Reinsurance - Latest Insurance News

Primary Carriers Note Restrictions on Personal Lines Terrorism Reinsurance

Sep 25 2002 // Property & Casualty insurers are reporting that reinsurers are imposing a number of the same types of terrorism exclusions and limitations in personal lines that are being put into action for commercial lines. The...

Dallas Attorney Named to List of Leading Insurance & Reinsurance Lawyers

Sep 24 2002 // London-based Euromoney Legal Media Group added Dallas attorney, Robert D. “Bob” Allen, to its current “Guide to the World’s Leading Insurance & Reinsurance Lawyers.” Allen, a partner in...

S&P Stands Pat on SCOR, Gerling Ratings

Sep 24 2002 // Standard & Poor’s announced that its ratings on Gerling-Konzern Globale Ruckversicherungs-AG (GKG) and related entities will “remain on CreditWatch with developing implications,” and that its...

NAII Pens Letter to Congress for federal terrorism reinsurance backstop

Sep 24 2002 // Insurance markets for terrorism coverage remain troubled particularly for commercial property, workers’ compensation and group life markets, according to the National Association of Independent Insurers (NAII)....

Republic Western Company Commutes Reinsurance Treaty

Sep 20 2002 // Phoenix-based Republic Western Insurance Company (RepWest) announced that the company had successfully completed negotiations resulting in the commutation of its largest remaining non-standard automobile reinsurance treaty...

Greene Joins Alea North America Co.

Sep 20 2002 // Bruce Greene has joined Alea North America Company as senior vice president, claims manager of Alea North America. Greene has more than 30 years experience in the Insurance & Reinsurance industry. He began his...

Moody’s Downgrades Munich Re’s Ratings to ‘Aa1’

Sep 20 2002 // Moody’s Investors Service announced that has downgraded Munich Re’s insurance financial strength rating from the highest possible ‘Aaa’ to its next highest category ‘Aa1’ due to the...

A.M. Best Affirms Zenith National Ratings

Sep 17 2002 // A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) of Zenith National Insurance Group of Woodland Hills, Calif. The financial strength rating applies to three intercompany pool members and is based...

New Guy Carpenter Study Finds Reinsurance Markets Worldwide Hardened in 2002; Rates Increased in All Regions for Virtual

Sep 17 2002 // Rates in 2002 for reinsurance covering the property catastrophe risks of insurance companies increased in all regions for virtually all insurance companies, according to a new report by Guy Carpenter & Co., Inc. The...

Berkley Corp. Forms Underwriting Management Group

Sep 16 2002 // W. R. Berkley Corporation announced the formation of B F Re Underwriters, LLC, an underwriting management group specializing in the underwriting of casualty facultative reinsurance on a direct basis. Daniel Avery, who was...

Aon Completes $1.450B Reinsurance Program for State Compensation Fund of Calif.

Sep 13 2002 // Aon Corporation announced that its global reinsurance intermediary, Aon Re Worldwide, has completed a major excess of loss reinsurance program for the State Compensation Insurance Fund of California. The transaction...

Royal & SunAlliance USA and Universal Reinsurance Join Forces For Personal Agency Captive Program

Sep 11 2002 // Royal & SunAlliance USA has teamed up with Universal Reinsurance for its new Personal Insurance Agency Captive Program. For several years, Universal Reinsurance has worked closely with Artis®, Royal &...

Inreon Offers Facultative Liability Reinsurance, Demand and Capacity Set to Grow

Sep 6 2002 // Inreon, the Internet trading platform launched by Munich Re and Swiss Re, announced that it has expanded its scope to offer reinsurance buyers facultative liability cover via the platform from a panel of blue chip...

S&P Lowers Gerling Global Re’s Ratings to ‘BBB’

Sep 5 2002 // Standard & Poor’s announced that it has lowered its long-term counterparty credit and insurer financial strength ratings on Germany’s Gerling-Konzern Globale Ruckversicherungs-AG (GKG), the reinsurance arm...

Weiss Ratings Says Domestic Insurers Report Net Claims of $8.5 Billion from Sept. 11 Attacks

Sep 4 2002 // The nation’s property and casualty insurers reported $8.47 billion in net claims (1) arising from the Sept. 11 terrorist attacks, according to research by Weiss Ratings Inc. Two groups of insurance companies,...

SCOR 1st Half Net Profit Down 58% to €21 Million – In Talks with Gerling

Sep 4 2002 // SCOR, France’s largest reinsurer, reported that its 1st half net income had dropped 58 percent to € 21 million* from € 50 million* in the same period last year, due to the now familiar problem of declining equity...

Sept. 11 Revisited: The Future of the Industry

Sep 2 2002 // When the nation awoke on the morning of Tuesday, Sept. 11, little did it know that the events over the next few hours would change its lives forever. Not only were there thousands of lives lost and injured, but many more...

S&P’s Maintains Negative Outlook for European Reinsurers

Sep 2 2002 // Standard & Poor’s said that although the European reinsurance market is expected to remain hard beyond 2003, it maintains its negative outlook for the industry for the fifth year running, due to uncertainty over...

A Year Later, Industry Takes Stock of Itself