Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
PXRE Concludes $194 Million Catastrophe Reinsurance Deal to Increase Underwriting Capacity
Dec 24 2002 // Bermuda-based PXRE Group Ltd. announced that it has entered into a quota share reinsurance agreement with P-1 Re Ltd. which will provide the company with $194 million in funded reinsurance protection against property...
Deloitte & Touche Withdraws ESG Re Audit Reports in Dispute over Contract w/ ACE
Dec 24 2002 // Bermuda-based ESG Re Limited announced today that Deloitte & Touche has withdrawn its audit reports related to “the year ended December 31, 2001 and review reports related to the quarters ended September 30,...
Golden Apple Appoints London Broker
Dec 23 2002 // Miami-based Golden Apple Holding Company (GAHC), a wholly owned subsidiary of Navigator Ventures Inc. appointed Ballantyne McKean & Sullivan Ltd. (BMS) as lead broker of record to secure reinsurance for Golden...
Bermuda Insurers Join Inreon Reinsurance Trading Platform
Dec 20 2002 // Inreon, the Internet trading platform for reinsurers and intermediaries founded by Munich Re and Swiss Re, announced that a “growing number of global reinsurance groups, including new Bermuda start-ups, have...
Endurance Specialty Holdings Forms U.S. Subsidiary
Dec 20 2002 // Bermuda-based Endurance Specialty Holdings Ltd. announced the formation of a wholly-owned U.S. subsidiary, Endurance Reinsurance Corporation of America (Endurance Re). The new company has been granted a license as a New...
AXIS Specialty Completes Acquisition of R&SA Unit
Dec 18 2002 // AXIS Specialty Limited announced the completion of its purchase of Royal & SunAlliance Personal Insurance Company. The unit will be renamed AXIS Reinsurance Company, based in New York City. AXIS Reinsurance Company...
Grabbing the Headlines in 2002
Dec 16 2002 // Who made the most “news” as opposed to the most “noise” in 2002? There were lots of candidates, but the ones we’ve selected usually made news because they faced problems or took initiatives...
Solvency Study Shows Continued Good Ratings
Dec 16 2002 // The solvency record of the domestic surplus lines industry continues to mirror that of the total property/casualty industry, according to the ninth annual study of the excess and surplus lines industry by the A.M. Best...
Movin’ & Shakin’: ERC, Lloyd’s Shake Up Reinsurance Market
Dec 16 2002 // The events of Sept. 11 were a defining moment in the reinsurance market; a watershed event that opened up the eyes of everyone in the insurance industry, forcing a re-evaluation of the industry’s practices,...
Grabbing the Headlines in 2002
Dec 16 2002 // Who made the most “news” as opposed to the most “noise” in 2002? There were lots of candidates, but the ones we’ve selected usually made news because they faced problems or took initiatives...
They Did It Their Way
Dec 16 2002 // When you’re compiling a list of top 10’s, there is always the fear of leaving someone off, admitting someone who maybe does not deserve the billing or having the players out of order of importance. Believe me,...
A.M. Best Assigns ‘A-‘ (Excellent) Rating to Aspen Insurance Limited
Dec 13 2002 // A.M. Best Co. has assigned an initial financial strength rating of A- (Excellent) with a positive outlook, to reinsurer Aspen Insurance Limited, a subsidiary of Aspen Insurance Holdings (AIH), a Bermuda-registered holding...
S&P Lowers Munich Re Ratings to ‘AA+’
Dec 12 2002 // Standard & Poor’s Ratings Services announced that it has lowered its long-term counterparty credit and insurer financial strength ratings on the world’s largest reinsurance group, Munich Reinsurance Co....
S&P Upgrades Hong Kong’s CIRe Rating to ‘A-‘
Dec 10 2002 // Standard & Poor’s Ratings Services announced that it has revised its insurer financial strength and long-term counterparty credit ratings on Hong Kong-based China International Reinsurance Co. Ltd. (CIRe) to...
Mark Wigmore to Head St. Paul Re Runoff Operations
Dec 10 2002 // The St. Paul has named W. Mark Wigmore to direct the runoff operation of St. Paul Re, its former reinsurance underwriting operation, from his post as President and CEO of St. Paul Reinsurance Company. In early November The...
A.M. Best Affirms Munich Re’s ‘A++’ (Superior) Rating
Dec 9 2002 // A.M. Best Co. has affirmed the ‘A++’ (Superior) financial strength ratings of Munich Re and its core subsidiaries with a negative outlook. Best, however downgraded Munich Re’s 1.115 billion Euro ($1.126...
S&P’s Lowers ERC Ratings to ‘AA-‘
Dec 6 2002 // Standard & Poor’s has lowered its counterparty credit and financial strength ratings on Employers Reinsurance Corp. and its wholly owned subsidiaries (collectively referred to as ERC) to ‘AA-‘ from...
A.M. Best Affirms Swiss Re A++ (Superior) Financial Ratings, Downgrades Debt Ratings with Negative Outlook
Dec 6 2002 // A.M. Best Co. has affirmed the financial strength ratings of A++ (Superior) of Swiss Reinsurance Company (Swiss Re) and its core subsidiaries with a negative outlook. At the same time, however, the rating agency announced...
S&P Affirms Inter-Ocean Reinsurance Co. Ltd. ‘A’ Ratings
Dec 3 2002 // Standard & Poor’s announced that it has affirmed its ‘A’ counterparty credit and financial strength ratings on Inter-Ocean Reinsurance Co. Ltd. with a stable outlook. S&P indicated it took the...
NAMIC Protests AICPA Draft Statement
Nov 29 2002 // A recent draft statement by the accounting profession on risk-transfer features of certain forms of quota-share reinsurance was the target of a protest by the Accounting Committee of the National Association of Mutual...
