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.