Latest Reinsurance Headlines

House Committee Advances Surplus Lines Regulatory Reform

Jul 27 2006 // The House Financial Services Committee has approved legislation that would apply single-state regulation and uniform standards to the nonadmitted insurance and reinsurance marketplace. Chairman Michael G. Oxley (Ohio)...

Willis Group Releases July Reinsurance Renewal Review

Jul 27 2006 // Willis Group Holdings has released its reinsurance review of the marketplace for the July 1, 2006 renewals. The report includes commentary from Willis Re experts on key global markets, examining recent trends and an...

Why surplus lines reform makes sense in 2006

Jul 24 2006 // The AAMGA is an international trade association comprised of 503 member agents, brokers, insurance, captive and reinsurance companies, Lloyd’s of London syndicates and underwriters, state stamping and surplus line...

Sen. Smith unveils ‘comprehensive plan’ to fix Florida’s insurance woes

Jul 24 2006 // Unless the state adopts a comprehensive and workable plan, accumulating financial stress could destroy the viability of the Florida insurance market and leave millions of Floridians without affordable and reliable...

Mass. Fair Plan plays catch-up on reinsurance, rates

Jul 24 2006 // The biggest increases are in store for coastal Cape Cod, where the Fair Plan has become the leading property insurer rather than the insurer of last resort as intended. News Currents Last summer when the Massachusetts Fair...

Why surplus lines reform makes sense in 2006

Jul 24 2006 // The AAMGA is an international trade association comprised of 503 member agents, brokers, insurance, captive and reinsurance companies, Lloyd’s of London syndicates and underwriters, state stamping and surplus line...

Jul 24 2006 // People Minneapolis, Minn.-based ING named Susan Anderson president and CEO of ING Trust USA. Anderson will lead the growth and development of personal trust and directed institutional trusts nationally. She has 15 years of...

States may scrap full collateral requirements for ‘alien’ reinsurers

Jul 24 2006 // In an abrupt departure from procedures that have been in place since World War II, the National Association of Insurance Commissioners took a first step at its recently concluded meeting in Washington, D.C., towards...

Mass. Fair Plan to Refile Next Week

Jul 21 2006 // The Massachusetts Property Insurance Underwriting Association (the Fair Plan) will submit a request for new rates by the end of next week, just under the deadline. Massachusetts Insurance Commissioner Julianne M. Bowler...

State Farm to Boost Property Insurance Rates More Than 50 Percent

Jul 20 2006 // State Farm, one of Florida’s largest insurers, will raise property insurance rates by an average of 52.7 percent this year under a plan approved Tuesday by state regulators. The Bloomington, Ill.-based company said...

House Panel Advances Federal Surplus Lines Reform Act

Jul 20 2006 // Federal legislation to reform the way surplus lines insurance is regulated has been approved by a House subcommittee. The Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, chaired by Rep....

XL Re Life Appoints Batley, Pado to Senior Management Positions

Jul 17 2006 // XL Re Life announced the creation of a new senior position and the appointment of a new president of its U.S. life reinsurance company, Servus Life Insurance Company, soon to be renamed XL Re Life America Inc., pending...

Insurance Rates Skyrocket on Alabama Gulf Coast

Jul 17 2006 // Property owners are stunned by insurance rates that have tripled for some properties on the Alabama Gulf Coast after back-to-back years of hurricane damage. Owners of the 35-unit Romar Tower at Orange Beach, Ala. saw their...

Sen. Smith Unveils ‘Comprehensive Plan’ to Fix Florida’s Insurance Woes

Jul 11 2006 // Without a real, comprehensive and workable plan, accumulating financial stress could destroy the viability of the Florida’s insurance market and leave millions of Floridians without affordable and reliable insurance...

Tower Terminates PXRE Agreements

Jul 10 2006 // The New York-based Tower Group, Inc. announced that it has concluded, through commutation agreements, PXRE Reinsurance Company’s participation under various reinsurance agreements with Tower Insurance Company of New...

Reinsurance Poses Dilemma for Mass. Fair Plan and Regulator

Jul 9 2006 // Last summer when the Massachusetts Fair Plan, the state’s involuntary homeowners insurance market, looked into purchasing reinsurance, the premium was about $17.5 million. The plan did not purchase the reinsurance...

S&P Upgrades Ming An’s Ratings to ‘BBB’ after Reinsurance Payment

Jul 6 2006 // Standard & Poor’s Ratings Services has raised its counterparty credit and insurer financial strength ratings on Ming An Insurance Co. (Hong Kong) Ltd. to “BBB” from “BB+” after the...

Mass. Rejects 12.5% Fair Plan Rate Hike But Opens Door to Revised Bid

Jul 5 2006 // Almost 10 months after it was filed, Massachusetts Insurance Commissioner Julianne M. Bowler on June 30 disapproved the 12.5 percent average homeowners insurance rate increase submitted by the Massachusetts Property...

ACE Sells Run-Off Reinsurance Units

Jul 5 2006 // ACE Limited has sold three run-off reinsurance subsidiaries to Randall & Quilter Investment Holdings Limited, an international insurance management firm. The agreement to sell ACE American Reinsurance Company,...

What Lines Program Insurers Like, Dislike

Jul 4 2006 // Insurers’ appetite for targeted insurance programs still favors larger deals and shuns workers’ compensation risks, according to one expert’s analysis of conditions. Benfield Inc. Senior Vice President C....