Switzerland's Zurich Insurance Group beat expectations on Thursday with a 78 percent rise in first-quarter profit, helped by fewer large natural catastrophes than the year before, and said premiums were set to rise.

The U.S. Treasury has agreed to cut its ownership stake in American International Group Inc to 63 percent by selling 163.9 million shares for approximately $5 billion, with the insurer agreeing to buy back about $2 billion worth.

The U.S. Treasury has agreed to cut its ownership stake in American International Group Inc to 63 percent by selling 163.9 million shares for approximately $5 billion, with the insurer agreeing to buy back about $2 billion worth.

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.

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.

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.

A U.S. judge refused to block former MF Global Holdings Ltd Chief Executive Jon Corzine and other company officials from tapping as much as $30 million of insurance money to defend lawsuits over the futures brokerage's collapse.

Property and casualty insurer Hanover Insurance Group Inc posted a quarterly profit above Wall Street estimates for the third time on the trot, helped by lower catastrophe losses and firming insurance rates.