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While American International Group reported a 2011 fourth-quarter net profit of more than $11 billion, its property and casualty subsidiary Chartis came in with an underwriting loss of $5.2 billion, primarily because of its reserve charge.

Standard & Poor’s Rating Services has downgraded the counterparty credit and financial strength ratings of American International Group Inc.’s (AIG) Chartis subsidiaries after the company reported a 2010 fourth-quarter underwriting loss of $5.2 billion.

More reserve charges could be ahead for American International Group Inc. (AIG), according to analysts.

Fitch Ratings has dropped the financial strength rating of American International Group Inc.’s domestic non-life insurance subsidiaries after AIG had to bolster Chartis reserves by $4.1 billion.

Zurich Financial Services Group said it is looking to reduce expenses by $500 million in an effort to improve profitability.

Based on the improved underwriting and operating performance of the U.S. subsidiaries of Zurich Insurance Company Ltd., rating agency A.M. Best has upgraded the insurer's financial strength rating.

With its third-quarter net income result doubling over last year, and its capital position improving, Swiss Re said it has reached agreement to repay Berkshire Hathaway, which injected $2.6 billion into the Zurich-based reinsurer last year.

With its third-quarter net income result doubling over last year, and its capital position improving, Swiss Re said it has reached agreement to repay Berkshire Hathaway, which injected $2.6 billion into the Zurich-based reinsurer last year.