April 2009/4

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.

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.

Nick Jones, former head of Heritage's worldwide property division and lead underwriter on the insurer's Lloyd’s Syndicate 1200, is set to resurface in the Lloyd's market as the head of RenaissanceRe's (RenRe) planned new syndicate, according to market sou

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).

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.

Directors' and officers' (D&O) commercial rates remain sluggish despite fears of a claims onslaught from the economic crisis, according to a survey by global broker Willis.

Alea Group chief executive Mark Cloutier will step down next year, the run-off (re)insurer confirmed last week (24 April).

City General - owned by run-off manager Ruxley Ventures and advised by law firm Clyde & Co - has received court approval for a solvent scheme of arrangement to wind down the (re)insurance policies transferred to it in 2007 from the London branch of Genera

Lloyd's is set for a gain after making a tender to repurchase up to £100mn of the approximate £1.1bn in long-term corporate debt it manages - which in turn forms part of the central assets the Society holds on behalf of the market.

Short-term life business has never been a significant component of the Lloyd's mix and in recent years its share has shrunk even further.