Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
White Mountains Reports Improved 2002 Results
Feb 19 2003 // Bermuda-based White Mountains Insurance Group, Ltd. ended 2002 with a fully converted tangible book value per share of $259, a 15 percent increase for the year. The company’s comprehensive net income for 2002 was...
Platinum Underwriters Holdings Said Pleased With Finances
Feb 14 2003 // Platinum Underwriters Holdings reported on its first two months of operations that began on Nov. 1, 2002 when the company completed its initial public offering and assumed the continuing 2002 reinsurance business of The...
Transatlantic Holdings Notes 4thQ Results
Feb 13 2003 // Transatlantic Holdings, Inc. reported that its net income for 2002 increased to $169.3 million, or $3.21 per common share (diluted), compared to $18.9 million, or $0.36 per common share (diluted), in the prior year. 2002...
CNA Surety Earns $8 Million in Fourth Quarter
Feb 12 2003 // Improved underwriting income helped CNA Surety Corp. score a net income of $2.6 million, or 6 cents per share, for the fourth quarter of 2002 compared to $600,000, or 1 cent per share, in 2001. Net operating earnings for...
CRC Insurance Services Forms CRC/ART
Feb 12 2003 // CRC Insurance Services Inc. of Birmingham, Ala., announced the formation of the CRC Alternative Risk Transfer Division. CRC Alternative Risk Transfer (CRC/ART) will provide alternative risk management services and transfer...
Converium Posts $106.8 Million Net Profit in 2002
Feb 11 2003 // The Swiss-based Converium Group, a leading global reinsurer, reported a very successful 2002, with pre-tax operating income of $67.7 million, an increase of $528.8 million compared to a pre-tax operating loss of $ 461.1...
PartnerRe Keeps ‘A+’ Rating
Feb 10 2003 // A.M. Best Co. affirmed the “A+” (Superior) group financial strength rating of Bermuda-based PartnerRe Group and its core subsidiaries, Partner Reinsurance Company Ltd. (Bermuda), Partner Reinsurance Company of...
PartnerRe Keeps ‘A+’ Rating
Feb 10 2003 // A.M. Best Co. affirmed the “A+” (Superior) group financial strength rating of Bermuda-based PartnerRe Group and its core subsidiaries, Partner Reinsurance Company Ltd. (Bermuda), Partner Reinsurance Company of...
ACE Limited Reports $77 Million Net Income for 2002; Posts $168 Million Q4 Loss
Feb 6 2003 // Bermuda’s ACE Limited reported net income, including realized losses, for 2002 of $77 million, compared with a net loss of $146 million for 2001. The insurer’s net operating income for the full year was $511...
RenRe Posts $105 Million NOI in Q4; $365 Million Operating Profit for 2002
Feb 5 2003 // Bermuda’s RenaissanceRe Holdings Ltd. posted $105 million in fourth quarter net operating income available to common shareholders (excluding realized investment gains and losses) compared to $46.6 million in the...
A.M. Best Affirms RenRe Subsidiaries’ Ratings; Downgrades Trenwick Group
Feb 4 2003 // A.M. Best Co. announced that it has affirmed the financial strength ratings of A+ (Superior) on Bermuda’s RenaissanceRe Holdings Ltd.’s operating subsidiaries, notably Renaissance Reinsurance Ltd., the lead...
Best Affirms ‘A-‘ (Excellent) Rating of Gulf Insurance Limited
Jan 31 2003 // A.M. Best announced that it has affirmed the financial strength rating of ‘A-‘ (Excellent) of Gulf Insurance Limited, which operates from Port of Spain, Trinidad, and has assigned the ratings a stable...
Benfield Report Notes “Capital Shortage” May Mean a Difficult Year for Reinsurers
Jan 30 2003 // A reinsurance market review prepared by the London-based Benfield Group, one of the world’s leading independent reinsurance intermediaries, has concluded that “despite the massive tidal wave of new capital...
S&P’s Places ACE Ltd., Subsidiaries Ratings on CreditWatch Neg
Jan 28 2003 // Standard & Poor’s has placed its ‘A-/A-2’ counterparty credit rating on ACE Ltd. on CreditWatch with negative implications because of ACE’s announcement that it will strengthen its asbestos...
Fireman’s Fund Names Presperin to Reinsurance Post
Jan 28 2003 // Peter Presperin has been named executive vice president and president of Reinsurance and Discontinued Operations of the Fireman’s Fund Insurance Company. Presperin had formerly been chief financial officer of First...
A.M. Best Withdraws the Financial Strength Ratings of Gerling Global Reinsurance Corp. of America
Jan 28 2003 // A.M. Best Co. announced that it has withdrawn the financial strength rating of B- (Fair) and assigned an NR-3 rating (Rating Procedure Inapplicable) to Gerling Global Reinsurance Corporation of America (GGRCA) and its...
RenRe Already Looking to 2003 – Sees CWP Up 15%
Jan 28 2003 // Bermuda-based RenaissanceRe Holdings Ltd. doesn’t seem to have lost its touch. Prior to its appearance at conferences sponsored by the New York Society of Securities Analysts and Salomon Smith Barney this week, the...
ROUGH ROAD FOR COMMERCIAL LINES
Jan 27 2003 // Fitch Ratings reports that the commercial line and reinsurance sectors of the domestic property and casualty industry faces greater uncertainty than personal lines, according to a new report published by the ratings...
Lloyd’s Accredits, Canadian, Italian Brokers
Jan 24 2003 // Lloyd’s announced that it has recently accredited Canada’s Beach & Associates Ltd. and Italy’s Aon Italia Srl as the first new brokers to be given full access to the Lloyd’s market in...
A.M. Best Affirms A+ (Superior) Rating of PartnerRe Group
Jan 23 2003 // A.M. Best Co. has affirmed the group financial strength rating of A+ (Superior) of Bermuda-based PartnerRe Group and its core subsidiaries, Partner Reinsurance Company Ltd. (Bermuda), Partner Reinsurance Company of the...
