Reinsurance

New York's top financial regulator has expanded a probe into whether reinsurance companies have written policies on international trade with Iran, which could potentially violate new U.S. sanctions.

New York's top financial regulator has expanded a probe into whether reinsurance companies have written policies on international trade with Iran, which could potentially violate new U.S. sanctions.

Citing excellent underwriting results and growth in premium rates, Ace Ltd. says second-quarter net income jumped 172 percent and its CEO predicts the industry will continue to get rate increases despite soft reinsurance market conditions.

The Hamilton, Bermuda-based insurers says second-quarter gross written premiums were up 39 percent, primarily driven by a large Florida quota share reinsurance contract.

PartnerRe Ltd. says the pretax cost of Junes central European floods will fall between $50 million and $60 million.

P&C insurance premiums continue to exhibit increases as high as 10 percent on some risks, as reinsurance rate-softening on property risks will not pass through to the rest of the market immediately, says the CEO of insurance broker Brown & Brown.