Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
Best, S&P React to Converium’s Review Plan
Sep 2 2004 // A.M. Best Co and Standard & Poor’s both announced rating actions following Converium AG’s announcement that it plans to raise additional capital and will significantly restructure its North American...
Converium Completes External Reserve Review; Share Issue to Raise $420 Million
Aug 31 2004 // Zurich-based Converium Holding AG announced that an external reserve review, conducted by the actuarial consulting firm Tillinghast-Towers Perrin, confirms reserves to be “within a reasonable range of actuarial...
SCOR Posts 38.7 Percent 1st Half Net Income Increase to $70 Million
Aug 26 2004 // France’s SCOR Group didn’t do quite as well as Swiss Re, but it’s come a long way from the dark days of 2001. The reinsurer’s “Back on Track” restructuring plan and the recently approved...
S&P Revises Clarendon Outlook to Stable
Aug 26 2004 // Standard & Poor’s Ratings Services announced that it has revised its outlook on Clarendon National Insurance Co. and two of its subsidiaries — Clarendon America Insurance Co. and Redland Insurance Co....
EC to Begin Formal Work on Insurer/Reinsurer ‘Solvency 2’ Rules in 2005
Aug 18 2004 // Th European Commission (EC) confirmed its intention to begin implementing a number of new rules related to the solvency of both insurers and reinsurers in 2005. The EC’s “Solvency 2” initiative aims to...
Best Affirms Alliance Re ‘B++’ Rating
Aug 17 2004 // A.M. Best Co. announced that it has affirmed the financial strength rating of “B++” (Very Good) of Alliance International Reinsurance Company (Alliance Re), based in Limassol, Cyprus, with a stable...
S&P Lowers Oil Casualty to ‘A-‘
Aug 12 2004 // Standard & Poor’s Ratings Services announced that it has lowered its counterparty credit and financial strength ratings on Oil Casualty Insurance Ltd. (OCIL) to ‘A-‘ from ‘A’, while...
Endurance Specialty Reports $850M Credit Facility
Aug 9 2004 // Endurance Specialty Holdings Ltd., headquartered in Bermuda, announced it has entered into a three-year $850 million revolving credit and letter of credit facility with a consortium of leading financial institutions. The...
A.M. Best Sees Stable Ratings for Reinsurers
Aug 9 2004 // According to a report by A.M. Best Company, improved reported results for 2003 and the first quarter of 2004, stable equity markets, marginal increases in bond yields and raising of some fresh capital after two years of...
Cross Appointed Chief Actuarial Officer for Non-Life Reinsurance at XL Capital
Aug 6 2004 // Bermuda-based XL Capital Ltd. announced the appointment of Susan L. Cross as chief actuarial officer – Non-Life Reinsurance, for XL’s reinsurance operations. Cross, who is also chief actuary for XL Re Ltd.,...
American Re Unveils Q2 Report
Aug 6 2004 // American Re Corp. announced another quarter of earnings and continued surplus growth. The company reported second quarter GAAP net income of $106.0 million, compared to $122.1 million in the second quarter of 2003. At June...
CNA Surety Posts 2Q Results
Aug 3 2004 // CNA Surety Corporation has reported net income for the second quarter of 2004 of $10.2 million, or $0.24 per share, compared to net income of $11.7 million, or $0.27 per share, for the same period in 2003. The decrease in...
Bank Holding Insurance Underwriting Income Up 2% to $25 Billion in 2003
Jul 29 2004 // Bank holding companies (BHCs) reported insurance or reinsurance income of $25.1 billion in 2003, according to Michael White’s Bank Holding Company Insurance & Investment Fee Income Report (BHC-FIR) published by...
RenaissanceRe Reports Q2 Operating Income of $143.1 Million; Gain from 2003 Numbers
Jul 27 2004 // Bermuda-based RenaissanceRe Holdings Ltd. reported net operating income available to common shareholders of $143.1 million for the second quarter of 2004, versus $130.5 million for the comparable period in 2003. Operating...
Fitch: Reinsurance Sector Rating Outlook Revised from Negative to Stable
Jul 27 2004 // Fitch Ratings has revised its Rating Outlook for the global reinsurance sector to Stable from Negative. Prior to this change, Fitch had maintained a Negative Rating Outlook on the sector since 2001. Fitch’s revised...
Gentile Joins Tillinghast as National Director
Jul 27 2004 // The Tillinghast business of Towers Perrin has announced that Peter Gentile has joined as national director of business development in its property/casualty insurance practice. In this newly created position, Gentile will...
A.M. Best Sees Stable Ratings for Reinsurers
Jul 23 2004 // According to a report by A.M. Best Company, improved reported results for 2003 and the first quarter of 2004, stable equity markets, marginal increases in bond yields and raising of some fresh capital after two years of...
Best Downgrades Converium AG
Jul 21 2004 // A.M. Best Co. has downgraded the financial strength ratings of Converium AG (Switzerland) and its rated core subsidiaries (collectively referred to as Converium) to “A-” (Excellent) from “A”...
Zenith Announces Second Quarter Results
Jul 21 2004 // Woodland Hills, Calif.-based Zenith National Insurance Corp. reported net income of $24.8 million for the second quarter of 2004 compared to net income of $18.4 million for the second quarter of 2003. Net income for the...
Brokers Urged to Avoid Surprises in Lawyers’ E&O
Jul 19 2004 // The news that the market for lawyers’ liability coverage is softening may not be surprising but the questions that today’s insurance underwriters ask about law firm accounts might be, attendees at a recent...
