Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
North Carolina Recovers $6.5M for Members of Workers’ Comp Pool
Aug 11 2009 // North Carolina Insurance Commissioner Wayne Goodwin says that $6.5 million will be returned to 661 former members of the Phoenix Fund Inc., a self-insured workers’ comp fund that was put into rehabilitation nearly...
Insurance Broker Marsh Revenues Fell 7% in Q2 But Profit Rose
Aug 5 2009 // Marsh & McLennan Companies Inc. posted a second quarter net loss of $193 million, attributable to the declining value of its security consulting business and private equity investments. Last year for the same quarter...
Validus Appoints 2 Executives for Reinsurance Business
Jul 30 2009 // Bermuda-based Validus Holdings, Ltd. announced that Conan M. Ward has been appointed Chief Executive Officer of Validus’ wholly-owned subsidiary Validus Reinsurance, Ltd. and Kean D. Driscoll has been appointed Chief...
Texas Enacts Windstorm Insurance Reforms; Will They Be Enough?
Jul 30 2009 // During the recently completed 81st Legislative Session, the Texas legislature adopted the most significant reforms to the Texas Windstorm Insurance Association (TWIA) since 1997 with the passage of House Bill 4409 (HB...
IPC Sale to Validus Includes ‘Storm-proof’ Agreement
Jul 27 2009 // IPC Holdings, the Bermuda catastrophe reinsurer that attracted interest from more than a dozen bidders, held out for a storm-proof agreement before agreeing to a sale to rival Validus Holdings The $1.65 billion...
Validus Opens European Office
Jul 22 2009 // Bermuda-based Validus Holdings, Ltd. has opened a European reinsurance representative office located in Hamburg, Germany. The new office will represent Validus Reinsurance, Ltd. (Validus Re), the Group’s...
UK’s Miller Launches Facultative Reinsurance Capability in Singapore
Jul 22 2009 // The UK-based broker Miller Insurance Services Limited announced that it will now be offering facultative reinsurance capability out of its Singapore office following the additions of Nigel Cross and Adam Fuller. Cross...
Best Affirms Munich Re, Subs ‘A+’ Ratings; Outlook Stable
Jul 21 2009 // 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 (Munich Re) and its subsidiaries. Best also...
Torus Re Names Mardon President/Chief Underwriting Officer
Jul 21 2009 // Torus Insurance Holdings Limited announced the appointment of Tim Mardon as President and Chief Underwriting Officer of Torus Re with immediate effect. He will report directly to Clive Tobin, Chief Executive of...
U.S. Reinsurers Post $26.4B in Net Premiums for 2008
Jul 21 2009 // For 2008, the U.S. reinsurers reported net premiums written of $26.4 billion, premiums earned of $25.9 billion, according to the Reinsurance Association of America’s “Reinsurance Underwriting Review: 2008...
S&P Lowers Ratings on 6 Cat Bonds; Puts 4 on CreditWatch/Negative
Jul 21 2009 // Standard & Poor’s Ratings Services announced that it has lowered its ratings on six natural peril catastrophe bonds issued in 2007 and 2008, as listed below. The bulletin said: “We lowered our ratings by...
Validus Wins IPC; Industry ‘Think Tank’ Warns on Climate Change; Partner Re to Acquire PARIS RE
Jul 20 2009 // The contest to acquire IPC Holding appears to be over. Validus Holdings, the formerly unwelcome suitor, whose rival bid ended Max Capital’s effort to take over IPC, has emerged as the winner. Validus finally came up...
Early, Dryden Join UK Broker Miller’s Facultative Re Unit
Jul 20 2009 // UK specialist insurance and reinsurance broker Miller Insurance Services Limited announced that Nick Early and Tony Dryden have joined its Facultative Reinsurance business unit. Both men join Miller from Benfield Early has...
S&P Affirms/Withdraws Some Swiss Re Operating Company Ratings
Jul 15 2009 // Standard & Poor’s Ratings Services has affirmed its ‘A+’ long-term counterparty credit and insurer financial strength ratings on various operating companies belonging to global reinsurer Swiss...
Best Affirms Omega Specialty, Lloyd’s Syndicate 958 Ratings
Jul 15 2009 // A.M. Best Co. has affirmed the financial strength rating of ‘A-‘ (Excellent) and issuer credit rating of “a-” of Bermuda-based Omega Specialty Insurance Company Limited (OSIL), both with stable...
Guy Carp Names McKeown CEO – Global Analytical and Specialty
Jul 13 2009 // Guy Carpenter & Company, LLC announced that it has named Chris McKeown as Chief Executive Officer of Global Analytical and Specialty Practices. He will be responsible for Guy Carpenter’s Instrat® modeling...
Aon Benfield Launch ‘CapTivate’ as Integral Solution for Energi Holdings
Jul 13 2009 // Aon Benfield announced that Energi Holdings, an industrial captive reinsurance company, has utilized its ‘CapTivate’ reinsurance solution to support Energi’s growth. Aon described the program as a...
Hannover Re’s Diversity Plan Set to Boost Shares; Weather Worries
Jul 13 2009 // The short-term success of Hannover Re’s bid to diversify away from risky businesses is hostage to the hurricane season, while further out, it is likely to lead to a positive re-rating of the shares. The world’s...
Validus to Buy IPCRe
Jul 10 2009 // Validus Holdings Ltd. said it has agreed to buy Bermuda reinsurance rival IPC Holdings Ltd. for $1.65 billion in cash and stock, beating another rival, Flagstone Reinsurance Holdings Ltd, and likely ending a months-long...
PartnerRe To Acquire PARIS RE; Best Sees no Rating Change
Jul 6 2009 // Bermuda-based PartnerRe announced that it has entered into definitive agreements to acquire PARIS RE, a French-listed, Swiss-based diversified reinsurer. PartnerRe will exchange 0.30 of its common shares for each PARIS RE...
