Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
Fitch Affirms PartnerRe’s Ratings
Oct 26 2005 // Fitch Ratings announced that it has affirmed the “AA” Insurer Financial Strength rating of Partner Reinsurance Company. Fitch also affirmed the various ratings of Partner Reinsurance’s parent company...
Vesta Insurance Statement Confirms Reinsurance to Cover Hurricane Wilma
Oct 21 2005 // Birmingham, Ala.-based Vesta Insurance has confirmed it has complete reinsurance coverage if Hurricane Wilma results in claims in Florida. “As previously disclosed, Vesta’s losses from Hurricanes Katrina and...
ACE Names O’Farrell Chief Re Officer
Oct 19 2005 // The ACE Group of Companies announced that Bill O’Farrell, currently Sr. VP -Reinsurance Recoverables, will assume the post of Chief Reinsurance Officer, reporting to Brian Dowd, Chairman and CEO of ACE USA and...
Safeco Unveils Q3 Report; Hurricanes Play Major Role
Oct 18 2005 // Seattle-based Safeco reported solid third-quarter results, with net income of $101.1 million, or $0.80 per diluted share. This figure includes estimated after-tax net catastrophe losses of $115.8 million, or $0.91 per...
People
Oct 17 2005 // Westfield Insurance of Westfield Center, Ohio, named Scott Jurek senior executive, claims field operations, Western division. In this capacity, Jurek helps set and execute the claims strategy for Westfield while working...
People
Oct 17 2005 // Nancy C. Gates was honored by the Professional Insurance Agents of Georgia as its 2005 Outstanding Certified Insurance Service Representative. Since 1996, Gates has been a commercial lines, large account representative...
News Briefs
Oct 17 2005 // Arkansas Employment up in Ark. A recent report from the Federal Deposit Insurance Corp. showed that employment in Ar-kansas is at a high point-1.1734million-but warned that hurricane refugees could strain state...
Hurricane Katrina to Cost $40-$55 Billion for Privately Insured Losses
Oct 17 2005 // Hurricane Katrina is expected to result in $40 to $55 billion in private insurance payments, according to a new white paper developed by the Tillinghast and Reinsurance businesses of Towers Perrin. “Hurricane...
News Briefs
Oct 17 2005 // New Reports Issued on Climate Change: Hurricanes Katrina and Rita have focused more attention on global warming. The debate continues to rage over whether the higher temperatures and rising sea levels are a wholly natural...
Cincinnati Financial Lost $3 Mil on Rita
Oct 14 2005 // Cincinnati Financial Corporation today announced an estimate of $3 million for pretax catastrophe losses resulting from Hurricane Rita and updated its estimates of previously announced catastrophe losses. Total...
CNA Takes $280M Hit from Hurricanes
Oct 12 2005 // CNA Financial Corporation announced that its preliminary estimate of losses relating to Hurricane Katrina is approximately $280 million, after-tax. This estimate includes pretax gross commercial losses and loss expenses of...
Arch Gives Q3 Loss Estimates
Oct 11 2005 // The Bermuda-based Arch Capital Group Ltd. announced that it expects 2005 third quarter operating earnings to be negatively impacted by the effects of recent catastrophic events as follows: Hurricane Katrina – $173...
Hiscox: Rita Losses $70 Million; Ups Katrina Estimates, 2006 Premium Limit
Oct 10 2005 // The U.K.-based Lloyd’s and specialty insurer Hiscox Plc issued a statement indicating that its preliminary loss estimates from Hurricane Rita are around $70 million. Hiscox also said that, based on current industry...
Republic Says Losses from Rita and Katrina Should Fall Within Expectations
Oct 6 2005 // Dallas-based Republic Companies Group Inc. released information regarding its response to the recent hurricanes and the financial effects on the company’s third quarter results. Its personnel and representatives were...
Tillinghast: Hurricane Katrina Will Cost Record-Setting $40-$55B for Privately Insured Losses
Oct 6 2005 // Hurricane Katrina is expected to result in $40 to $55 billion in private insurance payments, according to a new white paper developed by the Tillinghast and Reinsurance businesses of Towers Perrin. Hurricane Katrina:...
American National Revises Katrina Losses, Unveils Estimate for Rita
Oct 6 2005 // Texas-based American National Insurance Company announced that its subsidiary property and casualty companies, including American National Property and Casualty (ANPAC) and ANPAC Louisiana Insurance Company and their...
Willis Group to Add S. African Broker
Oct 6 2005 // Willis Group Holdings has agreed to acquire the business and assets of Reinsurance Consultants and Intermediaries Ltd. (RCI), the reinsurance division of South African insurance broker Glenrand M.I.B. Limited...
Best Assigns FSR to East Africa Reinsurance Co.
Oct 4 2005 // A.M. Best Co. has assigned a financial strength rating of B (Fair) and an issuer credit rating of “bb” to East Africa Reinsurance Company Limited (EARE) (Kenya). The outlook for both ratings is stable. The...
Fitch: Katrina Causes Unprecedented Challenges, Risks for P/C Insurers
Oct 3 2005 // The circumstances surrounding Hurricane Katrina are unprecedented in many ways, reports Fitch Ratings. So much so that the rating agency may need to reassess the core risk profile of the property/casualty insurance...
News Briefs
Oct 3 2005 // Roundup of Katrina Loss Estimates: As the scope of the devastation wrought by Hurricane Katrina became increasingly evident, European and Bermuda-based insurers and reinsurers continued to calculate their potential...
