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  • Swiss Re has defied analyst predictions to turn a first quarter profit, as mark-to-market gains on its investment portfolio helped absorb an estimated $700mn catastrophe loss hit.
  • XL Capital has posted a first quarter profit on a dramatic improvement in realised investment losses, and despite an 11 percentage point deterioration in its loss ratio from Q1 catastrophes.
  • Bermudian (re)insurer Lancashire has reported aggressive growth in its first quarter property catastrophe portfolio, doubling premium volumes written in the same period of 2009.
  • Lloyd's insurer Amlin plc is to launch a Zurich-based reinsurance company that will target European business that does not typically flow into the London or Bermudian markets.
  • Marsh and McLennan Companies' (MMC) Q1 results show that its broking businesses managed to maintain organic revenues on a par with the same quarter a year earlier, despite the soft global (re)insurance market.
  • Patrick Thiele, president and CEO of PartnerRe is to retire at the end of 2010 after a decade at the helm of the Bermudian-headquartered global reinsurer.
  • Hannover Re posted first quarter net income of EUR157mn despite catastrophe losses exceeding its figure for the whole of 2009, as reserve releases swung its combined ratio below 100 percent.
  • The administrators running Quinn Insurance have announced that 900 staff will be made redundant, as the search for a buyer for the troubled Irish insurer begins in earnest.
  • Bermudian (re)insurer Flagstone Re posted total revenue growth of 38 percent for the first quarter to $251mn, as it rebranded its Lloyd's syndicate.
  • Bermudian (re)insurer Max Capital comfortably exceeded analyst forecasts for Q1 with $36mn earnings, as it downgraded its estimated cat hit from February's Chilean earthquake and European Windstorm Xynthia to just $10mn.