Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
HCC Sells Benefits Subsidiary
Jan 6 2004 // Houston-based HCC Insurance Holdings Inc. announced it has sold the business and substantially all of the assets of its retail brokerage subsidiary, HCC Employee Benefits Inc. (HCCEB) to Capital Risk LLC, a subsidiary of...
Jan. TDI Hearings Include Credit Score, TWIA
Jan 2 2004 // The Texas Department of Insurance has scheduled hearings in January concerning two issues affecting the property/casualty insurance industry: use of credit scores in establishing rates for personal lines insurance and...
A.M. Best Downgrades Rating for Medical Assurance of W. Va.
Dec 29 2003 // A.M. Best Co. has downgraded the financial strength rating to B (Fair) from A- (Excellent) of Medical Assurance of West Virginia, Inc., (Charleston, WV) a wholly-owned subsidiary of Medical Assurance Company Inc. (MAI),...
Best Downgrades Employers Reassurance
Dec 29 2003 // A.M. Best Co. announced that it has downgraded the financial strength rating to “A-” (Excellent) from “A” (Excellent) of Employers Reassurance Corp. (ERAC) and assigned a stable outlook. “The...
W.R. Berkley Corp., Operating Companies Ratings Affirmed; Outlook Negative
Dec 29 2003 // Standard & Poor’s affirmed its ‘BBB+’ counterparty credit rating on W. R. Berkley Corp. At the same time, Standard & Poor’s affirmed its ‘A+’ counterparty credit and financial...
Report Fortress Re Ordered to Pay $1.12 Billion
Dec 23 2003 // Fortress Re, a No. Carolina-based reinsurance company, which collapsed following Sept. 11 related losses, has reportedly been ordered to pay Japan’s Sompo Insurance Co. $1.12 billion. According to a report in the...
Best Affirms IPCRe Group’s ‘A+’ Rating
Dec 17 2003 // A.M. Best Co. announced that it has affirmed its A+ (Superior) financial strength ratings of the Bermuda-based IPCRe Group and its affiliated companies, with a stable outlook. “The rating reflects IPCRe’s...
Pierce Joins the Client Analysis and Advisory Services Unit for American Re-Insurance Co.
Dec 16 2003 // American Re-Insurance Company announced that Carol Pierce has been appointed vice president and client market analyst in the company’s Client Analysis and Advisory Services (CAAS) unit of Corporate Marketing. In this...
Best Comments on Bermuda Insurance/Reinsurance Market
Dec 16 2003 // A.M. Best has issued a report commenting on the Bermuda insurance and reinsurance market. It notes that the 15 largest companies based on the island generated $28.6 billion in net premiums written and underwriting income...
Conference Sure of Firm Market, Uncertain About Future of Regulation
Dec 15 2003 // Except for the future of insurance regulation, there was surprising unanimity on leading issues facing the property and casualty insurance industry among both panelists and guests at the Fifteenth Annual Executive...
Conference Sure of Firm Market, Uncertain About Future of Regulation
Dec 15 2003 // Except for the future of insurance regulation, there was surprising unanimity on leading issues facing the property and casualty insurance industry among both panelists and guests at the Fifteenth Annual Executive...
Best Affirms Gerling K.A.’s ‘A-‘ Rating
Dec 11 2003 // A.M. Best Co. announced that it has affirmed the financial strength rating of ‘A-‘ (Excellent) of Gerling-Konzern Allgemeine Versicherungs-Aktiengesellschaft (GKA) (Cologne) and its core subsidiary, Gerling...
Raters React to White Mountains/Sirius Deal
Dec 10 2003 // All four rating agencies registered a generally positive response to the announcement that Bermuda-based White Mountains (WTM) would acquire the Sirius International Insurance group from its parent, ABB Ltd., the...
NAII Voices Concerns Regarding Enforcement of Judgments Abroad
Dec 10 2003 // The National Association of Independent Insurers (NAII) raised concerns about the ability to enforce judgments in foreign countries for reinsurance collateral reduction, as discussed by the National Association of...
White Mountains to Acquire Sirius Insurance
Dec 9 2003 // Bermuda-based White Mountains Insurance Group, Ltd. announced that it has entered into a definitive agreement with ABB Ltd. of Switzerland to acquire the Swedish-based Sirius Insurance Group for 3.22 billion SKr. ($437...
Odyssey Re Holdings Increases Reinsurance Unit’s Capital by $165 Million
Dec 5 2003 // Odyssey Re Holdings Corp announced that it has completed its previously announced capital contribution of $165 million to its main underwriting subsidiary, Odyssey America Reinsurance Corporation (OARC). “The...
Best Announces Launch of New Online Reinsurance Research Tool
Dec 4 2003 // A.M. Best Co. announced the introduction of “a new subscription-based reinsurance information service called Best’s Reinsurance Center – Premium Data & Reports, a database of the latest Best’s...
PMA Capital Sells Finite Reinsurance Renewal Rights to Imagine Group
Dec 3 2003 // Philadelphia-based PMA Capital Corp. announced that its subsidiary, PMA Capital Insurance Company (PMA Re), has executed a definitive agreement with Imagine Insurance Company Limited, to sell the renewal rights to its...
Odyssey Re Affirmed
Dec 1 2003 // A.M. Best Co. affirmed the financial strength ratings of Odyssey Reinsurance Group based in Wilmington, Del., of an “A” (excellent). In addition, the financial strength rating of “A” (excellent) was...
Odyssey Re Affirmed
Dec 1 2003 // A.M. Best Co. has affirmed the financial strength ratings of Odyssey Reinsurance Group based in Wilmington, Del., of an “A” (excellent). In addition, Best has assigned the financial strength rating of...
