Reinsurance

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.

Although there wont be a flood of new markets available to independent agents, increased interest by carriers in the independent channel can translate into opportunity.

Bermuda insurers and reinsurers reported strong first-quarter earnings relative to a year ago, with several swinging back into the black after reporting Q1 losses in 2011.

Bermuda insurers and reinsurers reported strong first-quarter earnings relative to a year ago, with several swinging back into the black after reporting Q1 losses in 2011.

Munich Re expects net profit of more than 750 million euros ($989 million) in the first quarter, above expectations, helped by a drop in big damage claims and financial market tensions, its chief executive said on Thursday.