What’s New: In Brief (May 13, 2009)

Paris Re Holdings Limited has reported an IFRS net income of US$118.6 million for 2009 Q1, compared to an IFRS loss of US$129.5 million in 2008 Q1. The combined ratio for the quarter was 92.2%, compared to 93.3% for 2008 Q1.Gross written premium was US$661.1 million for 2009 Q1, down from US$780.5 million for the same quarter last year. “The 15.3% reduction in premium is primarily due to the reduction in the credit and surety line of business, which faces challenging market conditions,” the company said in a release.It was also due to “our decision to cease writing wind covers in the Gulf of Mexico, to reduce our exposure in some peak zones and to cancel some non-profitable quota share treaties.”Net investment income for 2009 Q1 was US$43.6 million, down 37.4% from 2008 Q1.

Allianz Group reported a 2009 Q1 profit of 29 million euros (Cdn$46 million), compared to a 1.15-billion-euro (Cdn$1.8-billion) profit in 2008 Q1. The company’s combined ratio in 2009 Q1 was 98.5%, up from 94.8% in 2008 Q1. Gross premiums written in property and casualty increased to 13.9 billion euros (Cdn$22.1 billion), compared to 13.7 billion euros (Cdn$21.8 billion) in 2008 Q1.