Reinsurance News

Cat Bond Coverage Reaches Record $20 Billion: Aon Benfield ILS study

In its latest report Aon Benfield Securities, the investment banking division of global reinsurance intermediary and capital advisor Aon Benfield, noted that the fourth quarter of 2014 continued to see more Insurance-Linked Securities [ILS]. Eight catastrophe bonds closed during the …

AmTrust Financial Refutes Negative Report, Says Future Has ‘Never Been Brighter’

AmTrust Financial Services Inc. (AFSI), a New York-headquartered insurer whose stock price fell last week in wake of a negative report from research firm GeoInvesting, is assuring investors its business is strong. The insurer described the negative report as “misleading …

Federal Insurance Office Releases Long-Awaited Modernization Report

After nearly two years of delay, the U.S. Department of the Treasury’s Federal Insurance Office (FIO) today released its report on how to modernize and improve the system of insurance regulation in the United States. In its report, the FIO …

Former Marsh CEO Duperreault in Group Buying SAC Capital Reinsurance Unit

Steven A. Cohen, the billionaire founder of SAC Capital Advisors LP, agreed to sell a reinsurer he formed in 2012 after the hedge fund firm reached a $1.8 billion deal to end a criminal investigation. A group led by former …

Reinsurer Arch to Help Freddie Mac Cover Mortgage Losses

Freddie Mac bought insurance covering a portion of losses on a pool of home loans from Arch Capital Group Ltd.’s Arch Reinsurance Ltd. unit, expanding risk- sharing efforts by the government-backed company. The policy will cover as much as $77.4 …

CNA Hires New Vice President of Reinsurance Placements

Chicago-based CNA Financial Corp. announced that it has appointed Sheila Chapman vice president of reinsurance placements. In this role, Chapman will provide strategic leadership and direction in the negotiations required for reinsurance agreements. Chapman brings to CNA more than 15 …

Montpelier Re Sub Blue Capital Re Files for IPO

Bermuda-based Montpelier Re Holdings Ltd. and its wholly owned subsidiary Blue Capital Reinsurance Holdings Ltd. have announced that Blue Capital Re “has publicly filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to the …

Guy Carpenter Launches Specialty Practice for Excess and Surplus Lines Carriers

Guy Carpenter & Co., a global risk and reinsurance intermediary specialist and member of Marsh & McLennan Cos., announced the launch of its new Excess & Surplus Lines Specialty Practice. Guy Carpenter said the new unit will focus on the …

Louisiana Citizens Lowering Commercial Property Rates

The state-run property insurer of last resort in Louisiana plans to lower commercial rates. The Advocate reports the bulk of those cuts would benefit the 352 commercial policyholders Louisiana Citizens Property Insurance Corp. covers in coastal areas. Those policyholders would …

AIG Not Renewing Reinsurance with Rival Berkshire: Source

American International Group Inc. has decided against signing new reinsurance contracts with Berkshire Hathaway Inc. after Warren Buffett’s company started a commercial insurer competing against AIG, according to a person with knowledge of the decision. AIG stopped entering into the …