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February 2009/3

  • Swizerland-based Paris Re's hopes for hiked reinsurance prices at the key 1/1 renewals were not fully realised with "meaningful increases”"only apparent in classes affected by losses, as loss free programs were...
  • Bermudian (re)insurer IPCRe saw its 2008 operating income fall by a relatively modest 19 percent to $258.7mn, compared to $317.9mn in 2007, as it revealed a loss ratio for the year of 40.2 percent.
  • After 2008's string of natural and man-made catastrophe losses triggered one of the costliest years on record, a succession of disasters including the Australian wildfires, European winter storm Klaus and two plane crashes have started...
  • All three major global broking groups' annual results were well received by investors as the results of tight cost control plans offset negative or patchy growth in the soft market-affected top lines at Aon, MMC and Willis.
  • Venture capital partnership Alpine Risk Services has launched to finance insurance broking, underwriting agency and ancillary insurance firms, committing sums of up to £10mn directly or with investment partners, The Insurance Insider can reveal.
  • Class of 2005 start-up Lancashire Holdings saw its share price climb 6 percent on the London Stock Exchange after posting better-than-expected full-year 2008 results.
  • Lloyd’s insurer Beazley Group plc is to raise £150mn in its rights issue as it said it is boosting its US presence with the acquisition of an underwriting manager and restructuring its operations with a Jersey holding company...
  • Shareholders of Chaucer Holdings plc - the Lloyd's insurer that is exciting M&A interest - approved the £75mn equity net fundraising designed to plug a hole in its 2009 capital requirements.
  • AXIS Capital posted a 66.8 percent drop in full-year net income for 2008 to $351mn compared with $1.1bn for 2007, a result which founding CEO and president John Charman said reflected the negative impact of “the extreme volatility of the global financial markets” on the Bermudian’s alternative investment portfolio.
  • Argo Group's full year 2008 net profit fell 56 percent to $62.9mn as underwriting losses at its international specialty segment, combined with modest investment write-downs and the loss of a flattering extraordinary item relating to the 2007 acquisition of PXRE Group, made their presence felt.
  • Aon appoints new non exec chairman...
  • Munich Re has progressed from its iconic world map of natural hazards which first appeared in 1978 and pooled its research in the field of geo-risks onto digital format in the form of a DVD.
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