Reinsurance

An appellate court in New York has cleared the way for a trial on allegations that Maurice Hank Greenberg and Howard Smith, respectively the former CEO and CFO of American International Group, committed fraud in connection with two reinsurance transactions.

A reduction in catastrophe losses allowed XL Group to swing to a first-quarter profit after suffering a loss in 2011s first quarter.

Prompted by a lobbying group that supports efforts to reduce global warming, three insurance companies and the Association of Bermuda Insurers and Reinsurers have publicly renounced their support for the Heartland Institute, a libertarian research group.

Swiss Re says it has secured $400 million in natural-catastrophe coverage through a catastrophe bond issued by Mythen Ltd.

Warren Buffetts Berkshire Hathaway more than doubled first-quarter net income as its insurance businesses turned in a net-underwriting profit of $54 million compared to a loss of $821 million a year ago.

Swiss Re sounded an upbeat note for 2012 and said reinsurance prices could rise further after it posted a forecast-beating profit for the first quarter thanks in part to the absence of large natural catastrophes.