Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
S&P Raises RenRe’s Ratings to ‘A’ and ‘AA-‘; Outlook Stable
Dec 17 2007 // Standard & Poor’s Ratings Services has raised its counterparty credit rating on Bermuda-based RenaissanceRe Holdings Ltd. to ‘A’ from ‘A-,’ as well as its counterparty credit and...
Best Upgrades Company Ratings after Country Risk Methodology Review
Dec 14 2007 // A.M. Best Co. announced that it has upgraded the ratings of a nember of companies -l isted below – following a review of the application of its country risk methodology within the rating process. Best explained that...
Lloyd’s Comments on Florida Changing Reinsurance Collateral Rules
Dec 12 2007 // Lloyd’s Director & General Counsel Sean McGovern, called Florida’s decision to explore making changes in the collateral insurance requirements for foreign, or “alien,” reinsurers, such as...
Allied World to Buy Converium’s U.S. Reinsurance Operations
Dec 11 2007 // Bermuda-based Allied World Assurance Company Holdings, Ltd. announced that its U.S. holding company has entered into an agreement to purchase Converium Insurance (North America), Inc., a New Jersey domiciled...
BMS Group Acquires Property/Casualty Team in Minn.
Dec 6 2007 // Global reinsurer BMS announced today that it has acquired a P/C brokerage team based in Minneapolis. The nine member team is led by senior brokers Jim Brost and Mike Joyce. “The acquisition of this team boosts our...
Hardy Sets Sail for Bermuda; Redomiciliation Set for 2008
Dec 5 2007 // The Board of Hardy, a major specialist Lloyd’s insurer, announced that it proposes to move the Group’s corporate domicile to Bermuda “in order to improve the Group’s strategic positioning in the...
Bermuda Insurance Association Says Companies Create U.S. Jobs
Nov 30 2007 // According to the Association of Bermuda Insurers and Reinsurers (ABIR), International insurance and reinsurance companies based on the island employ over 9,000 Americans and indirectly generate an estimated 95,045 jobs in...
Fla. Insurance Regulators Get Public Input on New Reinsurance Rules
Nov 29 2007 // Florida Insurance Regulators held a workshop Monday to seek public input on a draft rule that would implement new legislation which gives the insurance commissioner discretion in allowing unaccredited reinsurance companies...
Recovery Steps
Nov 18 2007 // Washington has taken rare steps toward building a federal disaster plan. Not everyone agrees this is a good development but property owners in the Southeast should be watching closely as they could be among the most...
Congress Considers Disaster Legislation to Alleviate Coastal Insurance Crisis
Nov 18 2007 // House passes measure opposed by Bush and insurance industry remains at odds on best solution Disaster legislation is hot on the minds of congressional leaders this month as a handful of bills made their way to both the...
S&P Report on Bermuda’s Re/Insurers – Cautious, but Optimistic
Nov 14 2007 // Analysts from Standard & Poor’s Ratings Services have pit together an analytical report on Bermuda’s insurance and reinsurance industry, following what S&P sees as “another excellent...
Myron Named Treasurer at Hanover Insurance
Nov 13 2007 // The Hanover Insurance Group, Inc. announced that Robert P. Myron has been appointed director of corporate finance and treasurer. In this role, he will oversee the company’s corporate finance activities, including...
La. Citizens Seeks New Broker for Reinsurance Coverage
Nov 12 2007 // Louisiana’s taxpayer-backed property insurance company will seek a new broker for reinsurance coverage because its current broker failed to disclose that it hired a daughter of the insurer’s embattled former...
Reinsurers Blast Federal Disaster Backup Plan Advancing in Congress
Nov 12 2007 // The nation’s reinsurance industry is criticizing Congressional natural disaster legislation as raising false hopes about addressing the homeowners insurance market in areas prone to hurricanes, at the expense of U.S....
Earnings Reports Summaries: Allianz, Allied World, CastlePoint, Hannover Re
Nov 9 2007 // The following companies, listed in alphabetical order, have recently reported third quarter and nine-month earnings results. To obtain the complete report, supplemental information, as well as the details of...
Houses Passes Federal Disaster Insurance Measure Opposed by Bush
Nov 9 2007 // A day after a similar bill was introduced in the Senate, the House of Representatives passed federal legislation to help hurricane and disaster-prone states make property insurance more readily available to residents...
Lloyd’s Counsel Decries ‘Red Herring’ Objections to Collateral Reform
Nov 8 2007 // Sean McGovern, Lloyd’s Director and General Counsel, accused the opponents of reforming the U.S. collateral trust rules on reinsurance of introducing the “latest red herring” into the debate. In a...
S&P Examines Europe’s Insurers Exposure to ‘Credit Crunch’
Nov 6 2007 // Standard & Poor’s has published an “Industry Report Card” on Europe’s insurers, which examines their situation “in the aftermath of the subprime credit crunch,” the findings of an...
Munich Re’s 9-Month Profit Jumps 17.5% to $4.84 Billion
Nov 5 2007 // Maybe money can’t buy happiness, but it can certainly improve the bottom line. Munich Re has just announced a €3.348 billion ($4.843 billion) profit for the first nine months of 2007, a 17.5 percent increase, which...
People
Nov 4 2007 // Bermuda-based Catlin Group Ltd. appointed Nick Greggains chief underwriting officer for insurance, and Andrew Englesbe chief underwriting officer for reinsurance for Catlin U.S. Both will be responsible for insurance and...
