February 2011/3

Lloyd's insurer Beazley reported a 59 percent year-on-year rise in pre-tax profit to $250.8mn for 2010, boosted by a large contribution from reserve releases and a $33.7mn one-off foreign exchange gain.

Catlin's pre-tax profit for 2010 dropped by a third from the previous year to $406mn as investment returns halved.

Significant reserve releases from prior-year loss events contributed to RenaissanceRe's market-beating fourth-quarter combined ratio figures.

Bermudian reinsurer Platinum Underwriters has reported a $17.7mn fourth-quarter net loss on cat losses of $78.1mn, led by the New Zealand earthquake and a $9.9mn charge from Australian floods.

PartnerRe booked a slump in fourth-quarter net profits as investment writedowns combined with catastrophe losses to hit its bottom line.

Endurance Specialty Holdings reported that net profits for the fourth quarter and 2010 fell by almost a third largely due to the impact of catastrophe loss activity on its reinsurance book.

In contrast to a number of its Bermudian compatriots, Everest Re has booked fourth-quarter net and operating profits that are significantly higher than in the comparable prior-year periods.

Bermudian short-tail specialist Montpelier Re drew more than 97 percent of its 2010 underwriting income from reserve releases as claims came close to doubling.

Bermudian powerhouse Axis Capital has held up robust fourth-quarter net profits as its full-year net income almost doubled on strong realised gains in its investment portfolio.

Bermudian (re)insurer Alterra reported a 23 percent rise in full-year net income to $302.3mn as its merger last May helped to boost premium income.

XL Group's financials received a muted response from analysts despite reporting consensus beating fourth-quarter operating earnings per share (EPS).

Fourth-quarter net and operating profits slipped at Aspen Insurance Holdings as deteriorating losses from the New Zealand earthquake hit its bottom line.