Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
ACE to Take $298 Million Reserve Charge; Selling 3 Reinsurance Units
Jan 6 2005 // Bermuda-based ACE Limited announced that it will strengthen its asbestos, environmental and other run-off reserves and incur a related net, after-tax charge to earnings of $298 million ($1.05 per share) in the fourth...
S&P Issues Report on Latin American Reinsurance
Jan 5 2005 // Standard & Poor’s Ratings Services has issued a report entitled, “The Latin American Reinsurance Industry: Underdeveloped, With Potential,” which points out that the “underdeveloped Latin...
S&P Rates Tokio Marine Global (U.K.) ‘AA-‘; Stable
Dec 29 2004 // Standard & Poor’s Ratings Services announced that it has assigned its “AA-” insurer financial strength rating to UK-based Tokio Marine Global Ltd. (TMG) with a stable outlook. “The rating on...
Fitch Affirms Ratings for HCC Insurance Holdings
Dec 29 2004 // Fitch has affirmed all ratings of HCC Insurance Holdings Inc. (HCC), including HCC’s ‘A-‘ long term issuer and senior debt rating, and the ‘AA-‘ insurer financial strength (IFS) rating of...
Fitch Sees Tsunami Repercussions Varying Across Insurance Sector
Dec 29 2004 // Fitch Ratings has issued a bulletin indicating that it “expects insured losses stemming from the recent Southeast Asian earthquake and tsunami to affect the Asian primary insurance market and the worldwide...
Carvill Changes Direction on the West Coast
Dec 28 2004 // Carvill, a leading reinsurance intermediary in Specialty business, announced the signing of an agreement in principle to sell its West Coast operations to an investment group headed by their current President, Brendan...
Best Affirms Members of Quanta Capital Ratings
Dec 23 2004 // A.M. Best Co. announced that it has affirmed the financial strength rating of “A-” (Excellent) of Bermuda-based Quanta Reinsurance Ltd. (Quanta Re) and its three strategic pooled subsidiaries: Quanta...
Assured Guaranty Subs Renew Reinsurance Contracts with Financial Security
Dec 22 2004 // Bermuda-based Assured Guaranty Ltd. announced that two of its operating subsidiaries have reached an agreement with Financial Security Assurance Inc. (FSA) to renew FSA’s reinsurance contracts effective January 1,...
Best Assigns ‘A-‘,’a-‘ Rating to Glacier Re
Dec 22 2004 // A.M. Best Co. announced that it has assigned a financial strength rating of “A-” (Excellent) and an issuer credit rating of “a-” to Glacier Reinsurance AG (Glacier Re), the newly formed Swiss...
Best Affirms Hannover Re, Subs Ratings; Revises Outlook to Stable
Dec 22 2004 // A.M. Best Co. announced that it has affirmed the “A” (Excellent) financial strength rating of German reinsurer Hannover Rückversicherung AG (Hannover Re) and its core subsidiaries. At the same time Best also...
Industry Sees First 9-Month Net Gain on Underwriting in Nearly Two Decades
Dec 20 2004 // Benefiting from profits on underwriting, the U.S. property/casualty insurance industry’s net income after taxes rose 28.3 percent to $26.7 billion in the first nine months of 2004 from $20.8 billion in the first nine...
A Retrospective Look at the Nonstandard Auto Market
Dec 20 2004 // The nonstandard automobile insurance sector is cyclical in nature, characterized by periods of severe price competition and excess capacity followed by periods of high premium rates and shortages of underwriting capacity,...
Fitch Affirms Everest Re Ratings
Dec 17 2004 // Fitch Ratings announced that it has affirmed all ratings related to Everest Re Group, Ltd., including the “A-” senior debt and long-term issuer rating of intermediate holding company, Everest Reinsurance...
Guy Carpenter Unveils Disclosure Doctrine
Dec 16 2004 // Guy Carpenter & Company, Inc., a global risk and reinsurance specialist and a part of the Marsh & McLennan Companies, has published a “Disclosure Doctrine” for treaty placements globally. The new...
Wisdom International Purchases Remaining Shares of International Re from Norwich
Dec 15 2004 // Wisdom International Corporation, a diversified holding company based in Salt Lake City, Utah, announced today that it has reached an agreement to purchase the remaining ownership shares of International Reinsurance, Ltd.,...
S&P to Withdraw Swiss Re (Australia) Ratings Jan. 1
Dec 14 2004 // Standard & Poor’s Ratings Services announced that on Jan. 1, 2005, it will withdraw its “A”‘ insurer financial strength and counterparty credit ratings on Swiss Re Australia Ltd., a subsidiary...
S&P Reports Stable Outlook for U.S. Reinsurers
Dec 9 2004 // Standard & Poor’s Ratings Services has published an article titled “U.S. Reinsurance Year-End 2004 Outlook: Ratings Stability in 2005, An Atoll in Stormy Seas.” The article reviews the U.S....
S&P Withdraws Rating on UMRE on Merger Talks with National Re
Dec 9 2004 // Standard & Poor’s Ratings Services announced that it has withdrawn its “Bpi” issuer credit rating and financial strength rating on Universal Malayan Reinsurance Corp. (UMRE). “The withdrawal is...
D&O Premiums Decline for First Time Since 1999; Hard Market to Return by 2006 Predicts Tillinghast
Dec 7 2004 // Tillinghast’s Directors & Officers (D&O) liability insurance premium index dropped 10 percent from 2003 to 2004, the first decline since 1999, according to the 2004 Directors & Officers Liability...
XL Reorganizes Global Management Structure
Dec 7 2004 // Bermuda’s XL Capital Ltd. announced that it is creating two new senior executive positions in recognition of the continuing development of its organizational structure and global management. Executive Vice President,...
