Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
A Halfway Point in the Fight Against Terrorism
Dec 1 2003 // Nov. 6 marked an important point in time for America’s property and casualty insurers. It was the halfway point between the Sept. 11, 2001, terrorist attacks and Dec. 31, 2005, the date that the Terrorism Risk...
S&P Lowers Attorneys’ Liability Assurance Ratings to ‘AA-‘
Nov 28 2003 // Standard & Poor’s Ratings Services announced that it has lowered its counterparty credit and financial strength ratings on Bermuda-based Attorneys’ Liability Assurance Society Ltd. (ALAS) and...
Federal Terrorism Insurance Issues Examined at CAS Annual Meeting
Nov 26 2003 // Actuaries reportedly face difficult challenges in accurately pricing commercial property insurance coverage under the Terrorism Risk Insurance Act of 2002 (TRIA), the temporary federal financial backstop for insuring...
S&P Affirms ‘BBBpi’ Rating for Maine Employers Mutual Insurance Co.
Nov 26 2003 // Standard & Poor’s has affirmed its ‘BBBpi’ counterparty credit and financial strength ratings on Maine Employers Mutual Insurance Co. The ratings reflect its extremely strong capitalization, strong...
Best Downgrades Ratings of Centre Solutions
Nov 26 2003 // A.M. Best Co. announced that it has downgraded the financial strength ratings to ‘A-‘ (Excellent) from ‘A’ (Excellent) of Bermuda-based Centre Solutions (Bermuda) Limited and its operating...
Munich Re Reports $180 million Q3 Net Profit; Expects Full-year Loss
Nov 26 2003 // Munich Re reported 152 million euros ($180 million) net income for the third quarter, compared to a loss of 859 million euros ($1.02 billion) in the same period of 2002, but the world’s biggest reinsurer also...
S&P Lowers PMA Capital Rating to ‘BB’ Sr. Debt to ‘B’ – Company Responds
Nov 25 2003 // Standard & Poor’s Ratings Services announced that it has lowered its counterparty credit and senior debt ratings on PMA Capital Corp. (PMACA) to ‘B’ from ‘BB-.’ It also said it has...
John B. Collins Associates Adds Pair of Reinsurance Brokers
Nov 24 2003 // John B. Collins Associates, one of the world’s reinsurance intermediaries, announced the addition of two senior property/ casualty reinsurance brokers, Chris Ruyak and Andrew Petersen, to the firm’s San...
ACORD Details 2004 Awards Program
Nov 21 2003 // The ACORD Awards will be given out at the ACORD LOMA Insurance Systems Forum, May 23-25, 2004 in Las Vegas, and the Awards will reportedly focus on outstanding achievements for implementations that highlight business...
Guy Carpenter Unveils New Model for Studying Insurers’ Quota Share, Surplus/Trust Preferred Note Options
Nov 20 2003 // Guy Carpenter & Company, Inc. announced the development of a proprietary analytical tool in response to insurance companies’ growing use of quota shares and surplus/trust preferred notes to manage their capital...
Henry Klecan to Head SCOR US; Reinsurer Contests Fitch Ratings Downgrade
Nov 20 2003 // France’s SCOR Group announced that Henry Klecan Jr. has been appointed President & CEO of SCOR US at a Board of Directors’ meeting held on November 18, 2003. The company also took issue with...
Best Lowers AXA Re and Subsidiaries to ‘A-‘
Nov 19 2003 // A.M. Best Co. announced that it has downgraded the financial strength rating of Paris-based AXA Re and its core subsidiaries to A- (Excellent) from A (Excellent). The companies affected are: AXA Corporate Solutions...
Gen Re Invited to Apply for Reinsurance License in China; CEO Receives Marco Polo Award
Nov 18 2003 // General Re, a subsidiary of Berkshire Hathaway Inc., announced that the China Insurance Regulatory Commission (CIRC) has invited the company to apply for a national reinsurance license to conduct both life and...
Best Affirms ACE Belgian Sub ‘A’ Rating
Nov 17 2003 // A.M. Best Co. announced that it has affirmed the ‘A’ (Excellent) financial strength rating of ACE Europe’s Belgian subsidiary, ACE Insurance S.A. – NV, with a stable outlook. “The rating...
Fitch Reports P/C Insurers’ Credit Exposure from Reinsurance Increases; Disputes Grow but Stay Small Relative to Surplus
Nov 14 2003 // U.S.-based insurers’ reinsurance credit exposures have increased significantly during a period in which the credit quality of the reinsurance industry has deteriorated, according to a new research report published by...
SCPIE Holdings Announces Third-Quarter and Nine-Month Results
Nov 13 2003 // SCPIE Holdings Inc., a provider of healthcare liability insurance, reported results for its third quarter and nine months ended Sept. 30, 2003. For the 2003 third quarter, SCPIE reported a net loss of $14.8 million, or...
Moody’s: Wildfires Will Hurt Insurers’ Bottom Line
Nov 12 2003 // Moody’s Investors Service said in a statement that it does not expect its ratings or outlook on the U.S. personal lines insurance sector as a whole to be impacted solely by the recent spate of California...
A.M. Best Affirms Financial Strength and Debt Ratings of Odyssey Re
Nov 10 2003 // A.M. Best Co. has affirmed the financial strength ratings of A (Excellent) of Odyssey Reinsurance Group (Wilmington, Del.). In addition, A.M. Best has assigned the financial strength rating of A (Excellent) to Hudson...
SCOR Posts $400 Million Nine-month Loss; Rating Agencies React
Nov 7 2003 // France’s SCOR Group, the world’s seventh largest reinsurer, announced a nine-month loss of 349 million euros ($400 million), prompting both A.M. Best and Moody’s to place their ratings on the company and...
Best Affirms Korean Re ‘A-‘ Rating
Nov 7 2003 // A.M. Best Co. announced that it has affirmed the financial strength rating of A- (Excellent) of Korean Reinsurance Company (KRIC) with a stable outlook. “The rating reflects the company’s significant...
