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  • Second quarter net profit was up 6 percent at German reinsurer Hannover Re as the firm benefited from increased earnings on premiums, lower taxes and less claims related to natural disasters.
  • UK insurers are being warned that increases in US reserves against asbestos-related claims could be a taster of things to come for the London market. The warning comes after news that US underwriters have bolstered their reserves for asbestos-related c
  • Hannover Re has more than doubled its estimated hit from the Deepwater Horizon oil rig disaster, increasing its loss reserves to EUR89mn in the second quarter from an earlier EUR40mn prediction.
  • Two large single losses affected by Japan's 11 March mega-quake and tsunami are fully placed with local (re)insurers, The Insurance Insider understands.
  • Tom Bolt's Performance Management Directorate is paying particular attention to Lloyd's casualty reserving practices for financial crisis-related claims given the soft market conditions that have reigned in recent years, according to AM Best.
  • XL Group reported a $23mn fourth quarter loss on Australian flooding but still posted a quarterly profit of $188mn, turning around the $40mn loss reported in the same period of 2009
  • Cosmo Oil's Chiba oil refinery, which is still on fire following Friday's (11 March) major earthquake and tsunami, will not reach the international insurance and facultative markets, The Insurance Insider understands
  • Lloyd’s insurer Novae issued an upbeat trading statement with improvements to its syndicate forecasts, a decrease in run-off expenditure and a better-than-expected assessment of the rating environment.
  • Leading brokers Marsh and Aon have highlighted concerns over a rapidly softening UK professional indemnity (PI) market.
  • Fittingly, on the day Guy Carpenter and Amlin announced the completion of the London market’s first paperless claim (see story 18), Lloyd’s CEO Richard Ward reaffirmed his commitment to seeing all claims transacted electronically by the end of 2007.