Reinsurance News

Catlin Group Interim Report Shows 11% Hike in Gross Premiums Written

Catlin Group Limited, the Bermuda-based specialty property & casualty insurer and reinsurer, has issued its interim management statement for the nine-month period ended September 30, 2014, which shows premiums reported and not financial results. The interim statement includes the following …

A.M. Best Assigns A- (Excellent) Rating to Kelvin Re in Guernsey

A.M. Best has assigned a financial strength rating of A- (Excellent) and an issuer credit rating of “a-” to Kelvin Re Limited (Guernsey). The outlook assigned to both ratings is stable. The ratings reflect Kelvin Re’s strong capitalization, diversified projected business profile within …

Swiss Re Net Income Rises 14%, Supported by Lower Catastrophe Losses

Swiss Re AG, the world’s second- biggest reinsurer, said third-quarter profit rose 14 percent, beating analysts’ estimates, following lower-than-expected losses from natural catastrophes. Net income rose to $1.23 billion from $1.07 billion in the year-earlier period, beating the $928.6 million average …

Hannover Re 3rd Quarter Profit Rises 21% on Benign Hurricane Season

Hannover Re, the world’s third- biggest reinsurer, said third-quarter profit rose 21 percent, helped by a benign U.S. hurricane season and higher income from investments. Net income rose to 251 million euros ($315 million) from 207 million euros a year …

Aon Benfield Buys Safe Brokers to Enhance Presence in Greece, Cyprus

Aon Benfield, the reinsurance intermediary and capital adviser of Aon plc, has acquired Safe Brokers to strengthen its investment in the Greek and Cypriot markets. Safe Brokers is an independent reinsurance broker with facultative and treaty premium of approximately EUR15 …

Hedge Funds Need to Be Wary of Push Into Catastrophe Risks: XL Group

Hedge funds looking for new investments may be pushing too fast into insurance, said Michael McGavick, the chief executive officer of XL Group plc. McGavick joins Franklin Montross, the CEO of Berkshire Hathaway Inc.’s General Re, and Ace Ltd.’s Evan …

Hedge Funds Move Into Catastrophe Reinsurance

Hedge funds are muscling their way into the market to share the cost of cleaning up after natural catastrophes, but skeptics are questioning whether they will stick around ahead of the next “big one” as underwriting returns fall. Hedge funds …

Montpelier Reports Third Quarter Financial Results

Montpelier Re Holdings Ltd., the Bermuda-based provider of short-tail reinsurance and other specialty lines, reported operating income for the third quarter ended September 30, 2014, of $39.9 million, or $0.86 per common share, compared with $71.5 million, or $1.38 per …

Aon Benfield Launches Arabian Earthquake Model

Impact Forecasting, Aon Benfield’s catastrophe model development unit, launched a catastrophe model to estimate the financial impact of earthquakes in the Arabian Peninsula. The demand for catastrophe modeling in the countries of Gulf Cooperation Council (GCC) is increasing as a …

Cunningham to Become CEO of IAT Reinsurance

IAT Reinsurance Company Ltd., the privately owned Bermuda insurer, announced that Peter R. Kellogg is retiring as chief executive officer, a position he has held since the company’s founding in the early 1980s. William Cunningham will assume the role of …