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Ambac reveals losses
Shares in bond insurer Ambac Financial Group plummeted after the company revealed a net loss of $1.66bn for Q1 2008 compared with a prior-year profit of $213mn.
28 April 2008
IPCRe sees limited impact from large risk losses
Bermudian cat specialist IPCRe reported a rise in first quarter net operating profits from $68.5mn to $92.8mn, despite an active period for natural catastrophe and large risk losses.
28 April 2008
Chubb's earnings 'low quality'
US insurer Chubb Corp has been criticised for its "low quality earnings" and unsustainable reserve releases by analyst David Small of Bear Stearns.
28 April 2008
Amlin's premium income falls 10 percent
Lloyd's (re)insurer Amlin plc posted a 10 percent fall in gross written premium (GWP) for the first quarter of the year compared to the same 2007 period driven by renewal rate reductions, the company confirmed.
28 April 2008
Reinsurance sale pushes Gallagher to loss
The sale of its London-headquartered reinsurance operations pushed US broker Arthur J Gallagher to a loss of $6mn for the first quarter despite a 10 percent rise in its revenues.
28 April 2008
P&C reserves beginning to decline
Reserve redundancies in the property and casualty (P&C) industry have passed their peak and have fallen by $1bn over the past year, according to research by analysts at Morgan Stanley.
28 April 2008
Transatlantic profits up
US reinsurer Transatlantic Re reported first quarter profit of $115.7mn, an 8 percent rise from the same period last year.
28 April 2008
Platinum profits surge
First quarter profits at Platinum Underwriters have soared by more than 40 percent on the comparable prior-year period.
28 April 2008
Profits drop at Safeco
US insurer Safeco Corporation, which last week agreed to a takeover by rival Liberty Mutual, reported a drop in quarterly profits for the fifth consecutive quarter as higher cat losses and lower premium income took a toll.
28 April 2008
New chief for Market Reform Group
Peter Harmer, CEO of Aon UK, is to become chairman of the London Market Reform Group (MRG), Lloyd’s has announced. Harmer succeeds Stephen Matanle, managing director of Libero Ventures Ltd who left global broker Marsh in February.
25 April 2008
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