Crediting high-retention rates and strong new-business growth, Marsh & McLennan Companies says first-quarter net income grew by 7 percent from the same period last year.

The first quarter of 2012 hit a record in the catastrophe-bond market as property and casualty insurance sponsors introduced eight new tranches, increasing the issuance of securities by 32 percent over the same period last year.

Property and casualty insurer Hanover Insurance Group Inc posted a quarterly profit above Wall Street estimates for the third time on the trot, helped by lower catastrophe losses and firming insurance rates.

Radian Group Inc posted a second straight quarterly loss, hurt by the change in value of derivatives and other financial instruments, but the mortgage insurer said its risk ratios improved in the quarter.