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May 2009/3

  • Paris Re has given a cautious welcome to price hardening in some of its core short-tail lines of business, but has again struck a notably less excitable tone than many in its global P&C (re)insurance peer group...
  • Insurance giant Allianz saw its net income for the first quarter of 2009 drop by EUR1.12bn to EUR29mn compared to Q1 2008, as write-downs almost doubled to EUR708mn and its property and casualty (P&C) business produced sluggish figures.
  • Laura Pendergest-Holt, the chief investment officer for Stanford Financial Group, has been indicted by a Houston federal grand jury on charges of obstruction of justice and conspiracy to obstruct justice.
  • Dermot O'Donohoe is set to join Torus on 1 September after resigning as chief underwriting officer of XL Insurance’s global specialty operations and CEO of its London market operations, The Insurance Insider can reveal.
  • Everest Re Group Ltd has become the latest Bermudian to establish a full European underwriting platform with the launch of a EUR200mn Irish subsidiary.
  • Guy Carpenter chairman Britt Newhouse is relocating to London as the reinsurance broker looks to bolster the management structure of its European operations, The Insurance Insider can reveal.
  • Florida's state-backed insurer Citizens Property Insurance Corporation has pulled its reinsurance spend from the private market for 2009 because of the increased cost of cover.
  • UK insurer RSA has raised £500mn of subordinated debt to bolster its financial flexibility ahead of any call on its existing EUR500mn subordinated guaranteed bonds.
  • Troubled US insurer The Hartford Financial Serviced Group has been given a much needed fillip with preliminary approval for a $3.4bn participation in the US Treasury's Capital Purchase Program (CPP).
  • Bahrain-based reinsurer Arig posted a first quarter net profit of $1.48mn, half the $2.96mn it posted for the first three months of 2008 but nevertheless a return to profit after it booked a full-year loss of $28.57mn last year.
  • With investor calls for peril diversification in insurance-linked securities (ILS), Munich Re's EUR100mn European windstorm and Turkish earthquake cat bond - Ianus - will be seen as a welcome move.
  • Lloyd's (re)insurers Brit and Amlin impressed with strong figures in interim management statements last week, supporting strong top line growth with bullish comments on pricing.