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  • Novae Group, the Lloyd's insurer nearly brought to its knees 10 years ago by a torrent of US casualty reinsurance exposures, looks set to announce that it has finally dealt with its legacy past
  • The catalyst for a turn in the pervasive soft market conditions of the insurance underwriting cycle does not have to be a major event, according to MMC chairman and CEO Brian Duperreault.
  • Directors' and officers' (D&O) underwriters need to change the way they price the excess layers on towers of insurance coverage to avoid the pitfalls of past soft markets.
  • Mapfre achieved an 8.7 percent increase in revenues for full-year 2010, despite a EUR 106.1mn hit from the Chilean earthquake.
  • Global specialty insurer Ace has revealed a threefold increase in pre-tax catastrophe losses for 2010 to more than $400mn, along with guidance that this figure for 2011 already stands at $370mn.
  • Munich Re's full-year profits slid by 5 percent to EUR2.43bn as it reported that catastrophes had cost it EUR495mn in the final quarter of 2011 and pushed its full-year combined ratio over 100 percent.
  • Full-year accounts for The Hartford show that earnings have rebounded from the losses experienced in 2009, although there was significant deterioration in its P&C earnings during the final quarter.
  • Markel Corp posted a 97 percent combined ratio for 2010, with large prior-year reserve releases in the final quarter enabling the firm to beat Wall Street earnings expectations.
  • US insurance group American Financial Group (AFG) reported an 8 percent year-on-year drop in full-year earnings for 2010 to $479mn, due to deteriorating results from its specialty P&C operations.
  • Specialty insurer WR Berkley's full-year net income rose by 45 percent to reach $449mn as the firm bounced back from heavy investment losses in 2009.