Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
E&O Insights: MGAs Carry a Heavy Errors and Omissions Load
May 17 2010 // Having met the management of many managing general agencies (MGA), and managing general underwriters (MGU), I have been somewhat surprised by their perspective on their errors and omissions (E&O) claim potential. Some...
Florida Insurers Head Into Hurricane Season with Fingers Crossed
May 14 2010 // Florida’s property insurance companies haven’t suffered hurricane losses for nearly five years, but many claim to be losing money even while collecting hefty premiums. It’s a complex paradigm for almost...
Best Upgrades Alterra Capital and Subs Ratings to ‘A’
May 13 2010 // A.M. Best Co. has upgraded the financial strength rating (FSR) to ‘A’ (Excellent) from ‘A-‘ (Excellent) and issuer credit ratings (ICR) to “a” from “a-” of the operating...
Insurance Industry Reacts to Gulf Coast Oil Spill
May 11 2010 // The blame game for the recent British Petroleum (BP) oil rig accident and subsequent oil spill is just getting started as are the insurance implications of this disastrous event, according to underwriters and other...
RMS Licenses Cat Modeling Software Programs to China Re
May 11 2010 // Risk Management Solutions (RMS) announced that China Reinsurance (Group) Corporation, the largest reinsurer in Asia, will “license its catastrophe modeling software to support the expansion of China Re’s...
New Jersey Targeting Growth in Captive and Reinsurance Markets
May 11 2010 // New Jersey Insurance Commissioner Tom Considine praised new, bipartisan legislation that would grow the reinsurance market and create a captive insurance market in the Garden State. The captive insurance bill was put...
Munich Re Posts $633 Million Q1 Profit Despite Nat Cat Losses
May 10 2010 // Munich Re achieved a consolidated profit of €485 million ($633 million) in the first quarter of 2010, slightly ahead of the €437 million ($571 million) in the same period last year. The earnings bulletin...
Best Removes Berkshire Companies from ‘Under Review;’ Affirms Ratings
May 10 2010 // A.M. Best Co. has issued three separate bulletins announcing that it has removed a number of Berkshire Hathaway’s insurance companies from the “under review with negative implications” status it announced...
(Re)Insurers Take on $5 Billion Risk with Soccer World Cup Coverage
May 10 2010 // Soccer teams and fans aren’t the only ones girding themselves for the start of the World Cup in South Africa. The world’s insurance companies have sold policies covering $5 billion worth of risks linked to the...
UK’s Amlin to Establish European Reinsurance Company in Switzerland
May 5 2010 // London-based Amlin plc, one of Lloyd’s and the UK’s best known insurers, has announced plans to establish a reinsurance company in Switzerland to serve European clients. Amlin said it believes that the company...
Best Affirms ACE and Subs Ratings; Outlook on Debt Changed to Positive
May 4 2010 // A.M. Best Co. has revised the outlook to positive from stable and affirmed the issuer credit ratings (ICR) of “a-” and senior debt ratings of ACE Limited, based in Zurich, Switzerland, and ACE INA Holdings...
Florida Lawmakers Pass Omnibus Property Insurance Bill
May 3 2010 // On the final day of this legislative session, Florida lawmakers passed omnibus legislation that aims to bring more control over homeowners insurance costs, raises the state’s minimum capital requirements for...
People
May 3 2010 // Heffernan Insurance Brokers headquartered in Walnut Creek, Calif., hired Keith W. Newell as senior vice president, Southern California Construction Practice Leader in its Los Angeles office. Newell will expand...
Everest Re Posts $22.7 Million Q1 Net Loss; Operating Loss $73.8 Million
Apr 30 2010 // The Bermuda-based Everest Re Group reported a net loss of $22.7 million, or $0.38 per common share, for the first quarter 2010, compared to net income of $108.6 million, or $1.76 per diluted common share, for the first...
P/C Industry’s Net Income Up $25B in 2009; Combined Ratio Improves
Apr 15 2010 // The U.S. property/casualty industry’s profitability as measured by their rate of return on average policyholders’ surplus (or statutory net worth) increased by 5.8 percent in 2009, while private P/C...
Greenberg Seeks Dismissal of New York AG’s Reinsurance Case
Apr 13 2010 // Former American International Group Inc. Chief Executive Maurice “Hank” Greenberg has asked a judge to dismiss a civil fraud lawsuit brought by New York’s attorney general, who is seeking to hold him...
Global Reinsurers Enjoyed Solid Year in 2009, A.M. Best Reports
Apr 13 2010 // Capacity returned in force to the global reinsurance market in 2009, as solid earnings helped to propel capital upward by 24 percent from the previous year, despite a softening market. Recovering from harsh blows delivered...
Olympus Is Latest Insurer Under Scrutiny by Florida Regulators
Apr 12 2010 // Another young Florida property insurance company is in trouble with state regulators and could lose its license if it does not cut back on business, boost its reinsurance and explain some if its accounting. Olympus...
Crop Reinsurers’ Profit Could Fall 30% Under USDA Changes, Says Aon
Apr 12 2010 // Proposed cuts in the agreement crop insurers have with the federal government would likely reduce reinsurers’ expected profit by 20 to 30 percent, which could lead to some companies withdrawing from the program or...
Best Affirms Tower Group’s ‘A-‘ Ratings
Apr 2 2010 // A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A-‘ (Excellent) and issuer credit ratings (ICR) of “a-” of the New York-based Tower Group Companies and its pooled and reinsured...
