February 2011/4

Bermudian (re)insurance group Arch saw its 2010 profits fall by only 4 percent, in contrast to many of its rivals.

Argo Group posted a full-year combined ratio of 103.2 percent after the underwriting result at its international specialty arm deteriorated by 20 percentage points.

US and European specialty insurance group AmTrust reported a 38 percent rise in net income to $142.5mn for 2010, with acquisitions boosting net earned premiums by 30 percent to $745.7mn.

Specialty insurer Navigators reported a $4.9mn underwriting loss for 2010, reversing the $19.5mn underwriting profit made in 2009, following a 3 percent drop in net earned premiums to $659.9mn.

Full-year 2010 net income at Allied World rose by 10 percent to $665mn as strong reserve releases and higher realised investment gains offset a heavier claims profile.

Bermudian-domiciled cat specialist Lancashire's full year pre-tax profits dipped by 15 percent to $339mn as international cat losses took their toll.

Swiss Re reported a fourth quarter loss of $725mn for 2010 but remained bullish on its capital position for the coming year.

Four weeks into the fourth-quarter reporting season and - as well as better-than-expected operating profits for the majority of global P&C (re)insurance players - there is evidence of a more bullish line for calling a turn in the market as early as next year.

Achilles, the acquisition vehicle for Apollo and CVC's £880mn ($1.4bn) buy-out of Brit Insurance, has made its offer of up to 1,100p per Brit share unconditional after it lowered its acceptance threshold to 80 percent.

Chaucer plc's share price has deflated by 10 percent since it emerged that Terra Firma had approached the Lloyd's insurer, amid growing scepticism over Lime Street ever seeing a bidding war.

Omega's takeover talks with Canopius have stalled as shareholders wait on the former's full-year results, due on 8 March, The Insurance Insider understands.

The protection and indemnity (P&I) clubs have completed their 2011 renewals, with strengthened balance sheets again allowing the mutuals to ease pressure on struggling shipowners.