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February 2010/4

  • Aegis scoops Odyssey Re hire for treaty expansion; Validus hires former Swiss Re executive for board
  • Montpelier Re saw its 2009 combined ratio fall to a mere 62.2 percent - against 91.0 percent in 2008 - on the back of a gentle claims season.
  • Validus Holdings' net income rose to $897.4mn in 2009, against $53.1mn in 2008, after a $287.1mn gain from its acquisition of IPC.
  • Flagstone Re turned around 2008 losses to post a net profit of $242mn last year, as it enjoyed strong underwriting and investment returns.
  • Platinum Underwriters Holdings has added its name to a growing roll call of Bermudian (re)insurers with bumper full-year results, after posting a 77 percent increase in its net income last year.
  • French insurance giant Axa SA saw net profit almost quadruple from EUR923mn in 2008 to EUR3.61bn in 2009 - beating analysts' forecasts of EUR2.97bn - as it shook off the worst effects of the financial crisis.
  • Bahrain-headquartered reinsurer Arab Insurance Group (Arig) delivered net profits of $21.9mn in 2009, reversing a $28.6mn loss in 2008. However, reduced demand for reinsurance and falling rates stunted its top-line growth.
  • Arch Capital became the latest Bermudian (re)insurer to reveal a surge in net income in 2009 with more-than-threefold growth to $851.1mn despite a decline in premiums written.
  • Partner Re has repurchased almost 1.5 million common shares valued at more than $100mn, as the capital management theme continues to dominate the sector.
  • Expansive broker Gallagher International will open a facultative reinsurance operation in Brazil after purchasing local reinsurance broker Securitas Re.
  • Run-off (re)insurer Alea Group has appointed Jeffrey Rosenthal as its new president and CEO to replace Mark Cloutier, who steps down on 31 March.
  • Bob Deutsch, the industry veteran and founding CEO of Ironshore Inc, has joined the (re)insurance-focused private equity firm Greenhill Capital Partners as a managing director.