Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
Mass. Tightens Finite Reinsurance Rules; States Weigh Accounting Change
May 3 2005 // While the National Association of Insurance Commissioners is considering changing the accounting rules for finite reinsurance transactions, Massachusetts is proceeding with a tightening of its own reporting...
Best Affirms Endurance Ratings
May 3 2005 // A.M. Best Co. announced that it has affirmed the financial strength rating of “A” (Excellent) and the issuer credit ratings of “a” of Bermuda-based Endurance Specialty Insurance Ltd. and its...
Best Affirms RenRe Subs Ratings; Downgrades Credit and Debt Ratings; Removes Ratings From Review
May 3 2005 // A.M. Best Co. announced that it has affirmed the financial strength rating of “A+” (Superior) of Renaissance Reinsurance Ltd. (RenRe Ltd.) and the financial strength ratings of “A” (Excellent) of...
Hub International Acquires Reinsurance Intermediary THB
May 3 2005 // Hub International Limited has entered the reinsurance brokerage market through the acquisition of THB Intermediaries, Inc., which was formed in Los Angeles more than 20 years ago. Terms of the cash and common stock...
Munich Re, Converium Receive U.S. Subpoenas
May 2 2005 // Munich Re, the world’s largest reinsurer, and Swiss reinsurer Converium have received subpoenas from the Securities Exchange Commission and New York State Attorney General Eliot Spitzer as part of the ongoing...
AIG to Restate Past Financials as Internal Audit Continues; Acknowledges Lack of Internal Controls
May 2 2005 // American International Group Inc. said that it has decided to restate financials from several previous years and that preliminary results of its internal audit show its 2004 results should be reduced by $2.7 billion, or...
Buffett Expresses Confidence in AIG
May 2 2005 // Billionaire investor Warren Buffett and his right hand man, Charlie Munger, expressed confidence in embattled New York insurance company American International Group Inc. as they addressed Berkshire Hathaway Inc....
Best Affirms Ratings of PXRE
Apr 29 2005 // A.M. Best Co. has affirmed the financial strength rating of A (Excellent) and the issuer credit ratings of “a” of the reinsurance subsidiaries of the PXRE Group Ltd. (PXRE) (Bermuda). PXRE’s reinsurance...
Fla. DOI Sets June 1 Hearing for Sirius Intl. Case
Apr 29 2005 // A June 1 hearing date has been set for a reinsurance unit of Bermuda-based White Mountains to meet with Florida regulators following allegations the unit was selling insurance in the state without a license. According to...
King’s Bay Licensed for Business in Sunshine State
Apr 28 2005 // Bruce Howson, president and CEO of Intendant Holding Corporation (“IHC”), announced that the Florida Department of Financial Services has issued a license to operate to IHC’s reinsurance brokerage...
Best Affirms Ratings for The Egyptian Reinsurance Co.
Apr 27 2005 // A.M. Best Co. has affirmed the financial strength rating of B++ (Very Good) and the issuer credit rating of “bbb” of The Egyptian Reinsurance Company (Egypt Re) (Egypt). The outlook for both ratings is...
Fla. Insurance Commissioner McCarty Issues Subpoenas to 17 Reinsurers
Apr 25 2005 // Florida insurance regulators are probing the dealings of 17 reinsurers selling finite risk policies. Florida’s Insurance Commissioner Kevin McCarty said that he has issued investigative subpoenas to the reinsurers...
Carvill Announces Executive Appointments
Apr 22 2005 // Rory Carvill, executive chairman of Carvill, a leading specialty reinsurance intermediary, has announced the appointment of John Cavanagh and David Thomas as joint CEO’s of the Carvill Group. Cavanagh has 30 years...
Ohio AG Gets in on the AIG Lawsuit
Apr 21 2005 // Ohio Attorney General Jim Petro is expanding the scope of the securities fraud class action lawsuit currently pending against American International Group (“AIG”) and others by filing an amended complaint in...
Fitch Moves Berkshire Hathaway’s Outlook to Negative
Apr 19 2005 // Fitch Ratings has revised the Rating Outlook to Negative from Stable on the ‘AAA’ long-term issuer and unsecured senior debt ratings of Berkshire Hathaway Inc. (Berkshire) and its wholly-owned subsidiary GEICO...
PLUS’ Medical Malpractice Prognosis: Positive?
Apr 18 2005 // CHICAGO–Five words summed up the mood at this year’s Professional Liability Underwriting Society’s medical symposium: “The crisis aspect is over.” Thus spake Howard Friedman, chief financial...
European Nations Offer Lessons in Insuring Catastrophes and Terrorism
Apr 18 2005 // GAO Study Explores Examples of How Public-Private Insurance Partnerships Operate A new U.S. government report indicates that the private U.S. insurance industry would be placed under enormous strain without government...
PLUS’ Med-Mal Prognosis: Positive?
Apr 18 2005 // CHICAGO–Five words summed up the mood at this year’s Professional Liability Un-derwriting Society’s medical symposium: “The crisis aspect is over.” Thus spake Howard Friedman, chief financial...
PLUS’ Medical Malpractice Prognosis: Positive?
Apr 18 2005 // Five words summed up the mood at this year’s Professional Liability Underwriting Society’s medical symposium: “The crisis aspect is over.” Thus spoke Howard Friedman, chief financial officer at...
NO CRIMINAL CHARGES LIKELY AGAINST AIG:
Apr 18 2005 // New York Attorney General Eliot Spitzer reassured the business world and those affiliated with American International Group that criminal charges are not likely to flow from his department’s continuing investigations...
