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April 2008/1

  • Swiss Re shares fell more than 5 percent this morning after the reinsurance giant continued to disappoint analysts with further structured credit losses that halved Q1 profits.
  • Bermudian (re)insurer Aspen Insurance Holdings Ltd cut back its premiums during the first quarter as its profits fell by $40.7mn.
  • Bermudian giant ACE Ltd reported a 46 percent drop in first quarter profits after it took a net realised investment loss of $480mn.
  • A significant rise in revenues boosted Aon Corp’s first quarter 2008 profits, the broker revealed yesterday (1May).
  • Bermudian reinsurer Endurance Specialty Holdings Ltd followed a number of its contemporaries with a drop in profits but swam against the tide with premium growth in the first quarter of the year.
  • New issuance of catastrophe bonds and sidecar capacity in 2008 will be less than the record levels in 2007, due to low cat losses and the softening traditional markets, according to ratings agency Standard & Poor's (S&P).
  • The loss-struck satellite insurance sector is facing another claim with the development of solar array problems on a Nigerian satellite, NIGCOMSAT-1, The Insurance Insider can reveal.
  • Willis Group's first quarter profits have fallen slightly on the prior year period after the company took a $33mn hit from severance charges to departing staff.
  • David Buchler, the ex-European chairman of Marsh & McLennan Co's (MMC) security consulting arm Kroll, is leading a move to buy the firm from its parent, according to reports.
  • Market softening contributed to a $50mn first quarter profit fall at RenaissanceRe Holdings Ltd, compared to the prior-year period.
  • Munich Re has continued its drive for distribution with the acquisition of US marine insurance underwriting agency and broker Roanoke Trade Services Inc for $52.5mn
  • The Insurance Services Office (ISO) has estimated that US property & casualty insurers will pay out an estimated $3.35bn in first quarter catastrophe claims in 2008.