Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
Mutual Risk Management Reports Hancock Motion to Dismiss Lawsuit Denied
Nov 22 2004 // Mutual Risk Management Ltd. (MRM) announced on Monday that the federal judge presiding over its multi-million dollar claim for tortious interference against John Hancock Life Insurance Company (Hancock) has denied...
The Hartford Purchases Collateralized CAT Reinsurance From Foundation Re
Nov 19 2004 // The Hartford Financial Services Group Inc. has acquired $247.5 million of multi-year, collateralized catastrophe reinsurance from Foundation Re Ltd., a Cayman Island reinsurance company. The new reinsurance coverage is...
Best: No Ratings Changes from Finite Reinsurance Probe
Nov 19 2004 // A.M. Best Co. has released a statement indicating that it “does not anticipate the re-evaluation of ratings as a result of the increased scrutiny of finite reinsurance transactions by regulators and other interested...
CNA Financial Corp., Subs Have Ratings Affirmed
Nov 19 2004 // Standard & Poor’s Ratings Services has affirmed its ‘BBB-‘ counterparty credit rating on CNA Financial Corp. (NYSE:CNA) and its ‘A-‘ counterparty credit and financial strength ratings on...
S&P Report Explains Financial-Engineering Probe
Nov 17 2004 // Standard & Poor’s has issued a bulletin “in response to media reports that the New York Attorney General, the SEC, and other authorities are initiating new investigations of insurance companies in...
ACE Announces Executive Changes in Europe, Bermuda
Nov 16 2004 // Bermuda’s ACE Limited has announced several executive appointments, as follows: — Andrew Kendrick, currently president and CEO of ACE Bermuda, has been named chairman and CEO of ACE European Group. —...
Fitch Reports on Finite Risk Reinsurance; Teleconference for Nov. 17
Nov 15 2004 // Fitch Ratings announced that it will hold a teleconference on Wednesday, Nov. 17 at 11:00 a.m. EST (4:00 p.m. GMT) to discuss its report on Finite Risk Reinsurance. The rating agency noted that it had issued a special...
Everest Re Appoints Jackson as U.K. General Manager
Nov 12 2004 // Bermuda-based Everest Reinsurance Ltd., a wholly owned subsidiary of Everest Re Group Ltd., announced the appointment of Tom Jackson as General Manager of its U.K.branch in London. “This operation writes treaty...
Hannover Re Hit by Q3 Cat Losses; 9-month Operating Profit Down 18.1 % to $527 Million
Nov 12 2004 // Germany’s Hannover Re – ranked by Standard & Poor’s as the world’s fifth largest reinsurer – announced third quarter earnings that were heavily impacted by the Florida hurricanes and...
Carvill Launches London Reinsurance Operation
Nov 11 2004 // Carvill, a leading reinsurance intermediary in Specialty business, announced the launch of Carvill Re, to provide a “dedicated focus to expanding Carvill’s relationships in the London reinsurance...
Fitch Comments on Fairfax’s Rating Watch
Nov 11 2004 // Fitch Ratings commented that Fairfax Financial Holdings Limited’s ratings and Rating Watch Negative status are unaffected by its recent disclosures via its third-quarter 2004 financial filings and investor conference...
S&P Rates PartnerRe Preferred Stock Issue ‘BBB+’; Affirms Rating, Stable Outlook
Nov 11 2004 // Standard & Poor’s Ratings Services announced that it has assigned its “BBB+” preferred stock rating to Bermuda-based PartnerRe Ltd.’s (PRE’s) proposed $200 million Series D Cumulative...
AXIS Announces Organizational Strategic Realignment; Opening of Singapore Branch
Nov 9 2004 // Bermuda-based AXIS Capital Holdings Limited announced that it will realign its organizational structure to enhance the brand and operations of its insurance businesses and its reinsurance businesses globally. In a separate...
Munich Re Posts $472 Million Q3 Profit, $1.94 Billion for Nine Months; Affirms Full Year Estimate (Almost)
Nov 9 2004 // Despite an estimated 550 million euros ($711 million) in hurricane related claims, Munich Re, the world’s largest reinsurer, seems to have weathered the storm(s). The company announced third quarter profits of 365...
SCOR Reports $70 Million Nine-Month Earnings
Nov 5 2004 // French reinsurer SCOR Group recently approved the company’s financial results for the nine months ended Sep. 30, 2004. SCOR has been through some rough times, but the results, which included 54.3 million euro ($70...
Best Lowers Outlook for Employers Re Group, Westport, First Specialty to Negative
Nov 3 2004 // A.M. Best Co. announced that it has revised the rating outlook to negative from stable on the “A” (Excellent) financial strength ratings for Employers Reinsurance Corporation of Overland Park, Kan. and GE...
Aspen Reports $43 Million Q3 Loss; $122.9 Million Net Income for Nine Months
Nov 3 2004 // Aspen Insurance Holdings Limited became the latest Bermuda-based insurer to report negative earnings in the third quarter when it announced a net loss of $43 million, or 62 cents per diluted share, for the three months...
Best Downgrades Transatlantic Companies to ‘A+’; Revises Outlook to Stable
Oct 28 2004 // A.M. Best Co. announced that it has downgraded the financial strength rating to “A+” (Superior) from “A++” (Superior) of Transatlantic Reinsurance Company and Putnam Reinsurance Company, both New...
A.M. Best: Cycle Management Key to Reinsurance Industry Financial Strength
Oct 22 2004 // The reinsurance industry is facing a key test from the 2005 renewal season in terms of how it reacts in practice to pricing pressure from cedents, according to A.M. Best Co.. While the material levels of catastrophe losses...
Scottish Re to Acquire ING Re’s Individual Life Reinsurance Business
Oct 19 2004 // Scottish Re Group Limited, a global life reinsurance specialist, announced that it has agreed to acquire the individual life reinsurance business of ING Re. The transaction is expected to close by the end of the...
