April 2008/4

German insurance giant Allianz SE has acquired a majority stake in two Turkish insurers from Koc Holding in a deal worth over EUR370mn.

First quarter profits at Platinum Underwriters have soared by more than 40 percent on the comparable prior-year period.

Australian insurer QBE has increased its presence in Asia after establishing an underwriting operation in Singapore under the Lloyd's Asia license.

Peter Harmer, CEO of Aon UK, is to become chairman of the London Market Reform Group (MRG).

Shares in bond insurer Ambac Financial Group plummeted after the company revealed a net loss of $1.66bn for Q1 2008 compared with a prior-year profit of $213mn.

US reinsurer Transatlantic Re reported first quarter profit of $115.7mn, an 8 percent rise from the same period last year.

Allstate Corporation saw profits fall by over 75 percent in the first quarter of 2008 after suffering from a large rise in catastrophe losses.

The Travelers Companies Inc is that latest insurer to reveal it has been affected by an increase in catastrophe losses in 2008's first quarter results.

Everest Re Group saw profits plummet over $200mn in the first quarter of 2008 to $77.9mn compared to the same period last year.

US insurer Chubb Corp has been criticised for its "low quality earnings" and unsustainable reserve releases by analyst David Small of Bear Stearns.

US insurer Safeco Corporation, which last week agreed to a takeover by rival Liberty Mutual, reported a drop in quarterly profits for the fifth consecutive quarter as higher cat losses and lower premium income took a toll.

Rates in South Korea have dropped by as much as 20 percent, reflecting a global trend in rate reductions, according to Guy Carpenter & Co's review of the April reinsurance market.