Reinsurance

Taking advantage of the precarious position of guaranty insurers, Goldman Sachs appears to be aiming at entering that marketplace on the heels of acquiring Ariel Reinsurance earlier this month.

The U.S. reinsurance industry was hit hard by catastrophes in 2011, producing a combined ratio of well over 100, according to one survey of U.S. reinsurance property and casualty underwriters.

After enduring a catastrophe-filled 2011, small and regional carriers emerge wiser and committed as ever to the personal-service edge they enjoy over their larger competitors.

The accumulation of data and the usage of that data in catastrophe modeling is a delicate business.

Employment in the industry fell in January 2012 compared to both December 2011 and January 2011, with agents and brokers shedding the most jobs, 4,100, from December to January, but Insurance Information Institute President Robert Hartwig says the outcome is typical of industry-employment patterns in January.

Zurich Financial Services Group says its board plans to name Josef Ackermann as chairman and Tom de Swaan as vice chairman after its annual general meeting on March 29.