Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
AIG Loses Reinsurance Executive to Greenberg’s Starr Company
Mar 10 2009 // AIG senior reinsurance executive Charles Dangelo has left the insurer to join a company run by its former CEO Maurice “Hank” Greenberg. Dangelo joins the growing number of executives who have left American...
Proposal Would Set Up Catastrophe Reinsurance Fund in Texas
Mar 6 2009 // A group of Texas legislators wants to require insurance companies to pay into a state catastrophe fund they could tap in case of big losses in a hurricane or other natural disaster. The Texas Windstorm Insurance...
Best Says 2009 Global Non-Life Reinsurance Outlook Remains Stable
Mar 4 2009 // A.M. Best Co. said it is “maintaining a stable outlook in 2009 for the global reinsurance sector for the third consecutive year. This current outlook implies that the majority of 2009 reinsurer rating actions are...
Reinsurance Broker Guy Carpenter to Acquire Collins
Mar 2 2009 // Guy Carpenter Co., a leading risk and reinsurance specialist, has agreed to acquire John B. Collins Associates, Inc., a privately-held company and the seventh largest reinsurance intermediary in the world. Guy Carpenter...
Gen Re to Pay $72M for Finite Reinsurance Transaction
Feb 26 2009 // General Re Corp., a reinsurance unit of billionaire Warren Buffett’s Berkshire Hathaway Inc., agreed to pay $72 million to settle investor claims about its role in a fraudulent transaction involving American...
Cooper Gay: Premiums Rise as Reinsurers Recover
Feb 26 2009 // Reinsurers have begun 2009 determined to wrest back the initiative from a period of softening rates and savagely declining investment returns. As a consequence, underwriters are increasingly being governed by the...
Equipment Breakdown Reinsurer to Pay Certificate, Inspection Costs
Feb 23 2009 // Mutual Boiler Re, a Malvern, Pennsylvania based equipment breakdown reinsurer, said it will now pay for its insureds’ boiler and pressure vessel certificate issuance fees and inspection costs in the nine U.S....
House Sponsors Sign Onto Surplus Lines Bill
Feb 22 2009 // Two members of the U.S. House of Representatives’ Committee on Financial Services said they would introduce legislation to create national standards for how states regulate the surplus lines market and reinsurance as...
Reinsurers Seem Ready to Flex Muscles, Raise Prices by Double-Digits
Feb 22 2009 // Reinsurers’ tough talk about raising prices on the risk cover they sell to insurers may have rung hollow before, but this time the promise is credible. Reinsurance companies such as global leader Munich Re have been...
Reinsurers Seem Ready to Flex Muscles, Raise Prices by Double-Digits
Feb 17 2009 // Reinsurers’ tough talk about raising prices on the risk cover they sell to insurers may have rung hollow before, but this time the promise is credible. Reinsurance companies such as global leader Munich Re have been...
Fitch Report ‘Remains Negative’ on Bermuda Insurance Market
Feb 13 2009 // Fitch Ratings stated in a Special Report today that its Rating Outlook for the Bermuda (re)insurance market remains negative, “reflecting uncertainty tied to the continued highly volatile investment markets and a...
Swiss Re CEO Aigrain Resigns; Lippe to Succeed Him
Feb 12 2009 // Swiss RE’s CEO Jacques Aigrain resigned today, Thursday, February 13, a week after U.S. investor Warren Buffett stepped in with new capital and the reinsurer said it was disbanding its financial markets...
Surplus Lines Reform Legislation Reintroduced in Congress
Feb 11 2009 // Two members of the U.S. House of Representatives’ Committee on Financial Services have announced plans they will introduce legislation that will create national standards for how states regulate the surplus lines...
S&P, Best Put Swiss Re’s Ratings on Negative Credit Watch
Feb 6 2009 // Reactions from the rating agencies to Swiss Re’s announcement of further losses (See IJ web site – https://www.insurancejournal.com/news/international/2009/02/05/97610.htm) has been swift. A.M. Best announced...
ACE Q4 Net Income Drops 96% to $20 Million; $1.2 Billion Full Year
Feb 4 2009 // ACE Limited reported net income for the fourth quarter ended December 31, 2008, of $20 million, a 96 percent decline from the $572 million the group posted in the same period of 2007. The company recorded net losses on...
Report Finds Cat Bond Market Resilient in Financial, Property Catastrophes
Feb 4 2009 // Catastrophe bonds withstood the impact of onerous market forces in 2008, brought on by turmoil in the global capital markets, according to a new briefing on catastrophe bond market activity. The cat bond market update,...
S&P Withdraws Emerson Re Loan Rating; Other Ratings Unaffected
Feb 3 2009 // Standard & Poor’s Ratings Services announced that its “ratings on Emerson Re Ltd.’s three bank loans are unaffected by CIG Reinsurance Ltd. and New Castle Re Ltd.’s (collectively the cedents)...
Greenberg Fights New York AG to Keep Reinsurance Testimony Private
Feb 2 2009 // Maurice “Hank” Greenberg, former chief executive of American International Group Inc., has gone to court to prevent New York’s attorney general from releasing testimony Greenberg gave in a state lawsuit...
Ratings Recap II: Chaucer, MSIG, Congregational, Top Layer, Asia Capital
Jan 30 2009 // Standard & Poor’s Ratings Services has issued a bulletin indicating that “its ‘3’ Lloyd’s Syndicate Assessment (LSA) on Chaucer – Syndicate 1084 is not affected by the announcement...
Best Affirms RenRe and Subs ‘A+’ Ratings; Glencoe Raised to ‘A’
Jan 30 2009 // A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A+’ (Superior) and issuer credit ratings (ICR) of “aa-” of Bermuda-based Renaissance Reinsurance Ltd. (RenRe) and Dublin-based...
