Reinsurance

For 48 publicly traded property and casualty companies across various industry subsectors, aggregate operating earnings increased by 30% in 2013 compared to 2012, thanks to improved underwriting results due to lower catastrophe losses.

The reinsurer did not forecast an industry loss estimate, but said the $500 million estimate reported in some media is clearly too high.

Munich Re, the worlds biggest reinsurer, said profit this year is expected to decline 9.1% as prices charged by the industry are in decline.

Many property and casualty CFOs agree with what large brokers, analysts and industry observers have been saying: alternative capital is holding down reinsurance rates, contributing to a market that is softer than the primary market.

Many property and casualty CFOs agree with what large brokers, analysts and industry observers have been saying: alternative capital is holding down reinsurance rates, contributing to a market that is softer than the primary market.

Shares in Swiss Re pared gains after the Zurich-based reinsurer denied that Fiat's founding Agnelli family is poised to buy a stake in the company.