Reinsurance

The market is beginning to turn, Swiss Re executives say, as the global reinsurer reports that its 2011 second-quarter net income rose to $960 million, compared to $812 million in the 2010 second quarter.

AXIS Capital Holdings says second-quarter net income available to common shareholders dropped to $101 million from $205 million in the 2010 second quarter, as catastrophe losses drove the company’s combined ratio to 98.9, compared to 86.2 a year ago.

AXIS Capital Holdings says second-quarter net income available to common shareholders dropped to $101 million from $205 million in the 2010 second quarter, as catastrophe losses drove the company’s combined ratio to 98.9, compared to 86.2 a year ago.

Reinsurer Munich Re says net profit rose four percent in the second quarter to $1.05 billion, bouncing back from a rough first quarter.

Hurricane forecasters at Colorado State University say their earlier prediction of a very active hurricane season remains unchanged with a total of 16 named storms predicted for the Atlantic basin.

While catastrophes took a toll on Flagstone Reinsurance Holdings’ second-quarter earnings, the company’s chief executive says the carrier is seeing signs of premium increases sticking as this year’s renewal rates averaged 9 percent across the board.