Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
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...
Are Insurers Really Asking the Government for Help’
Nov 19 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...
New Capital Boosts Bermuda’s Reinsurance Industry
Nov 19 2001 // As the reinsurance industry gears up to replace a good portion of the capital lost in the Sept. 11 attacks, companies are seeking to place themselves in a position to profit from the expected surge in demand and resulting...
Lloyd’s Deposits $2 Billion, May Tap Central Fund, Reinsurance Cover
Nov 16 2001 // Lloyd’s has deposited around $2 billion into its reinsurance trust account, administered by the New York State Insurance Department – 60 percent of its projected reinsurance liabilities, as agreed with the...
Munich Re Repeats Call for Risk Reassessment; Will Strengthen U.S Subsidiaries
Nov 15 2001 // Dr. Hans-Jürgen Schinzler, Chairman of Munich Re’s Board of Management, repeated his concerns about the industry and the affects of another aviation tragedy in New York so soon after September 11. “The...
Billions in New Capital to Flow into Global Market
Nov 15 2001 // Between $10 billion-$20 billion of new capital will flow into the global insurance market over the next six months, with the bulk going into the reinsurance industry, Standard & Poor’s reported. “We have...
Warren Buffett Explains $679M Loss, Gives Shareholders Update
Nov 15 2001 // In a letter to shareholders posted on Nov. 9, Warren Buffett did his best to explain to shareholders the recent unprecedented loss at Berkshire Hathaway Inc., calling the results of the third quarter “anything but...
IIAA Looks at Terrorism Bill Vote as Momentum Builder
Nov 13 2001 // A vote by the House Financial Services Committee last week to approve legislation to aid insurance consumers following future terrorist attacks serves as a momentum builder on Capitol Hill, according to Independent...
New Capital Boosts Bermuda’s Reinsurance Industry
Nov 12 2001 // The reinsurance industry is gearing up to replace a good portion of the capital lost in the Sept. 11 attacks, and companies are also seeking to place themselves in a position to profit from the expected surge in demand and...
WHITE MTNS. ESTABLISHES REINSURER
Nov 12 2001 // Bermuda-based White Mountains Insurance Group joined the race for new reinsurance capacity with the announcement that it would establish a new reinsurer with an initial capital of $1 billion. The company said it was...
Ohio Director Sues New York-Based Company
Nov 8 2001 // Ohio Director of Insurance Lee Covington, acting in his capacity as liquidator of property and casualty insurer Credit General Insurance Company (CGIC), sued New York-based AmTrust Financial Group and its subsidiaries...
