February 2011/5

American International Group (AIG) booked a fourth-quarter operating loss of $2.2bn as its bottom line was hit by P&C arm Chartis' $4.2bn reserve strengthening.

QBE's combined operating ratio inched up by just 0.1 percentage points in 2010 to 89.7 percent, despite a $1.08bn large and catastrophe claims hit over the year.

Hiscox booked a 34 percent slide in pre-tax profits to £211mn in 2010, but limited the widening of its sub-90 percent combined ratio to 3 points despite a heavier loss experience.

Risk Management Solutions (RMS) released a sweeping upgrade to its US hurricane model today (28 February) that is expected to increase significantly loss estimates for property catastrophe (re)insurers.

The direct and facultative (D&F) market can expect to pay the lion's share of losses from last February's Chile earthquake, with a 60 percent share of total reinsured losses of $8.5bn, according to Aon Benfield.

The London market has become increasingly nervous about the prospect of political risk losses from the civil disorder that has taken hold in Cote d'Ivoire since its presidential election last year.

London's losses from the ongoing political unrest in Libya are likely to be relatively modest as the country's oil industry is dominated by the majors that tend to self insure, The Insurance Insider understands.

The earthquake in New Zealand last week could be a sizeable loss for the London contingency market if organisers are unable to get Christchurch ready in time for the Rugby World Cup (RWC).

Arthur J Gallagher International confirmed last week that it had acquired Woodbrook Underwriting Agencies, after The Insurance Insider revealed that the deal was poised to go through.

BMS, Cooper Gay and JLT have all abandoned bids to establish underwriting entities at Lloyd's in 2011 after being discouraged by the Franchise Board, The Insurance Insider can reveal.

The future of Florida's Royal Palm Insurance Company has been secured with its sale to an affiliate of Tower Hill Insurance Group, in a deal first revealed by The Insurance Insider.

Berkshire Hathaway has revealed it has now earned $17bn in pure underwriting profits over the past eight years as full-year earnings beat the Wall Street consensus.