News

NEW YORK--While buyers of insurance agencies may not share the same strategies for purchasing agencies, they all have clear ideas about why they make the deals.

Zurich Financial Services reported a 2009 first quarter net income of $362 million, a 75 percent drop from the 2008 first quarter figure.

American International Group bettered its first quarter loss from last year by close to $2.5 billion, but reported a net loss of more than $5 billion, admitting that negative publicity is affecting underwriting.

After reporting a net loss for 2008, Zurich, Switzerland-based carrier Swiss Re celebrated a return to profitability in the first quarter, despite a 76 percent drop in net income.

American International Group said its AIG Financial Products Corp. has sold its commodity index business to UBS Investment Bank.

ORLANDO, FLA.--Workers' compensation insurers barely broke even last year, according to figures released here by the National Council on Compensation Insurance.