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  • Reinsurers need to demonstrate that they can stop destroying value if they are to be rewarded with improved, sustained multiples by investors.1
  • Tokio Marine has added $250mn to its expected total net loss for last year's Thai floods as it amended its forecasts for the year to 31 March in the run-up to its full-year results announcement on 18 May.
  • Mitsui Sumitomo Insurance Company (Europe) Ltd (MSIEU) has been fined £3.35mn for serious corporate governance failings and its former executive chairman Yohichi Kumagai has been banned and fined £119,000
  • Lloyd's insurer Hiscox said it withheld reinsurance capacity in the first quarter in anticipation of better rates and terms later in the year, keeping its gross written premiums (GWP) broadly stable at £450.7mn.
  • Aviva shares opened up this morning (8 May) after it was revealed that CEO Andrew Moss had resigned after almost five years in the job, and just days after shareholders voted down plans for executive pay
  • Munich Re reduced its aggregate exposure by 7.9 percent in the April renewals, with a far higher percentage drop in proportional property business, as it reported first quarter profits of EUR782mn
  • US insurer and intermediary Tower Group reported strong top line growth of 20 percent in the first quarter as it heralded rate rises and organic growth.
  • A reversal of the catastrophe climate year on year and a swing to favourable reserve developments was not enough to push Argo to an underwriting profit, with only investment income and gains helping the firm into the black for the first quarter.
  • Alleghany Corp has reported its first set of results including the impact of its merger with Transatlantic Re, which closed in early March.
  • US mutual the Farmers Exchanges has successfully renewed its $500mn contingent capital facility in a deal arranged by Swiss Re, Commerzbank and RBS Securities.