Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
S&P Report Says Hurricane Losses Puts Pressure on Insurers’ Equity
Feb 18 2005 // The shareholders’ equity of many insurers and reinsurers is coming under greater pressure than anticipated as P/C losses from the 2004 hurricane season continue to rise with new estimates, according to a report by...
NAMIC Applauds Natural Disaster Legislation to Provide Affordable Insurance
Feb 18 2005 // A natural disaster bill introduced by a Florida congresswoman from a coastal district will ensure that debate on the problem of insurance availability in disaster-prone areas will continue, according to the National...
Best Downgrades Ratings for Inter-Ocean
Feb 18 2005 // A.M. Best Co. has downgraded the financial strength rating to A- (Excellent) from A (Excellent) and the issuer credit rating to “a-” from “a” for the reinsurance subsidiaries of Inter-Ocean Holdings...
Munich Re Confirms Profit Forecast with $2.34 Billion 2004 Net Earnings
Feb 16 2005 // Munich Re announced 2004 net earnings of 1.8 billion euros ($2.34 billion), confirming its earlier revised estimates of between $2.22 billion and $2.48 billion (See IJ Web site Jan.23). The move back to profitability...
Best Affirms Rating for China International Reinsurance
Feb 15 2005 // A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) and assigned an issuer credit rating of “a-” to China International Reinsurance Company Limited (CIRe) (Hong Kong). The outlook is...
Best Places GE Frankona Group Ratings Under Review w/ Negative Implications
Feb 14 2005 // A.M. Best Co announced that it has placed the financial strength ratings of “A” (Excellent) of the operating companies of the GE Frankona Group under review with negative implications. “This rating action...
Scottish Re Closes $850 Million Securitization
Feb 14 2005 // International life reinsurer Scottish Re Group Limited announced that it has closed an offering of $850 million of 30-year maturity securities from its newly formed, wholly-owned subsidiary Orkney Holdings, LLC. The...
Philadelphia Consolidated CEO Pleased with Q4 Report
Feb 11 2005 // Philadelphia Consolidated Holding Corp. on Friday reported net income for the quarter ended Dec. 31, 2004 increased 58.0% to $32.4 million ($1.38 diluted and $1.45 basic earnings per share) from $20.5 million ($0.89...
AIR’s Mediterranean Region Earthquake Model Now Available in CLASIC/2
Feb 9 2005 // AIR Worldwide Corp. (AIR) announced its Mediterranean Region Earthquake Model is now available in its detailed risk modeling software system, CLASIC/2. The update enables European primary insurers, brokers, and reinsurers...
AXIS Capital Sees Net Income of $495M for Year Ended
Feb 8 2005 // Bermuda-based AXIS Capital Holdings Ltd. has reported net income for the year ended Dec. 31, 2004 of $495.0 million, or $2.98 per diluted share, compared to $532.3 million, or $3.42 per diluted share, for the year ended...
Zurich Estimates Tsunami, Hurricane Losses at $185M
Feb 7 2005 // Zurich Financial Services Group (Zurich) expects claims related to the tsunami that struck South Asia on Dec. 26, 2004 to cost approximately $65 million after tax and net of reinsurance. The aggregate amount of expected...
Hearn Named CEO of Willis RE US
Feb 3 2005 // Willis Re, the reinsurance unit of Willis Group Holdings, has announced the appointment of Peter C. Hearn to the position of CEO of Willis Re US. Hearn assumes the position previously held by George Reeth. Reeth has been...
S&P: Without Terrorism Coverage, Big Changes Loom
Feb 3 2005 // Congress has yet to renew the government program that reinsures losses in the insurance industry from foreign terrorist attacks, and the possibility that this program might expire at the end of 2005 is already prompting...
A.M. Best Places Subs of GE Insurance Solutions Corp. Under Review; Negative Implications Noted
Feb 3 2005 // A.M. Best Co. has placed the financial strength ratings of the subsidiaries of GE Insurance Solutions Corp (formerly known as GE Global Insurance Holding Corp) (GE Insurance) (Overland, Kan.) under review with negative...
Guy Carpenter Publishes Marine & Energy Report on Reinsurance Marketplace
Jan 25 2005 // Guy Carpenter & Company Inc., Marsh & McLennan’s reinsurance specialist, has released its comprehensive Marine & Energy Reinsurance Review Report 2005, which identifies key influences driving...
S&P Assigns ‘B’ Rating to Moscow Re
Jan 24 2005 // Standard & Poor’s Ratings Services announced that it has assigned its ‘B’ long-term counterparty credit and insurer financial strength ratings to Russia-based (re)insurer Moscow Reinsurance Co....
Best Affirms National Indemnity ‘A++’ Rating
Jan 24 2005 // A.M. Best Co. announced that it has affirmed the financial strength rating of “A++” (Superior) of National Indemnity Group. The rating also applies to National Indemnity Company and its eight affiliated...
Arthur J. Gallagher Forms Gallagher RE
Jan 24 2005 // Arthur J. Gallagher & Co. has announced the merger of its two U.S. reinsurance brokerage subsidiaries, Arthur J. Gallagher Intermediaries Inc. in New York and John P. Woods & Co. Inc. in New Jersey effective...
Record Cats But Market Discipline Waning Report Says
Jan 19 2005 // Despite a second year of unprecedented catastrophe losses, increasing competition is already forcing underwriters to choose between sacrificing premiums, profit or capital, according to a comprehensive report on the 2004/5...
S&P Report: Reinsurers’ “True Test Still to Come”
Jan 13 2005 // Standard & Poor’s Ratings Services has published its biannual report card covering the world’s largest reinsurers. According to the report, reinsurers have held their resolve and have kept price cuts to...
