Results

Transatlantic Holdings... the New York-based reinsurance affiliate of AIG, has closed Q1 with net income of $75.2m, a decline of 35% that reflected a 4% drop in earned premiums to $976.5m, a 6.3% drop in investment income to $109.8m and a quadrupling of realised capital losses to $60.6m. The combined ratio rose to 95% from 94.1%, as a 1% drop in claim losses to $669.8m was not enough to offset the decline in premiums.