News

Safety Insurance Group reported 2009 fourth-quarter net income off by 13.4 percent compared with the 2008 period, after a settlement with Massachusetts for overcharging and a fall in net earned premiums.

Insured losses stemming from the major winter storm that swept through the U.S. East Coast between February 23 and 28 will total between $150 and $350 million, AIR Worldwide estimates.

PartnerRe Ltd. said it expects insurance industry losses from the Chile earthquake could hit $10 billion and its own expected claims could exceed $300 million.

Munich Re said profit for 2009 exceeded $3 billion and it expects 2010 to be just as profitable, despite catastrophe losses from the Chile earthquake and a huge winter storm in Europe.

Swiss Re estimated that total insurance industry losses from the Feb. 27 Chile earthquake could reach $7 billion and said its own loss from the event could possibly hit $500 million.

American International Group Inc. in its latest asset sale activity said the shares of reinsurer Transatlantic Holdings it is disposing of have been priced at $53.35 per share.