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.