February 2011/2

Mapfre achieved an 8.7 percent increase in revenues for full-year 2010, despite a EUR 106.1mn hit from the Chilean earthquake.

Global specialty insurer Ace has revealed a threefold increase in pre-tax catastrophe losses for 2010 to more than $400mn, along with guidance that this figure for 2011 already stands at $370mn.

Munich Re's full-year profits slid by 5 percent to EUR2.43bn as it reported that catastrophes had cost it EUR495mn in the final quarter of 2011 and pushed its full-year combined ratio over 100 percent.

Full-year accounts for The Hartford show that earnings have rebounded from the losses experienced in 2009, although there was significant deterioration in its P&C earnings during the final quarter.

Markel Corp posted a 97 percent combined ratio for 2010, with large prior-year reserve releases in the final quarter enabling the firm to beat Wall Street earnings expectations.

Specialty insurer WR Berkley's full-year net income rose by 45 percent to reach $449mn as the firm bounced back from heavy investment losses in 2009.

US insurance group American Financial Group (AFG) reported an 8 percent year-on-year drop in full-year earnings for 2010 to $479mn, due to deteriorating results from its specialty P&C operations.

White Mountains Insurance Group booked an 80 percent slump in net profits from $470mn in 2009 to $87mn last year, despite a relatively strong performance in its reinsurance division.

Midway through the US and Bermudian Q4 reporting season results have broadly beaten expectations so far, according to UBS analyst Brian Meredith.

The brutal winter storms that struck the US at the start of February will produce insured losses of between $790mn and $1.4bn, reports catastrophe modelling firm AIR Worldwide.

Premiums in the mining industry have fallen for the second consecutive year despite a series of catastrophe losses, according to broker Willis.

Munich Re's revised loss forecast for the New Zealand earthquake has taken the growth in reported reinsurance losses since December past the $650mn mark, analysis from The Insurance Insider shows.