What’s New: In Brief (August 10, 2009)

Swiss Re has reported a net loss of CHF381 million (roughly the same amount in Canadian currency) for 2009 Q2 as compared to a profit of CHF564 million for 2008 Q2.
Property and casualty operating income increased to CHF1 billion in 2009 Q2 as compared to CHF900 million in 2008 Q2.
The combined ratio improved to 89.4% compared to 91% in the same period of the previous year.
This result is primarily due to disciplined underwriting and strict expense management, the company noted.
“For property and casualty, the company expects further modest rate increases,” according to a release. “The company is likely to surpass its combined ratio target of 95% for the underwriting year, provided that natural catastrophe events remain within expectations.”

Paris Re Holdings Ltd has reported a net operating income of US$59.4 million for 2009 Q2, compared to a net operating income of US$81 million for 2008 Q2.
Gross written premium was US$292.5 million for 2009 Q2, compared to US$319.5 million for 2008 Q2.
For the first half of 2009, gross premium written was US$953.6 million, compared to US$1.1 billion for the first half of 2008.
The combined ratio was 90.8% for 2009 Q2 and 91.5% for the first half of 2009.