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.

Shares in Highway Insurance Holdings plc have dipped after the UK motor specialist offered a bleak update on the sector.

Florida’s state insurer Citizens Property Insurance Corporation is to buy reinsurance in the private market for the first time in its history.

Allianz Group's first quarter results are expected to be hit by a EUR0.9bn writedown at subsidiary Dresdner bank "due to the ongoing financial market crisis", the company has revealed.

Bermudian insurer Lancashire Holdings Ltd has trumped analysts’ expectations with first quarter pre-tax profits of $86.4mn, only marginally down on the $88.3mn it booked in the prior-year period.

Lloyd’s (re)insurer Advent Capital Holdings plc fell to a first quarter pre-tax loss of £5.5mn as it was hit by the succession of heavy industrial catastrophe losses this year, together with deterioration on the 2005-07 underwriting years.

Peter Harmer, CEO of Aon UK, is to become chairman of the London Market Reform Group (MRG), Lloyd’s has announced. Harmer succeeds Stephen Matanle, managing director of Libero Ventures Ltd who left global broker Marsh in February.

Lloyd's (re)insurer Amlin plc has seen a 10 percent fall in gross written premium (GWP) for the first quarter of the year compared to the same 2007 period driven by renewal rate reductions, the company has announced.

Hilb Rogal & Hobbs (HRH) said it has seen a “significant improvement” in the performance of its London market broker Glencairn.

Liberty Mutual Group is to acquire rival Safeco Corporation in a sale worth $6.2bn after the boards of both companies reached a sale agreement.

Insurance Australia Group (IAG) has rebuffed another approach from QBE Insurance after it extended its merger offer until 5 May.

Troubled Bermudian (re)insurer XL Capital Ltd reported a 49 percent drop in net income for the first quarter 2008 on the prior year period, at $276.9mn or $1.57 per ordinary share.

Independent UK broker Price Forbes & Partners is planning to launch in Bermuda in the second quarter of this year.

(Re)insurance broker Willis Group Holdings has announced the launch of a new tool which will allow clients to rate and compare carriers on standards such as claims settling and policy administration.

After 10 years at the company, Mike Sibthorpe, Brit Insurance CEO of global markets is to leave the firm, The Insurance Insider can reveal.

Munich Re warned its first quarter profits are likely to be down on last year’s, following “major losses” in the first three months of 2008.

Lloyd's has become the first admitted reinsurer in Brazil, following deregulation of the country's reinsurance market.

Lloyd’s insurer Omega has terminated talks with potential suitors interested in acquiring the company, the firm has announced.

At current pricing levels, it would take a $30-50bn ground-up property loss to reverse the slide in property cat reinsurance rates, according to Aon Re Global.

Insurance Australia Group (IAG) has rejected two merger proposals by rival QBE Insurance Group claiming the offer price is "inadequate".

The chairman and CEO of General Re Corp, Joseph Brandon has resigned.

Royal & SunAlliance (R&SA) has continued the disposal of its legacy business with the sale of two run-off portfolios in its Scandinavian subsidiary Codan to Wasa Run-Off.

Analysts have welcomed reports that Russia’s largest bank Sberbank is considering buying Allianz unit Dresdner Bank’s investment banking business.

Guy Carpenter & Co is preparing to cut around 13 percent of its global workforce, as the reinsurance intermediary responds to the tough market conditions, The Insurance Insider can reveal.

A slump in underwriting results in the US property/casualty insurance industry dented its profitability last year, according to Insurance Services Office (ISO).