News

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.

With $80 million of private equity capital, Kinsale Capital Group, Ltd. announced the formation of a new Richmond, Va.-based excess and surplus lines company.

Florida CFO Alex Sink has questions for the insurance commissioner about the state's property insurance market.

Guaranty fund trade groups have written Senate Banking Committee members urging them to exclude insurance companies from any legislation creating a separate authority to regulate large financial institutions.