Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
Welcome to the 3rd Annual “Top Ten Stories of the Year”
Dec 24 2001 // In what became one of the most significant, traumatic and challenging years in U.S. history, the insurance industry, along with the rest of the nation, has had to come to terms with the terrorist attacks perpetrated...
Council of Insurance Agents + Brokers Responds to Failure of Federal Terrorism Reinsurance Legislati
Dec 24 2001 // In response to no Congressional action being taken on federal terrorism reinsurance legislation died in 2001, Ken Crerar, president of The Council of Insurance Agents + Brokers, stated that the move was a disappointment to...
Endurance Raises $1.2 Billion, Begins Operations
Dec 18 2001 // Endurance Specialty Insurance Ltd., the new Bermuda-based insurer, backed by Aon and Zurich Financial Services (See IJ Website Nov. 8), announced that it has successfully raised $1.2 billion of capital through private...
South Dakota Department to Approve Insurers’ Requests
Dec 18 2001 // Responding to insurers’ concerns over the future availability of reinsurance coverage for terrorism, Darla L. Lyon, director of South Dakota’s Division of Insurance, announced the department will approve...
A.M. Best Affirms Lloyd’s ‘A-‘ Rating, Removes from Review
Dec 18 2001 // A.M. Best announced that it has affirmed Lloyd’s “A- (Excellent) rating and has removed the “under review” status of its rating, which it applied shortly after the September 11 attacks. Best...
W.R. Berkley Sets $12 Million Reserve on
Dec 17 2001 // W.R. Berkley Corp. of Greenwich, Connecticut announced that it has established a reserve of $12 million, “after taxes and net of reinsurance, for potential losses arising from the recent bankruptcy filing by Enron...
Top 10 Stories of 2001
Dec 17 2001 // Recollections and Renewal: Looking Back at 2001 with an Eye to the Future This is the year that was. It is one that many people will be glad to see come to an end because the new year always brings hope—for a rebirth,...
PXRE To Receive $150 Million Capital Infusion
Dec 11 2001 // Bermuda’s PXRE Group Ltd. announced that it has reached an agreement with Capital Z Financial Services Fund II, investment funds managed by Reservoir Capital Group, and Richard Rainwater, to invest $150 million in...
House Passes Terrorism Risk Protection Act, Attention Now Turns to Senate
Dec 10 2001 // In what is viewed by many leading insurance industry organizations as a significant step in the right direction, the U.S. House of Representatives passed the Terrorism Risk Protection Act (HR 3210) by a vote of 227-193 on...
A Teutonic Call For ‘Unconditional Rethinking’ on Political Risk
Dec 10 2001 // The ramifications of the Sept. 11 terrorist attacks on the insurance industry are becoming more and more apparent. While the attacks are portrayed as the worst ever on U.S. soil, the repercussions continue to affect...
XL Not Exposed to Enron’s Commercial Paper
Dec 6 2001 // Bermuda’s XL Capital Ltd. announced that it does not have exposure to the asset-backed commercial paper program of Enron Funding Corp., a unit of the bankrupt energy giant. (See IJ Website, Dec.3). XL said that...
A Teutonic Call For ‘Unconditional Rethinking’ onPolitical Risk
Dec 3 2001 // The ramifications of the Sept.11 terrorist attacks on the insurance industry are becoming more and more apparent. While the attacks are portrayed as the worst ever on U.S.soil, the repercussions continue to affect numerous...
Stephen Van de Graaf Joins Odyssey Re as Sr. VP Finite Reinsurance
Nov 30 2001 // Odyssey Re American Reinsurance Corp. of Stamford Connecticut announced that Stephen Van de Graaf has joined the company as Sr. VP in its Non-Traditional unit to lead its Finite Reinsurance underwriting initiatives. Van de...
Munich Re Posts $1 Billion 3Q Loss, Comments on Terrorism Coverage
Nov 30 2001 // Munich Re, the world’s largest reinsurer, suffered a commensurately large loss in the 3rd quarter of €1.2 billion ($1.05 billion) after tax. In addition to the estimated €2.1 billion ($1.85 billion) losses...
House Passes Terrorism Reinsurance Bill
Nov 30 2001 // The U.S. House of Representatives passed the Terrorism Risk Protection Act (HR 3210) by one vote of 227-193 on the afternoon of Nov. 29. According to the Independent Insurance Agents of America (IIAA), the legislation...
Sustained Consolidation Predicted as a Result
Nov 29 2001 // The insurance industry has entered a period of sustained consolidation, both domestically and internationally, as a result of the Sept. 11 attacks, according to a year-end forecast by the Transaction Services group at...
Fitch Assigns ‘AA’ to Chubb Offering
Nov 28 2001 // Fitch assigned a rating of ‘AA’ to The Chubb Corporation’s offering of $600 million of new senior debt securities. The offering includes $400 million of 6.0 percent senior notes due 2011, and $200 million...
Are Insurers Really Asking the Governmentfor Help’
Nov 26 2001 // The term “Big Brother” has been tossed around casually since George Orwell introduced the term to the world in his novel, 1984. The concept of big government looking over the shoulder and into the bedrooms of...
Aon Corp. Announces New Series of Seminars
Nov 20 2001 // Aon Corporation announced a new series of seminars, led by insurance and brokerage experts, that are targeted to industry leaders in order to provide an assessment of future challenges they will face. In the first such...
SCOR Posts Strong 3Q Premium Gains, Up 45%
Nov 19 2001 // SCOR Group, France’s largest reinsurer, posted impressive 45 percent premium income gains for the third quarter to € 3.477 ($3.1 billion). The figures include premiums attributable to the recently acquired SCOR...
