, compared with $249.4 million during 2023.

The reinsurer reported total assets of $768.9 million at year end, up from $522.3 million in the previous year.

Newpoint Re reported a net profit of $8.4 million for the year, compared with $4.7 million in 2023.

In its results report Newpoint Re attributed most of its growth in 2024 to opportunities arising from a capacity shortfall in North America.

“We expect there to be some levelling out of growth over 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,” the reinsurer said.

Newpoint Re said it remains committed to gaining a rating after AM Best withdrew the B+ /BBB- ratings it held on the reinsurer earlier this year.

The company said it has “remained in contact with rating agencies to progress this”.