Reinsurance

Swiss Re sounded an upbeat note for 2012 and said reinsurance prices could rise further after it posted a forecast-beating profit for the first quarter thanks in part to the absence of large natural catastrophes.

State Auto Financial Corp. reports a net loss of $2 million for the first quarter of this year as the combination of underwriting loss and increased expense weighed on results.

Two Bermuda reinsurers report positive gains in their net earnings for the first quarter of this year helped by light catastrophe losses during the period.

Two Bermuda reinsurers report positive gains in their net earnings for the first quarter of this year helped by light catastrophe losses during the period.

Hannover Re beat expectations with net profit rising five-fold to $344 million in the first quarter, helped by surging investment income and the absence of big damage claims.

The state-backed Florida Citizens Property Insurance Corporation is set to raise $750 million of hurricane protection through a sale of catastrophe bonds, more than three times the original target, market sources said.