Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
S&P, Best Comment on IPC Share Sale
Apr 21 2006 // Standard & Poor’s Ratings Services moved quickly to affirm its “A” counterparty credit and financial strength ratings on IPCRe Ltd. and its “A” financial strength rating on IPCRe Europe...
Munich Re AGM Sets Record Dividend; 2006 Outlook Optimistic
Apr 20 2006 // Shareholders at Munich Re’s Annual General Meeting on Wednesday April 19 were treated to some good news. Proposals by the reinsurer’s Supervisory Board and Board of Management were adopted by large majority of...
Louisiana Approves Rate Hikes for Allstate, Other Insurers
Apr 20 2006 // Louisiana’s second-largest insurer has received permission to boost homeowners’ rates an average of 20.6 percent for nearly half its customers, while the remainder will see rates rise an average of 9...
Illness Claims N.C. Philanthropist, Reinsurer, Maurice Sabbah
Apr 20 2006 // Maurice “Chico” Sabbah, a Greensboro, N.C. businessman and philanthropist whose risk-sharing insurance company had to pay more than $400 million to settle a lawsuit stemming from the Sept. 11, 2001, terrorist...
Sound Risk Management, Strong Investment Results Prove Positive for P/C Industry
Apr 18 2006 // U.S. property/casualty insurers managed to increase earnings and add to their capital base in 2005 despite record catastrophe losses, according to ISO and the Property Casualty Insurers Association of America (PCI). Sound...
Axa Re Offer Mirrors Consolidation Moves by European Insurers
Apr 10 2006 // French insurer Axa SA said Friday it received a binding offer for its reinsurance business from a consortium of private-equity firms led by Stone Point Capital. The deal calls for the consortium — which also includes...
Insurance Industry on Solid Financial Footing, But Overall Results Mask Problems in Certain Lines, Locations
Apr 10 2006 // The property/casualty insurance industry will report an increase in its capital base and an overall profitable performance in 2005, enabling it to meet the insurance needs of the growing U.S. economy, according to...
S&P Revises Outlook on Global Reinsurers to Stable; Teleconference Scheduled for Today
Apr 6 2006 // Standard & Poor’s Ratings Services announced that it has revised its outlook on the global reinsurance industry to stable from negative, “indicating that there will be little near-term movement in ratings...
Report AXA May Sell Reinsurance Units to Stone Point Capital
Apr 6 2006 // According to a report in the French financial daily Les Echos the AXA Group is close to concluding a deal to sell its reinsurance activities to the Greenwich, Conn.-based investment firm Stone Point Capital. Neither AXA...
Aon Re Introduces Prime/Cap(SM) Capital Optimization Program
Apr 5 2006 // Aon Re Inc. announced the introduction of Prime/Cap(SM), which it described as “a comprehensive suite of capital optimization and allocation tools for property-casualty insurers and reinsurers. Prime/Cap(SM) is fully...
Tower Group Pens Reinsurance, Pooling, Expense Pact with CastlePoint
Apr 5 2006 // Tower Group, Inc. in New York has entered into a strategic relationship with CastlePoint Holdings, Ltd.,a Bermuda-based holding company that it has sponsored. The move gives Tower reinsurance backing, additional...
Rating Agencies React to Fairfax 10-K Filing; Part 2 – Fitch Maintains Credit Watch on Group
Apr 4 2006 // The rating agencies have taken different actions on Fairfax Financial Holdings and its subsidiaries, including Odyssey Re Holdings in which Fairfax has an 80 percent stake, following the Group’s filing of its Form...
Downsized D & O
Apr 3 2006 // It hasn’t been healthy. In fact, the directors and officers liability insurance market for super-sized Enrons, WorldComs and the Fortune 1000 has been unhealthy for some time. Looking at the market’s...
Best Assigns Casiopea Re ‘A-‘ Ratings
Mar 31 2006 // A.M. Best Co. announced that it has assigned a financial strength rating of “A-” (Excellent) and an issuer credit rating (ICR) of “a-” to Luxembourg-based Casiopea Re S.A., the reinsurance captive...
S&P Stresses Importance of ‘Financial Flexibility’ for Reinsurers
Mar 31 2006 // An article published in Standard & Poor’s Ratings Direct stresses that “financial flexibility continues to be an extremely important rating factor.” The publication, entitled “More Frequent...
Fitch Finds Life Insurers/Reinsurers Most at Risk from Bird-Flu Pandemic
Mar 28 2006 // Fitch Ratings has issued a report, “Bird-Flu – Will It Ruffle The Industry’s Feathers?” which indicates that “life insurers and their reinsurers would be most likely to be the hardest hit by a...
Hannover Re 2005 Pretax Net Income Down 89.8% to $57.78 Million
Mar 27 2006 // Germany’s Hannover Re managed to eke out a small profit in 2005, despite over a billion dollars in hurricane losses, due to investment income. The company posted pretax profits of €48 million ($57.78 million) an...
Max Re Conducting Internal Audit of Finite Reinsurance Contracts
Mar 27 2006 // Bermuda-based Max Re Capital Ltd. announced that the “Audit and Risk Management Committee of its Board of Directors has initiated, with the assistance of outside advisors, a review of three finite risk retrocessional...
XL Names Cross Global Chief Actuary
Mar 23 2006 // Bermuda-based XL Capital Ltd. announced the appointment of Susan L. Cross as Global Chief Actuary. She is currently Chief Actuarial Officer of the Company’s reinsurance general operations, and will now “lead...
News Currents
Mar 19 2006 // Berkshire’s Buffett still high on insurance despite catastrophe risk Gen Re misfortunes overcome by Geico’s stellar performance, Buffett says Warren E. Buffett, the billionaire chairman of giant Berkshire...
