April 2009/4

Broking giant Willis Group’s French-based affiliate, Gras Savoye & Cie, is reportedly looking at alternative investment solutions over a put option purchased by the former in 1997, which could oblige it to increase its stake in France’s largest broker...

Max adds to Lloyd's platform with UW hires; Allied World bags Bermuda team from AIG; Brit recruits LM specialist for new role; RFIB appoints new IT head from Aon Benfield; Senior Marsh exec moves to JLT's Dubai office...

Chubb's income for first quarter 2009 almost halved compared to the same period last year - as net profits fell to $341mn compared to $664mn - after it was hit by losses on alternative investments and impairments totalling $266mn.

The Association of British Insurers (ABI) is demanding a complete reassessment of the UK's flood risk, and in particular surface water drainage (SWD), as part of the consultation process for the draft flood and water management bill released by the govern

Bermudian reinsurer Platinum Underwriters posted a 19.3 percent year-on-year decline in its first-quarter net income to $84.9mn.

IPC Holdings saw Q1 net income plummet from $86.8mn to $8.3mn - as investment losses, European winter storm Klaus and the Australian bushfires combined with higher expenses linked to its proposed Max Capital merger.

Munich Re has checked its bullish stance on rate prospects, as the reinsurer's chairman described a "satisfactory" first quarter while acknowledging that its optimism late last year was still to filter through to widespread rating improvements.

American International Group (AIG) last week took steps to speed up the process of spinning off its general insurance operations as an independent entity, ahead of a potential initial public offering (IPO).

Ironshore's progress towards creating Lexington MKII continues unabated, with the appointment of Andrew Archambault as its senior reinsurance buyer and Edward Mazman as senior vice president of its US property unit.

India's state-run National Insurance Corporation (NIC) has been unable to reinsure the contingency cover for this year's Indian Premier League (IPL) cricket tournament, currently taking place in South Africa, our sister publication Inside FAC reports.

Willis Group's first quarter results, due out this week, will be scrutinised carefully by investors for the performance of its US operations, following last year’s $2.1bn acquisition of Hilb, Rogal & Hobbs (HRH).

Investors are poised for a hectic period of first quarter reporting from the global (re)insurance sector that will reveal whether the wide-scale pain inflicted on balance sheets in 2008 has eased in the early part of 2009.