Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
Poll Tabs American Re as ‘Best Overall Reinsurer in the U.S.’
Sep 17 2003 // American Re-Insurance Company was named “Best Overall Reinsurer in the U.S.” in the 2003 Survey of Cedant Perceptions about Reinsurance and Reinsurers conducted by Flaspohler Research Group, a provider in...
Fiserv Acquires Unisure From Paragon
Sep 16 2003 // Brookfield, Wis.-based Fiserv Inc. has acquired the assets of Unisure Inc. a provider of reinsurance software and related services, and has formed a strategic relationship with Unisure’s former parent, Paragon...
N.J. Commissioner Reactivates Med Mal Reinsurance Association
Sep 12 2003 // New Jersey’s Banking and Insurance Commissioner Holly C. Bakke has issued an order to reactivate the state’s long-disused Medical Malpractice Reinsurance Association (MMRA) in order to “assure continued...
Best Downgrades SCOR Ratings – Action ‘Unfounded’ Reinsurer Replies
Sep 11 2003 // A.M. Best Co. announced that it has downgraded the financial strength rating to B++ (Very Good) from A- (Excellent) of France’s SCOR Group and its guaranteed subsidiaries. The company reacted quickly with an...
Montpelier Re Wins International Reinsurance Award
Sep 11 2003 // Bermuda-based Montpelier Reinsurance Ltd. announced that it has been named “Company Launch of the Year” at the ‘Review Worldwide Reinsurance Awards’, held on September 3rd in London. The bulletin...
Lord Levene Gives Thought Provoking Speech to Rendezvous Delegates
Sep 10 2003 // Maybe it’s inevitable, or just a sign of the times, but some of the most original thinking on the problems facing the insurance industry in general and reinsurers in particular is coming from people with experience...
S&P Sees Stability in Reinsurers’ Ratings
Sep 9 2003 // Standard & Poor’s has issued a report entitled “Global Reinsurance: Calmer Waters Ahead?” which indicates that the outlook for reinsurers’ ratings “is now nearing stability.” The...
Best Reports Pressure on Reinsurers, Sees Radical Change
Sep 9 2003 // A.M. Best’s report, “Global Reinsurance,” focuses on the pressures affecting the financial strength of the industry, and discusses the factors that it sees driving market conditions. The report cited the...
Reinsurance Rendezvous Highlights Poor Results, Future Direction
Sep 9 2003 // The annual Reinsurance Rendezvous in Monte Carlo, which began last weekend, has put the spotlight on the altogether mixed results the industry has posted over the last three years. Both Standard & Poor’s and...
Clement Booth to Become Aon Re International CEO
Sep 8 2003 // Aon Corp. announced that Clement Booth will be joining the company as CEO of Aon Re International, a unit of Aon Re Global, as of October 1, 2003. His appointment comes in conjunction with Aon’s announcement of the...
Aon Forms World’s Largest Reinsurance Broker
Sep 8 2003 // Chicago’s Aon Corporation has announced the formation of Aon Re Global, which it describes as “the largest reinsurance brokerage firm in the world.” In that case it would take over the top spot from...
Munich Re Posts Fifth Consecutive Quarterly Loss, as Taxes Hit Profits
Sep 8 2003 // Germany’s Munich Re can’t seem to buy a break. Despite good gains in operating profit, 777 million euros ($845 million) in the first six months of 2003, the world’s biggest reinsurer posted its fifth...
HCC Insurance Group Assigned
Sep 8 2003 // Fitch Ratings assigned a “AA-“insurer financial strength (IFS) rating to HCC Insurance Group, which is led by Houston Casualty Company. Fitch also affirmed the “A-” long-term issuer and...
XL Completes Purchase of Le Mans Re
Sep 5 2003 // Bermuda’s XL Capital Ltd announced that it has completed the purchase, through a subsidiary, of the remaining 33% of Le Mans Ré held by Les Mutuelles du Mans Assurances Group (“MMA”). XL and MMA formed...
Recent Ratings Round-up
Sep 5 2003 // Due to the significant number of ratings announcements released recently, the IJ offers the following summary of actions taken by the rating agencies indicated. More complete information can be obtained directly from the...
Weiss Ratings: U.S. Insurers’ 9/11 Losses Reach $9.3 Billion
Sep 5 2003 // Weiss Ratings Inc. of Palm Beach Gardens, Fla., reported that U.S. property and casualty insurers’ net claims arising from the Sept. 11 terrorist attacks reached $9.3 billion by December 31, 2002, compared to $8.5...
S&P Affirms Everest Re Group Ratings
Sep 4 2003 // Standard & Poor’s Ratings Services announced that it has affirmed its ‘A-‘ counterparty credit and preliminary senior debt, ‘BBB+’ subordinated debt, and ‘BBB’ preferred stock...
S&P Publishes Encouraging Report on Asia-Pacific Reinsurance Market
Sep 2 2003 // Standard & Poor’s Ratings Services has published a report on the Asia-Pacific nonlife reinsurance market, which indicates that it “is experiencing a period of profitability following a decade of weak...
Palmer & Cay Forms Reinsurance Operations
Aug 29 2003 // Palmer & Cay, Inc., a privately-held insurance brokerage and benefits consulting firm based in Savannah, Ga., announced its entry into the reinsurance market with the formation of two new entities, Palmer & Cay...
Munich Re Posts Fifth Consecutive Quarterly Loss, as Taxes Hit Profits
Aug 29 2003 // In contrast to its Swiss rival (see previous article) Germany’s Munich Re can’t seem to buy a break. Despite good gains in operating profit, 777 million euros ($845 million) in the first six months of 2003, the...
