Latest Reinsurance Headlines

People

Jul 3 2006 // The National Association of Insurance Commissioners unanimously elected New Hampshire Insurance Commissioner Roger Sevigny as secretary-treasurer of the association at the NAIC summer meeting last month in Washington. D.C....

Jul 3 2006 // People The National Association of Insurance Commissioners unanimously elected New Hampshire Insurance Commissioner Roger Sevigny as secretary-treasurer of the association at the NAIC summer meeting last month in...

Willis Re Urges Broader Market Support For Political Risk Reinsurance

Jun 28 2006 // Global insurance broker Willis Group Holdings has released a new political risk pricing paper, which is aimed at encouraging the injection of capacity into the political risk reinsurance market. The study, entitled...

FSA Looks at Rules on Sidecars

Jun 28 2006 // The U.K.’s Financial Services Authority (FSA) announced that it is consulting on rules to be introduced in the country to cover, “a new fit-for-purpose regime for Insurance Special Purpose Vehicles (ISPVs). The...

Lloyd’s Chairman Tells ALM Conference More Efforts Needed

Jun 26 2006 // Lloyd’s Chairman, Lord Peter Levene, described a bright future, but one that needs work to be achieved, for those attending the 2006 conference of the Association of Lloyd’s Members (ALM) last week. He stressed...

Fitch Affirms White Mountains’ ‘BBB+’ Ratings; Lowers Folksamerica

Jun 26 2006 // Fitch Ratings has affirmed the “BBB+” issuer default ratings (IDR) of White Mountains Insurance Group, Ltd. and its wholly owned intermediate holding company subsidiary, Fund American Companies, Inc., as well...

Aon U.K. Commits to Full Electronic Trading in Specialty, Reinsurance

Jun 23 2006 // In a breakthrough move, Aon U.K., announced that it “will move to a full electronic trading capability during 2006 for its specialist insurance and reinsurance businesses.” Aon’s London-based operation...

Franklin Named Endurance U.S. VP

Jun 23 2006 // Bermuda-based Endurance Specialty Holdings Ltd. announced that its U.S. reinsurance subsidiary, Endurance Reinsurance Corporation of America (Endurance Re) has hired Darrell E. Franklin as Senior Vice President. Franklin...

Best Assigns VASCO Re Debt Rating

Jun 22 2006 // A.M. Best Co. has assigned a debt rating of “bb” to the $50 million senior secured floating rate notes, due June 5, 2009, issued by VASCO Re 2006 Ltd. (the issuer), a newly created Cayman Islands exempted...

Fitch Affirms PartnerRe’s Ratings

Jun 21 2006 // Fitch Ratings has affirmed the “AA” Insurer Financial Strength (IFS) rating of Bermuda-based Partner Reinsurance Company as well as the various ratings of Partner Reinsurance’s parent company PartnerRe...

Hiscox AGM Statement

Jun 21 2006 // The U.K.’s Hiscox plc, a leading specialist insurer, operating in the Lloyd’s market, Bermuda and the U.S. said it “will give the following update at its Annual General Meeting,” scheduled to be...

Brokers Support New Federal Bill to Reform Surplus Lines Insurance Regulation

Jun 20 2006 // In a step that is being applauded by insurance brokers, Reps. Ginny Brown-Waite, R-FL, and Dennis Moore, D-KS, have introduced federal legislation requiring states to establish a uniform system of regulation for the...

In N.H.’s positive climate, insurers free to focus on competition and technology

Jun 19 2006 // News Currents Insurers find the political and regulatory environment in New Hampshire favorable. “[I]t’s clear that in New Hampshire, we have a different marketplace than the other New England states....

In N.H.’s positive climate, insurers free to focus on competition and technology

Jun 19 2006 // News Currents Insurers find the political and regulatory environment in New Hampshire favorable. “[I]t’s clear that in New Hampshire, we have a different marketplace than the other New England states....

People

Jun 19 2006 // The Progressive Corp. appointed John A. Barbagallo as the new president of the company’s Drive Group. Barbagallo, who joined the company more than 20 years ago as a claims representative, currently serves as the...

Florida’s home insurance market: domiciled insurers persist

Jun 19 2006 // At the outset of 2006, the 21 Florida-domiciled insurers rated A or better by Demotech Inc., had an 18 percent share of the voluntary market. Their total 2005 writings were $977 million. Over a dozen have begun writing...

News Currents

Jun 19 2006 // State Farm adjusts rates in Texas State Farm Insurance recently submitted several filings to the Texas Department of Insurance, aiming for a balance with rate adjustments that include a reduction auto rates but an increase...

Hartford Resolves Equitas Claims, Completes Review; S&P Comments

Jun 16 2006 // The Hartford Financial Services Group has entered into an agreement with Equitas, the Lloyd’s runoff vehicle, and all Lloyd’s syndicates reinsured by Equitas that “resolves, with minor exception, all of...

Harbor Point Completes Formation of Bay Point Re ‘Sidecar’

Jun 15 2006 // Bermuda-based Harbor Point Re Limited, a subsidiary of Harbor Point Limited, announced the completion of the formation of Bay Point Re, described as “a special purpose ‘sidecar’ vehicle formed for the...

XL Capital Restructures Top Management

Jun 15 2006 // XL Capital Ltd in Hamilton, Bermuda announced an executive management restructuring as of July 1 that includes the creation of a new Office of the Chief Executive Officer (OCEO). It will comprise five senior executive...