Reinsurance

Property and casualty insurer employment rose in June for the fifth straight month, raising hopes that carriers have reversed the downward employment trend that began in 2008.

Munich Re, the world's biggest reinsurer, expects to beat its 2012 net profit target of $3.1 billion after rising premiums and improved underwriting performance boosted the German group's quarterly earnings.

Second-quarter profit at Warren Buffetts Berkshire Hathaway Inc. fell about 9 percent on derivative losses, while insignificant catastrophe losses restored positive underwriting result in the conglomerates insurance operations.

Four reinsurers posted positive numbers for the second quarter of this year as a benign catastrophe season helped lift net income considerably over last years second quarter.

Hedge fund heavyweight David Einhorn's reinsurance business, Greenlight Capital Re Ltd, on Tuesday warned that other insurers were making "irrational" deals in Florida in the face of heavy competition.

Despite 2011 castastrophe losses, the reinsurance sector ended the year with a dedicated capital position that was slightly up at around $178 billion. Examining the premium assumed from non-affiliates, PC360 has ranked the top 25 U.S. reinsurers for 2011.