Bermudian insurer/reinsurer Maiden Holdings has closed the first nine months of the year with net income of $44.3m, swinging from a prior-year loss of $1.2m, as operating income set a record of $72.2m from a loss of $845,000. Results reflected a reduction in net realised investment losses to $462,000 from the year-earlier $42.4m and this year's acquisition of GMAC Re. Net earned premiums more than doubled to $671.3m from $256.2m, while the combined ratio rose to 96.1% from 93.3%. Maiden also announced a 25% quota share agreement with American Capital Acquisition Corp in connection with ACAC's proposed purchase of GMAC's US p/c business. Maiden expects the deal to boost its annual revenues by around $200m.

Broker Jardine Lloyd Thompson (JLT) said its operations have been adversely impacted by the global economic slowdown in the third quarter of 2009 but that it remains on track to meet its financial objectives for the full year. CEO Dominic Burke said the group is well positioned to take advantage of growth opportunities as the economic and industry outlook improves through acquisitions and new hires. In an interim management statement, JLT said "reduced levels of corporate activity as well as unprecedented low rates for investment income" have made insurance market conditions challenging in the third quarter. It added that while market conditions are competitive in most classes of insurance business, there is "no consistent evidence of rates hardening". The broker said that despite the challenging conditions, its risk and insurance business "continues to trade strongly" and is recording "encouraging levels of organic growth", with a particularly strong performance from its London market business.

UK insurer Novae said profits recorded during the third quarter of 2009 could repair the "disappointments" of the first half of the year. Group CEO Matthew Fosh said a repeat performance of Q3 in the last quarter of the year would counter the losses incurred on credit and aviation reinsurance business during the first half of 2009. In an interim management statement, Novae reported a 15% increase in gross premiums to £308m for the first nine months of 2009 after pushing through rate increases averaging 9%, which Novae said is towards the higher end of its expectations of 5-10% for the full year. Investment returns of £26.5m for the period were down on the £32m reported for the first nine months of 2008. Novae said its new reinsurance unit announced in August 2009, Novae Re, will begin underwriting for the January 2010 renewal season.

The Swiss regulator has confirmed that new remuneration rules will be mandatory for the country's seven largest banks and five largest insurers. The Swiss Financial Market Supervisory Authority (FINMA) said the new rules on compensation, which will require firms to defer management bonuses and also encourages clawbacks, will apply from the beginning of 2010. However, the regulator has stopped short of capping bonuses and pay. FINMA said that after receiving "many critical reactions" to its proposals, it will restrict the rules to the largest financial institutions, although others are encouraged to apply the principles in setting their remuneration policies. The 12 banks and insurers have not been named, but the rules will be based on solvency margin requirements for insurance firms and equity capital requirements for banks. "Remuneration schemes can create false incentives which may lead to inappropriate risks being entered into, threatening the business and profitability of a financial institution and, at the end of the day, its stability," FINMA said.