Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
London’s Reach Bolsters U.S. Specialty Lines
Jan 25 2009 // Insurers Catlin, Beazley, Amlin, Hiscox and Newcomer Torus Find Their Niche in U.S. Market Find a need, then fill it,” is a hoary business principle, but making it work is often harder than it looks. However, a...
Validus Ups Ike Losses to $235 Million
Jan 22 2009 // Bermuda-based Validus Holdings announced that it has increased its estimate of the net adverse effect from Hurricane Ike by approximately $70.1 million to a current total estimate of approximately $235.1 million. Validus...
S&P Assigns ‘AA-‘ Ratings to RenRe Europe; Outlook Stable
Jan 22 2009 // Standard & Poor’s Ratings Services has assigned its ‘AA-‘ counterparty credit and financial strength ratings on Renaissance Reinsurance of Europe (RenRe Europe) with a stable outlook. “RenRe...
Catlin US Establishes Casualty Facultative Reinsurance Unit
Jan 21 2009 // The Bermuda-based Catlin Group Limited has announced the addition of Casualty Facultative Reinsurance to its portfolio of products underwritten by Catlin US. Scott Beall, Director – Casualty Facultative Reinsurance,...
Reinsurance Renewals Are Firming, Concludes Aon Benfield Report
Jan 9 2009 // Global reinsurance prices firmed for Jan. 1, 2009 renewals and are expected to remain firm for the April through July 2009 renewals, according to the January 2009 “Reinsurance Market Outlook” issued by...
Willis Names Fyfe Managing Director – Latin American Reinsurance
Jan 8 2009 // Willis International, a unit of Willis Group Holdings, has announced the appointment of Edward Fyfe as Managing Director of its growing Latin American reinsurance operations, effective immediately. He is based in Lima,...
Reinsurers ‘Unscathed by Financial Crisis’ Says Willis Re Renewal Report
Jan 5 2009 // According to a just issued report from Willis Re, the reinsurance broking arm of Willis Group Holdings, “the global reinsurance industry has remained substantially unscathed by the unprecedented turmoil in the global...
Best Sees No Rating Change for Munich Re from HSB Acquisition
Dec 29 2008 // A.M. Best Co. has commented that the financial strength rating (FSR) and issuer credit ratings (ICR) of Munich Reinsurance Company and its subsidiaries are unchanged following its agreement to acquire specialty insurer HSB...
Ratings II: Zurich (Spain), HDI (Italy), National Grid, Cat Bonds of Ajax, Carillion, Newton
Dec 23 2008 // Standard & Poor’s Ratings Services has raised its counterparty credit and insurer financial strength ratings on non-life insurer Zurich Espana, Compania de Seguros y Reaseguros, S.A.(Zurich España) to...
S&P Puts Everest Re and Subs Ratings on CreditWatch/Negative
Dec 22 2008 // Standard & Poor’s Ratings Services has placed its ‘A-‘ counterparty credit ratings on Bermuda-based Everest Re Group Ltd. and its U.S.-based intermediary holding company, Everest Reinsurance Holdings...
2008: Busy Year for Mergers, Big and Small
Dec 21 2008 // A lot happened in the world of insurance agency/brokerage mergers and acquisitions in 2008. Willis made the biggest slash with its $2.1 billion acquisition of Hilb Rogal & Hobbs Co. (HRH), one of the world’s...
S&P: Outlook on White Mountains Primary is Negative; Reinsurers Stable
Dec 18 2008 // Standard & Poor’s Ratings Services has revised its outlook on White Mountains Insurance Group Ltd. (WTM), OneBeacon Insurance Group Ltd. (OB), and the members of OneBeacon Insurance Group (OneBeacon) to negative...
‘Watchdogs’ Tout Reinsurance Early Warning System
Dec 18 2008 // International insurance watchdogs are working on a system to help safeguard reinsurers’ stability when they are hit by major catastrophes such as hurricanes, regulators said on Wednesday. Big storms such as Hurricane...
Ex-General Re Chief Ferguson Sentenced 2 Years for Fraud
Dec 16 2008 // A former insurance executive was sentenced to two years in prison Tuesday for a scheme that prosecutors said allowed the American International Group to manipulate its financial statements through a sham reinsurance deal...
California Earthquake Authority Selects Broker Team for Reinsurance Program
Dec 12 2008 // The California Earthquake Authority Governing Board today approved a team of reinsurance intermediaries to work on the CEA’s behalf to meet its reinsurance needs. AON Benfield will act as lead intermediary, with Guy...
Best Affirms Max Capital Ratings; Revises Outlook to Positive
Dec 12 2008 // A.M. Best Co. has revised the outlook to positive from stable for all ratings of Bermuda-based Max Capital Group Ltd. (MXGL), and its subsidiaries. Best also affirmed the financial strength rating (FSR) of ‘A-‘...
Insurers Seek Cut in Florida Hurricane Fund Charges to Reflect Reality
Dec 10 2008 // Property/casualty insurers in Florida believe they are being overcharged for coverage from the state’s hurricane fund and some of them are looking for a refund. Insurers contend that the state fund is only...
Swiss Re Sees ‘Severe Recession;’ Insurers Should Preserve Capital
Dec 10 2008 // At their most recent conference in London, Swiss Re’s economists predicted a “severe recession until mid 2009 in industrialized economies, including the United States and Europe.” They also expect that...
NAIC to Examine Proposal to Modify Reinsurance Collateral Requirements
Dec 10 2008 // The National Association of Insurance Commissioners (NAIC) has adopted its Reinsurance Regulatory Modernization Framework Proposal, which modernizes U.S. state-based regulation of reinsurance. “This proposal sets...
