Swiss Re has revealed the January property and casualty (P&C) renewals period saw it achieve premium growth of 20% across all regions, with Group CEO Michel Lies calling a “modest but broad” market turn.

The reinsurer made the comments when releasing its 2011 full-year results, adding that the January treaty period saw increased demand for new and additional covers, and an average increase on renewals of 4%.

Swiss Re reported net profit of $US2.6 billion ($2.4 billion) for 2011 – more than triple the $US863 million ($803 million) it recorded in 2010 – on the back of a strong result from the group’s asset management division.

The profit comes despite what is describes as an “exceptional natural catastrophe burden” from events in Asia, Australia, New Zealand and the United States.

These events resulted in a P&C combined operating ratio of 101.6%, up from 93.9% in 2010, and a decline in operating profit from the P&C division of 48% in 2011 to $US1.3 billion ($1.2 billion).

Of the outlook for 2012, Mr Lies says: “With a successful year behind us and a modest but broad market turn under way, Swiss Re is well positioned to perform and grow in a low-yield environment.”

The company also announced a new Group Chief Underwriting Officer, with current Division Head, Property & Specialty Reinsurance, Matthias Weber to take up the position from April 1, replacing Brian Gray.

This follows the recent announcement that Moses Ojeisekhoba will succeed Martyn Parker as CEO Reinsurance Asia and Regional President Asia from March 15. The reshuffle sees Mr Parker become Chairman, Global Partnerships, succeeding Mr Lies in this role.