Latest Reinsurance Headlines

Fitch Moves 5 Insurers to Rating Watch Negative Following Katrina

Sep 13 2005 // Fitch Ratings has placed the ratings of five North American property/casualty insurance and reinsurance organizations on Rating Watch Negative Tuesday based on potential large loss exposures to Hurricane Katrina. The...

Guy Carpenter & Company Releases Study of Property Catastrophe Reinsurance Market

Sep 12 2005 // Guy Carpenter & Company Inc., a global risk and reinsurance specialist and a part of the Marsh & McLennan Companies has released its annual, comprehensive study of the property catastrophe reinsurance market, The...

Willis, France’s Gras Savoye Create Willis Gras Savoye Re

Sep 12 2005 // Willis Group Holdings and Gras Savoye, a leading French insurance broker, announced that they have agreed to join their respective French and Belgian reinsurance businesses in a new Paris-based company, Willis Gras Savoye...

Best Comments on Katrina’s Impact on the Global Reinsurance Industry

Sep 12 2005 // As the Reinsurance Rendezvous opens in Monte Carlo, A.M. Best Co. has issued a comment on the possible impact of Hurricane Katrina on the global insurance industry. Many of the biggest European companies – Munich Re...

S&P Puts 10 Insurers on “Katrina” CreditWatch/Negative

Sep 12 2005 // Standard & Poor’s Ratings Services announced that it has placed its ratings on 10 interactively rated insurance and reinsurance groups on CreditWatch with negative implications due to their possible...

Aspen Estimates Katrina-New Orleans Flood Losses at $150 Million

Sep 9 2005 // Bermuda-based Aspen Insurance Holdings Limited announced its initial assessment of the losses sustained from Hurricane Katrina and the “Great New Orleans Flood” would be approximately $150 million. In...

Miss. Commissioner Dale Urges Insurers to Pay ‘All’ Valid Katrina Claims

Sep 9 2005 // Mississippi Insurance Commissioner George Dale has issued a bulletin to insurance companies urging insurers pay all valid claims from Hurricane Katrina. The bulletin warns insurers that if they deny a claim, they will be...

Best Affirms Mexico’s Reaseguradora Patria’s ‘B++’ Ratings

Sep 7 2005 // A.M. Best Co. announced that it has affirmed the financial strength rating of “B++” (Very Good) and the issuer credit rating of “bbb+” of Mexican reinsurer Reaseguradora Patria, S.A. with a stable...

Fitch to Hold Reinsurance Teleconference Sept. 7

Sep 6 2005 // Fitch Ratings will hold a teleconference on Wednesday, Sept. 7, 2005 at 9:30 a.m. EDT to discuss the rating agency’s outlook for the global reinsurance market in advance of the Monte Carlo Rendezvous. The...

Sep 5 2005 // Linda Slaughter has been promoted from senior vice president of claims to COO at Concord, Calif.-based Athens Administrators, part of the Jenkins Athens Group. Slaughter joined Athens in its founding days and has been with...

Sep 5 2005 // Barbara Zimmerman has joined IBA West as membership benefits vice president. She will be responsible for the research, development and management of IBA West Service Corporation programs and management of Membership...

Sep 5 2005 // Extreme Weather Hits Europe: Devastating wild fires in Portugal; torrential rains in Switzerland, Austria, Germany and Romania; drought in much of France. There seems to be no end to the list of extreme weather conditions...

ACE’s U.S. Subsidiaries Upgraded

Sep 5 2005 // A.M. Best Co. upgraded the financial strength ratings to “A+” (superior) from “A” (excellent) and assigned issuer credit ratings of “aa-” to ACE Westchester Specialty Group,...

International Newsbriefs

Sep 5 2005 // Extreme Weather Hits Europe: Devastating wild fires in Portugal; torrential rains in Switzerland, Austria, Germany and Romania; drought in much of France. There seems to be no end to the list of extreme weather conditions...

S&P Assigns ‘BBB+’ Rating to Slovenia’s Sava Re

Sep 1 2005 // Standard & Poor’s Ratings Services announced that it has assigned its “BBB+” long-term counterparty credit and insurer financial strength ratings to Slovenia-based reinsurer Pozavarovalnica Sava,...

Everest Re Extends CEO Taranto’s Employment Agreement

Sep 1 2005 // The Bermuda-based Everest Re Group, Ltd. announced that the employment agreement of Chairman and CEO Joseph V. Taranto, has been extended to March 31, 2008. Taranto has been in charge at Everest Re since it was formed in...

Alea Group 1st Half Profit Off 47% to $25.9 Million

Sep 1 2005 // The Bermuda-based Alea Group announced that its first half profits suffered a 47 percent decline to $25.9 million, compared to $48.8 million in the same period of 2004, due mainly to total reserve increases of $34.7...

State Auto Cuts Reinsurance Agreement for Subsidiary

Sep 1 2005 // State Auto Financial told the Securities and Exchange Commission its subsidiary, State Auto National Insurance Co., no longer needs a reinsurance agreement. The reinsurance agreement protected State Auto National from...

Best: Most Insurers Will Meet Hurricane Katrina’s Financial Commitments

Sep 1 2005 // In response to Hurricane Katrina, A.M. Best Co. has begun to aggregate public and private information in order to assess the financial impact it will have on the global property/casualty insurance and reinsurance...

SCOR Opens Indian Office

Aug 30 2005 // France’s SCOR Group announced that it has obtained permission from the Indian regulatory authority (IRDA) to open a representative office in India, “with a view to strengthening and developing its activities in...