Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
Proposed Calif. reinsurance regulations could hurt business
Feb 6 2006 // The California Department of Insurance has proposed new reinsurance oversight regulations, which several insurance industry associations said are “unnecessary, burdensome and anti-market competition,” according...
TREASURY CLARIFIES LIABILITY UNDER TERRORISM REINSURANCE
Feb 6 2006 // Insurers writing monoline farm policies and incidental professional liability coverage may face additional work to clarify coverage for their insureds under the federal terrorism reinsurance program. Officials of the U.S....
Proposed Calif. reinsurance regulations could hurt business
Feb 5 2006 // News Currents The California Department of Insurance has proposed new reinsurance oversight regulations, which several insurance industry associations said are “unnecessary, burdensome and anti-market...
CALIF. REINSURANCE REGS
Feb 5 2006 // CLASS ACTION FILED Calif. State Fund vs. interpreters TRAUMA CARE REIMBURSEMENT Colo. seeks to modify requirements EMERGING RISKS Unknown exposures could create extensive claims
Treasury clarifies liability under terrorism reinsurance
Feb 5 2006 // Insurers writing monoline farm policies and incidental professional liability coverage may face additional work to clarify coverage for their insureds under the federal terrorism reinsurance program. Officials of the U.S....
Best Affirms FSR for Mexico’s Grupo Nacional Provincial
Feb 3 2006 // A.M. Best Co. has affirmed the financial strength rating of A (Excellent) of Grupo Nacional Provincial, S.A. (GNP) (Mexico City, Mexico). The rating outlook is stable. The rating reflects GNP’s solid risk-adjusted...
Lloyd’s Faraday Announces Underwriting Appointments
Feb 2 2006 // Faraday Group, the broker-focused Lloyd’s managing agent and London-based reinsurance group, announced the approval of the appointments of Mark Rayner and Paul Ceurvorst as joint Chief Underwriting Officer and Active...
SEC Files Enforcement Action Against 5 Former Senior Executives of Gen Re, AIG
Feb 2 2006 // The Securities and Exchange Commission on Thursday filed an enforcement action against five former senior executives of General Re Corporation (Gen Re) and American International Group Inc. (AIG) for helping AIG mislead...
Chubb Sees Q4 Net Income of $614M; Up from 2004 Performance
Jan 31 2006 // The Chubb Corp. reported that net income in the fourth quarter of 2005 was $614 million or $2.92 per share, compared to $468 million or $2.39 per share in the fourth quarter of 2004. Operating income, which the company...
Guy Carpenter Unveils Report on Jan. 1 Property Reinsurance Renewals
Jan 31 2006 // Guy Carpenter & Company Inc. reported the publication of Property Specialty Update – 1 January 2006 Renewal Season Overview, an in-depth report on the Jan. 1, 2006 property renewal season. The study, which...
XL Opens Representative Office in Beijing; Plans Brazil Join Venture
Jan 31 2006 // Bermuda’s XL Capital Ltd. reported two developments in its global insurance business. It has received the approval of the China Insurance Regulatory Commission to open a Representative Office in Beijing. XL has also...
Arbitrator Impartiality – An Elusive Standard?
Jan 30 2006 // It is quite common in certain insurance or reinsurance contracts for the parties to include an arbitration clause so as to identify the chosen means of dispute resolution. For those threatened with the prospect of...
Best Affirms CIRe’s ‘A-‘ Ratings
Jan 27 2006 // A.M. Best Co. announced that it has affirmed the financial strength rating of “A-” (Excellent) and the issuer credit rating of “a-” of Hong Kong-based China International Reinsurance Company Limited...
Vermont Mutual Latest to Exit Cape Cod Mass. Homeowners Market
Jan 26 2006 // Another insurer has decided it can’t continue to write homeowners insurance policies on Cape Cod. Starting April 1, Vermont Mutual will stop renewing about 4,700 homeowners and 400 dwelling policies, Tom Tierney,...
D&O Liability Premiums Fall for Second Straight Year, Tillinghast Survey Says
Jan 26 2006 // Directors and officers liability insurance average premium index dropped another 9 percent in 2005 after dropping 10 percent in 2004, while half of all public and private companies have received D&O inquiries from...
Allstate Releasing 700 Employees
Jan 26 2006 // The Chicago Tribune reported today that Allstate Corp., the nation’s second-biggest auto and homeowner’s insurer after Bloomington-based State Farm Insurance Cos., will be offering a voluntary termination...
ACIC Testifies Against Reinsurance Regulations for Calif. Insurers
Jan 24 2006 // The Association of California Insurance Companies (ACIC) is testifying against proposed Department of Insurance reinsurance regulations that the association says would make it more difficult for insurers to do business in...
S&P Affirms Hannover Re, Clarendon Ratings; Off CreditWatch
Jan 23 2006 // Standard & Poor’s Ratings Services announced that it has “affirmed its long-term counterparty credit and insurer financial strength ratings on Hannover Rückversicherung-AG and its core entities...
Global Catastrophe Reinsurance Price Increases Lower Than Expected
Jan 23 2006 // Although the overall market trends in both pricing and terms and conditions will not be fully developed until the July 1, 2006, Florida renewals are complete, and Standard & Poor’s says it is concerned that the...
N.Y. Lawmakers Call for Federal, State Catastrophe Funds
Jan 23 2006 // Three elected representatives from New York joined with a leading homeowner’s insurance company last week in a call for increased government involvement in providing reinsurance for catastrophes. Congressman Steve...
