Reinsurance FY results round-up

This week Ace, the Bermudian (re)insurer, reported a 12% rise in full-year net income to $2.57bn, up from $2.30bn. However, combined ratio for the year fell to 87.9% from 88.1%, while net written premiums for the year fell marginally to $11.98bn from $12.030bn in 2006. Evan Greenberg, ACE’s chief executive, said the group was “well-positioned” to manage the softening property and catastrophe cycle.

Renaissance Re, the Bermudian (re)insurer, said that full-year net income fell to $612.4m, down from $797.1m a year before, compounded by a $167.2m writedown in value of sidecar Channel Re as well as

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ABI insists fire safety scheme is temporary

Mervyn Skeet, the Association of British Insurers’ director of general insurance, has outlined how the trade body will ensure the Fire Safety Reinsurance Scheme will only last three to five years, and how it will should end criticism of brokers earning commission for arranging cover.

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