Reinsurance

Allied World Assurance Co. Holdings says it nearly doubled fourth-quarter net income but the Switzerland-based companys net income for the year was more than halved.

Moodys Investors Service says its Moodys Global Insurance CDS (credit default swap) Index shows that although investors view of global insurers for the most part improved during the 2011 fourth quarter, opinions are still more negative than indicated by Moodys ratings.

Argo Group International Holdings says 2011 fourth-quarter net income was down 89 percent while fellow Bermuda-based insurer and reinsurer Arch Capital Group says net income fell 40 percent during the last quarter.

Hamilton, Bermuda-based reinsurer Aspen Insurance Holdings Ltd. says it has initiated a search for a new chief financial officer to replace Richard Houghton, who will be leaving the company effective Feb. 29 to pursue other opportunities.

The Obama administration today reinstated its call for a new tax on offshore insurers, but under a formula greater than that proposed by the administration in past years.

XL Group says it took a 2011 fourth-quarter net loss of $515.5 million on a large impairment charge and catastrophe losses.