Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
Former Reinsurance Execs Launch Underwriting Mgmt Firm
Dec 28 2007 // The former top executive of RenaissanceRe Holdings Ltd. – who resigned during an SEC probe into his company’s accounting practices – has joined forces with another reinsurance executive to launch a new...
Validus Inks Quota Share Deal
Dec 28 2007 // Bermuda-based Validus Holdings, Ltd. announced that its wholly owned subsidiary Validus Reinsurance, Ltd. has entered into a collateralized quota share retrocessional reinsurance agreement with respect to certain lines of...
ING to Sell Reinsurance Unit to Berkshire Hathaway
Dec 28 2007 // The Netherlands ING Group announced that it has reached an agreement with Berkshire Hathaway to sell its reinsurance unit NRG N.V. for approximately €300 million ($440 million). ING said the sale is part of its...
Brazil Relaxes Collateral Requirements for ‘Alien Reinsurers’
Dec 27 2007 // Brazil has become the latest jurisdiction to relax collateral requirements as countries begin to see the benefit of well-capitalized investment from foreign reinsurers, notes a bulletin on the Lloyd’s web site...
Argo Group Begins Reorganization; Best Raises Peleus Re Ratings
Dec 27 2007 // The Bermuda-based Argo Group International Holdings, Ltd. (which includes Argonaut Insurance) announced that its U.S. and Bermuda subsidiaries will be restructured to create a new organizational platform for...
Best: ‘Unauthorized’ Reinsurance Increasing P/C Market Share
Dec 27 2007 // A.M. Best Co. has published a special report which examines the increasing use of “unauthorized reinsurance” in the U.S. P/C insurance industry. The report also indicates, however, that an “expensive...
From Med Mal Caps to RICO Violations, No Headline Shortage in 2007
Dec 23 2007 // Severe summer storms that ransacked the Midwest, a court ruling that could negatively impact the medical malpractice insurance market in Illinois and RICO allegations in Minnesota were just a few of the news stories that...
2007: Climate Change Dominates Debate While Soft Market Hits Entire P/C Market
Dec 23 2007 // The debate over climate change captured the world’s attention, including the insurance industry’s, in 2007, while major hurricanes spared the United States’ coastline. The soft market took hold of...
Mass. Reports $4M Judgment Against Insurance Broker Wm. Gallagher
Dec 21 2007 // Massachusetts officials say they have won a $4 million judgment against a large Boston-based insurance broker over questionable compensation and reinsurance practices. Attorney General Martha Coakley’s office...
Reinsurance Rule Change Planned to Increase Competition in Florida
Dec 20 2007 // Florida Gov. Charlie Crist and the state Cabinet preliminarily approved a rule change that would lift a competitive disadvantage faced by foreign companies selling backup coverage to property insurers. Insurance companies...
S&P to Host Teleconference Tomorrow on U.S. P/C, Global Reinsurance
Dec 18 2007 // Standard & Poor’s Ratings Services will hold a telephone conference call on Wednesday, Dec. 19, 2007 at 11:00 A.M. Eastern Time (5:00 P.M. -Europe; 4:00 P.M. UK). The conference will feature an overview of...
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...
