Reinsurance

BMS placed the first electronic contract in the London Market via an iPad in January—a facultative property risk placed with the Catlin Syndicate.

Recent flooding in Queensland, Australia, has resulted in about $2 billion in insured losses according to The Insurance Council of Australia.

Bermuda-based reinsurer Montpelier Re Holdings Ltd. reported net income dropped 60 percent in the fourth quarter of 2010 due to a combination of catastrophe losses and declines in investment returns.

Catastrophes ate into Zurich Financial Services Group’s earnings, as the company reported net income decreased 13 percent from the prior year.

Catastrophe losses helped drive an 84 percent decline in Pembroke, Bermuda-based PartnerRe Ltd.’s 2010 fourth quarter net income, and the company reported that upward revisions for New Zealand earthquake and Australia flood losses added 12 points to the combined ratio.

Independent reinsurance brokerage firm Holborn said the first quarter has been an eventful one for reinsurers, who will post losses on several events including a recent cyclone and flooding in Australia and developing losses from the New Zealand and Chilean earthquakes in 2010.