April 2009/1

Lloyd’s (re)insurer Hiscox has revealed strong growth in its top line for the first quarter as it benefited from the improved reinsurance pricing environment and the strong dollar on its expanded underwriting platform.

Charles Taylor Consulting plc will pay up to £7.85mn to acquire the struggling London based insurance and run-off services company, Axiom Consulting, it confirmed today (8 May).

Swiss Re profits slumped by 75 percent to SFr150mn for the first quarter, as the reinsurance giant took SFr2.1bn in net unrealised investment losses.

Reinsurance giant Munich Re booked a fall in net profit from EUR777mn to EUR420mn for the first quarter of the year, as its investment portfolio was hit again.

Marsh & McLennan Companies (MMC) saw group revenues fall 13 percent but operating margins significantly improve in its Risk and Insurance Services (RIS) division, as its recent cost-cutting drive appears to have borne fruit.

Randall & Quilter (R&Q) weathered a brutal year for acquirers of run-off (re)insurance businesses to post a profit before tax of £8.8mn for 2008 and an 8 percent growth in net assets.

Ambitious London market broker Cooper Gay has reported a 22 percent rise in 2008 revenues to £83mn, up from £68.1mn in 2007, fuelled by the arrival of new broking teams.

Expansive Bermudian (re)insurers Flagstone Re and Validus Holdings booked increases in net profits for the first quarter, but reported conflicting fortunes on their underlying business.

American Financial Group raised its 2009 earnings projection after posting "record" first quarter net earnings of $103.8mn.

Global reinsurer Hannover Re produced solid results for Q1 2009 and declared an end to the worst of the financial crisis, as net earned premiums surged ahead 24.6 percent to EUR2.1bn.

Troubled US insurer The Hartford Financial Services Group has slumped to a $1.2bn first quarter net loss, as it took a heavy charge to reflect the impact of equity market declines on future profits in its life operations.

European reinsurer Scor said first quarter profit declined 30 percent to EUR93mn as investment writedowns combined with the impact of European Windstorm Klaus.