Insurance Journal » Reinsurance

ACE Establishes Special Purpose Vehicle, Altair Re

Tue, 30 Apr 2013 16:32:18 +0000

ACE Limited has established a $95 million special purpose vehicle, Altair Re, to provide additional collateralized capacity for its global reinsurance business. The capital will be used to support ACE Tempest Re’s global property catastrophe reinsurance portfolio. Altair Re gives …

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PartnerRe Ltd. Establishes New Companion Facility, Lorenz Re

Tue, 26 Mar 2013 16:59:41 +0000

PartnerRe Ltd. has formed Lorenz Re Ltd., a special purpose insurer domiciled in Bermuda. Lorenz Re was capitalized with $75 million through the issuance of multiple classes of preference shares. It will provide additional capacity to PartnerRe on a diversified …

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Vaughan Joins Beazley from Catlin as Deputy Reinsurance Head

Thu, 21 Mar 2013 10:57:54 +0000

Beazley announced that Mark Vaughan has joined the company as deputy head of its reinsurance division. He moves to Beazley from Catlin, where he was senior class underwriter on the reinsurance team. Vaughan previously worked for Catlin in Bermuda and …

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RAA: U.S. Reinsurers Had Higher Profits, Improved Underwriting Results in 2012

Fri, 15 Mar 2013 17:00:24 +0000

The Reinsurance Association of America (RAA) said a group of 19 U.S.-based property/casualty reinsurers reported higher net written premiums and net income for 2012 compared to 2011. The RAA said Thursday that a survey of statutory underwriting results showed these …

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Argo Group Establishes New Sidecar, Harambee Re

Tue, 08 Jan 2013 17:54:05 +0000

Argo Group International Holdings, Ltd. has established Harambee Re 2013-1 Ltd for the 2013 accident year. This is the first sidecar established by Argo Group. Unlike other sidecars, which typically write either reinsurance or retrocession business, Harambee Re will support …

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Montpelier Re Launches Blue Capital – Investors’ Asset Management Platform

Wed, 05 Dec 2012 11:23:23 +0000

Bermuda-based Montpelier Re Holdings Ltd announced the launch of Blue Capital, an asset management platform offering a range of catastrophe reinsurance-linked investment products to institutional and retail investors. Montpelier Re’s President and CEO Chris Harris pointed out that the reinsurer …

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Best’s Report on Bermuda Re/Insurers Sees over 10% ROE for 2012

Tue, 04 Dec 2012 10:58:59 +0000

There are still several weeks until the end of the year, but forecasts are unlikely to change very much as far as Bermuda’s re/insurers are concerned. A new special report from A.M. Best indicates that “2012 is shaping up as …

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Best Affirms Munich Re and Subs ‘A+’ Ratings; Outlook Stable

Mon, 03 Dec 2012 11:07:16 +0000

A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A+’ (Superior) and issuer credit ratings (ICR) of “aa-” of Munich Reinsurance Company and its subsidiaries. Best also affirmed all of Munich Re’s debt rating. The outlook for all …

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S&P Report: Reinsurers Discuss Industry Lessons Learned From Hurricane Sandy

Fri, 30 Nov 2012 11:21:14 +0000

A recent report, “Reinsurance Industry Leaders Discuss Lessons Learned From Hurricane Sandy,” published Nov. 29, 2012, on RatingsDirect, Standard & Poor’s Ratings Services, notes that “reinsurers had three very good quarters until Superstorm Sandy hit the U.S. East Coast on …

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October Disaster Loss at $1.08B: Allstate

Wed, 28 Nov 2012 15:44:35 +0000

Allstate Corp. expects to report October disaster losses of $1.08 billion, mostly due to superstorm Sandy, the home and auto insurer said on Wednesday. Allstate, the largest publicly traded home and auto insurer in the country, said its gross losses …

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Swiss Re Estimates Claims from Hurricane Sandy at around $900 Million Net

Mon, 26 Nov 2012 11:48:23 +0000

Swiss Re announced that its estimates of claims from Hurricane Sandy are around $900 million, net of retrocession and before tax. The bulletin warned, however, that “this estimate is subject to a higher than usual degree of uncertainty and may …

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Senior Reinsurance Execs to Join Q-Re in Establishing ‘Global Franchise’

Tue, 20 Nov 2012 10:20:15 +0000

Q-Re, a subsidiary of Qatar Insurance Company (QIC), headquartered in Doha, Qatar, announced additions to a team of senior reinsurance underwriters and professionals who “will drive the establishment of the company’s future franchise as a global reinsurer writing all major …

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RenRe Appoints O’Donnell as President, Global Chief Underwriting Officer

Wed, 14 Nov 2012 15:23:39 +0000

Bermuda-based RenaissanceRe Holdings Ltd announced the appointment of Kevin O’Donnell to the position of President & Global Chief Underwriting Officer. CEO Neill A. Currie commented: “I’m pleased to announce the promotion of Kevin to the position of President of RenRe …

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Swiss Re Posts $2.2 Billion Q3 Net Income

Thu, 08 Nov 2012 11:06:18 +0000

Swiss Re reported net income of $2.2 billion in the third quarter of 2012, compared to $1.3 billion in the prior-year period, and a return on equity of 28 percent, “driven by continued strong performance from P&C Reinsurance and a …

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Canopius’ Chief Inga Beale Stresses ‘Client Focus’ for European Success

Thu, 08 Nov 2012 10:51:18 +0000

Lloyd’s has a good reputation in Europe, but managing agents need to become more client focused to be successful on the continent, explained Inga Beale, Group Chief Executive at Canopius Group Ltd. in an article on the Lloyd’s web site. …

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Hannover Re Sees Little Sandy Impact; Raises Profit Forecasts

Tue, 06 Nov 2012 11:57:49 +0000

Hannover Re does not expect to be blown off course by damage from Hurricane Sandy in the United States, the German reinsurer said on Tuesday, as it beat quarterly profit forecasts and lifted expectations for this year and next. Shares …

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Canada’s Manulife Says Reinsurace Exposure to Hurricane Sandy ‘Manageable’

Wed, 31 Oct 2012 04:25:37 +0000

Toronto-based Manulife Financial, one of North America’s largest insurers, said its exposure to Hurricane Sandy was manageable and within its risk tolerance. The company, based in Toronto, is primarily a life insurer, but it also provides property and casualty reinsurance, …

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Argo International’s Lloyd’s Syndicate Adds Casualty Treaty Reinsurance Class

Wed, 24 Oct 2012 16:14:13 +0000

Argo Group International Holdings, Ltd., an international underwriter of specialty insurance and reinsurance products, will expand its offerings in the international casualty marketplace to include treaty reinsurance business written through Lloyd’s of London. This new capability adds to Argo Group’s …

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A.M. Best Downgrades Texas-Based Columbia Lloyds, MDOW Insurance

Wed, 24 Oct 2012 16:06:58 +0000

A.M. Best Co. has downgraded the financial strength rating to B++ (Good) from A- (Excellent) and issuer credit ratings to “bbb” from “a-” of Columbia Lloyds Insurance Co. (Columbia Lloyds) and its wholly owned and 100 percent reinsured subsidiary, MDOW …

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Best Affirms Greenlight Re and Affiliates Ratings; Outlook Stable

Wed, 10 Oct 2012 10:28:45 +0000

A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit rating (ICR) of “a” of Greenlight Reinsurance, Ltd., as well as the FSR of ‘A-’ (Excellent) and ICR of “a-” of Greenlight Re’s affiliate, …

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ACE Appoints Ashley, Henderson, Cassidy to Bermuda Reinsurance Unit

Fri, 21 Sep 2012 10:28:15 +0000

ACE has announced three appointments in its ACE Tempest Re Bermuda reinsurance unit: Wayne Ashley as Chief Underwriting Officer, International; Graeme Henderson as Vice President, International; and Darin Cassidy as Vice President, USA. All will be based in Hamilton, Bermuda. …

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Cooper Gay Swett & Crawford – Looking Forward, Not Back

Charles E. Boyle — Wed, 19 Sep 2012 11:03:13 +0000

Don’t tell Toby Esser, Cooper Gay Swett & Crawford’s CEO, that the global economy is in the doldrums. “We’ve had substantial organic growth over the last 12 months with property up around 20 percent, and an increased market share,” he …

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Capital Markets: A Threat or a Complement for Reinsurers?

Charles E. Boyle — Tue, 18 Sep 2012 10:37:28 +0000

Investments from the capital markets in various forms now provide around 14 percent of the total capital dedicated to providing reinsurance – approximately $35 billion [$17 billion in cat bonds] out of $250 billion. The question remains as to whether …

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Re/insurers Increasingly Less Relevant to Global Economy: XL CEO McGavick

Charles E. Boyle — Mon, 17 Sep 2012 10:50:01 +0000

XL’s CEO Mike McGavick doesn’t mince words when it comes to looking at the big, and not very pretty, picture of the state of the re/insurance industry. Address emerging risks, innovate, create new products and provide potential insurance buyers with …

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Swiss Re’s Chief Economist on the State of the Global Economy

Charles E. Boyle — Fri, 14 Sep 2012 14:32:19 +0000

“The European debt crisis is affecting the global economy, definitely,” said Kurt Karl, Swiss Re’s chief economist in an interview at the recent Reinsurance Rendezvous in Monte Carlo. He did indicate that it’s affecting the U.S. a bit less, as …

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Best to Assign Ratings to Merged QBE European Reinsurance Entities

Thu, 13 Sep 2012 09:20:19 +0000

A.M. Best Europe – Rating Services Limited has commented that it expects to assign a financial strength rating (FSR) and an issuer credit rating (ICR) to UK-based QBE Re (Europe) Limited) on or shortly after 30 September 2012. Best said …

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Low Interest Rates: an Ongoing Problem for the Re/insurance Industry

Charles E. Boyle — Wed, 12 Sep 2012 11:03:10 +0000

Swiss Re’s sigma report analyzing the effect on the insurance industry of the continuing low interest rates doesn’t paint a pretty picture. They have been at historic lows for several years. For instance the nominal yield on a 10-year U.S. …

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Worth Named CFO at Aspen

Tue, 11 Sep 2012 12:47:29 +0000

Aspen Insurance Holdings Ltd. in Bermuda has appointed John Worth as group chief financial officer of the company, effective Nov. 1. He will be based in London, reporting directly to Chris O’Kane, Aspen’s chief executive officer, and join Aspen’s group …

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Reinsurance Rendezvous Focuses on Euro Zone, Interest Rates, Capital

Charles E. Boyle — Mon, 10 Sep 2012 10:38:06 +0000

For once there’s no natural catastrophe hanging over the annual Reinsurance Rendezvous in Monte Carlo (the 56th edition). Tropical storm Leslie missed Bermuda and Hurricane Michael is safely out in the Atlantic. But that doesn’t mean there are few concerns …

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Best’s Global Reinsurance Market Review Analyzes Top 50, Capital, Ratings

Wed, 05 Sep 2012 12:48:36 +0000

A.M. Best has published a review of the international reinsurance market, which analyzes the performance of the largest reinsurers (rated by gross premiums written). Although the figures – based on 2011 – do not reflect more recent developments in the reinsurance …

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