Brown lands Catlin job
W Brown & Associates is to underwrite general aviation cover for US clients on behalf of Catlin, an insurer and reinsurer. Brown, which is based in California and was established in 1987, offers products through more than 800 independent agents and brokers.
Aon income down 35%
Aon’s net income plunged by 35% in the fourth quarter of 2008. Net income from continuing operations fell to $123m (£82.5m), from $188m in the same quarter of 2007. The broker attributed the loss to the economic downturn and soft market conditions. Aon announced total revenue of $1.9bn, with organic growth of 2% in commissions and fees.
Munich re in €1.5bn profit
Munich Re has recorded a €1.5bn (£1.3bn) profit for the financial year 2008, according to preliminary calculations. The profit for the fourth quarter was about €100m. The reinsurer said in a statement that a large part of the profit would be distributed to shareholders. Munich Re also said the reinsurance market was showing distinct signs of hardening.