Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
Senate Fails to Act on Federal Terrorism Reinsurance Bill
Jan 14 2002 // During the first weeks of December, covering the story of whether or not Congress would pass a federal terrorism reinsurance bill before the end of 2001 was pretty much a waiting game. At the time, most insurance industry...
S&P Reports Insurers to Cut Coverage for Losses
Jan 10 2002 // Several commercial insurers will cut coverage for losses caused by acts of terror, allowing 2001 policies to go unrenewed for 2002, Standard & Poor’s reported. It added that the withdrawal from the market will...
Max Re Invests $50 Million in DaVinci Re
Jan 9 2002 // Bermuda’s Max Re Capital Ltd. announced that it has purchased $50 million worth of shares in DaVinci Re Holdings Ltd, and its operating subsidiary DaVinci Reinsurance Ltd. (DaVinci Re), the new Bermuda-based property...
Study Analyzes Potential Impact of Toxic Mold
Jan 9 2002 // As insurance companies encounter a growing number of toxic mold and mildew-related claims, the industry needs to be acutely aware of health risks associated with the problem, as well as coverage considerations, public...
GGRCA Receives $150M Capital Contributions, Streamlines Operations
Jan 8 2002 // Gerling Global Reinsurance Corporation of America (GGRCA) announced the addition of $150 million in capital, through access of its parent company Gerling Global Re. The capital contributions will enable GGRCA to maximize...
Calif. Won’t Adopt Terror Exclusions
Jan 8 2002 // According to a Jan. 7 Los Angeles Times article, California has refused to allow insurers to adopt terrorism exclusion language, a move which has already been by approximately 20 other states in the wake of Sept. 11. The...
WCRA Reducing Reinsurance Rates
Dec 28 2001 // The Workers’ Compensation Reinsurance Association (WCRA) announced it is reducing the reinsurance rates it charges to self-insured Minnesota employers and insurance companies by an average of 12 percent. The rate...
S&P Rates SCOR’s Irish Sub ‘AA-‘
Dec 28 2001 // Standard & Poor’s announced that it has assigned its double-‘A’-minus insurer financial strength and counterparty credit ratings to newly created Dublin-based reinsurer Irish Reinsurance Partners...
RIMS Urges Congress to Readdress Need for Terrorism Reinsurance
Dec 28 2001 // With the Senate not addressing the issue of federal terrorism reinsurance legislation before the end of the year, The Risk and Insurance Management Society Inc. (RIMS) expressed its disappointment. The Jan. 1 renewal date...
PMA Raises $158 Million; S&P Affirms ‘A’ Ratings
Dec 27 2001 // Philadelphia-based PMA Capital Corporation announced that it has successfully completed a public offering of shares of Class A common stock, raising around $158 million in new capital. Standard & Poor’s also...
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...
