Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
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...
S&P Lowers Munich Re Ratings to ‘A+’
Aug 28 2003 // Standard & Poor’s Ratings Services announced that it has lowered its long-term counterparty credit and insurer financial strength ratings on Munich Reinsurance Co. and related core subsidiaries of the Munich Re...
SCOR Group Confirms 1st Half Results
Aug 28 2003 // The Board of Directors of French reinsurer SCOR met on Tuesday, Aug. 26, 2003 to approve the financial statements for the first half of 2003. The meeting, chaired by CEO Denis Kessler, formalized the results announced Aug....
Hannover Re Reports Steady 1st Half Profits
Aug 27 2003 // Germany’s Hannover Re continues to record a steady operating performance. Just reported first-half results show net premiums earned up 9.4 percent to 5.9775 billion euros ($6.5 billion, a slight increase in operating...
Best Affirms Toa Re ‘A+’ (Superior) Ratings
Aug 20 2003 // A.M. Best Co. announced that it has affirmed the financial strength rating of A+ (Superior) of Japan’s Toa Reinsurance Company Limited, with a negative outlook. “The negative outlook reflects Toa Re’s...
Collins Associates’ Grant to Speak on Terrorism Reinsurance at Society of Actuaries Conference
Aug 18 2003 // Reinsurance brokerage provider John B. Collins Associates announced that Jim Grant, senior vice president, will speak on Terrorism Reinsurance for Health at the Society of Actuaries’ Valuation Actuary Symposium in...
S&P Revises Norwegian Bluewater Insurance Outlook to Negative
Aug 18 2003 // Standard & Poor’s Ratings Services announced that it has revised its outlook on Norwegian marine insurer Bluewater Insurance ASA to negative from stable. However, it affirmed its ‘BBB-‘ long-term...
CSC, ri3k Complete System Integration
Aug 15 2003 // Computer Sciences Corporation, based in El Segundo CA, and ri3k, the U.K.-based global reinsurance infrastructure provider, announced that they have successfully completed an integration project between CSC’s...
S&P Publishes Industry Report Card on Reinsurers
Aug 11 2003 // Standard & Poor’s has published an industry report card on North American reinsurers. Continued rate increases in the global reinsurance market have failed to stem the downward pressure on ratings, and Standard...
Ohio Casualty’s Earnings Down $2.1 Million From Year Ago
Aug 8 2003 // Fairfield, Ohio-based carrier Ohio Casualty Corp. announced second-quarter net income of $11 million, or 18 cents per diluted share, down from a year ago’s $13.1 million, or 21 cents per diluted share. The company...
CNA Financial Reports Q2 Net Income of $70M; Reductions in Workforce to Occur
Aug 7 2003 // CNA Financial Corporation reported net income for the second quarter of 2003 of $70 million, or $0.25 per share, as compared with net income of $31 million, or $0.14 per share, for the same period in 2002. Net income for...
Reinsurance, Investments Sink CNA Profit 20%
Aug 5 2003 // Chicago-based carrier CNA Surety Corp. reported a second-quarter profit of $10.3 million, or 24 cents per share, down from last year’s second quarter profit of $12.9 million, or 30 cents per share. CNA attributed the...
White Mountains Continues Strong Growth in Book Value
Aug 1 2003 // Bermuda-based White Mountains Insurance Group, Ltd. ended the second quarter of 2003 with a fully converted tangible book value per share of $281, an annualized increase of 18 percent (including dividends) from $259 at...
N.J. Commissioner Calls for Hearing on Availability of Med-Mal Reinsurance
Jul 31 2003 // New Jersey Commissioner Holly Bakke of the Department of Banking and Insurance recently called for a hearing to determine the availability of medical malpractice reinsurance in the New Jersey marketplace. Her announcement...
Marques Joins Vision Reinsurance as Senior VP
Jul 31 2003 // Dallas-based Vision Reinsurance Intermediaries Inc. announced that Victor Marques has joined the firm as senior vice president. Marques will focus on Marketing and Production in the North Eastern region of the U.S. With...
Endurance Specialty Holdings Reports 2ndQ 2003 Results
Jul 30 2003 // Endurance Specialty Holdings Ltd. reported second quarter 2003 net income of $66.8 million or $0.99 per diluted share versus net income of $31.3 million or $0.52 per diluted share in the second quarter of 2002. In the...
S&P Cuts Swiss Reinsurance Co. Ratings to AA
Jul 29 2003 // Standard & Poor’s Ratings Services said it lowered its long-term counterparty credit and insurer financial strength ratings on Zurich-based global reinsurer Swiss Reinsurance Co. and related core subsidiaries of...
Lloyd’s Of London Seeks Approval for Reinsurance License in China
Jul 23 2003 // Lloyd’s of London chairman Lord Levene will file a submission soon seeking approval to establish an on-shore reinsurance branch in China. Having an on-shore presence would allow Lloyd’s to reinsure local...
Woods Joins Folksamerica Reinsurance Co.
Jul 8 2003 // Folksamerica Reinsurance Company announced that Susan Woods joined the company as senior vice president Corporate Development. Woods most recently was vice president, Corporate Development at OneBeacon Insurance Company....
Goshawk Warns on Profits; Best Lowers Syndicate Ratings
Jul 8 2003 // London’s Goshawk Insurance, a specialty insurer and reinsurer, which manages Lloyd’s Syndicate 102, warned that it may not meet profit forecasts for the year due to adverse developments. The news not only sent...
