Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
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...
Lloyd’s Prepares for NAIC Audit
Nov 7 2001 // Lloyd’s is preparing to meet with representatives of the NAIC and the accounting firm Arthur Andersen to lay out the parameters for the audit of its reinsurance liabilities in conformity with the NAIC’s...
White Mountains To Set Up Bermuda Reinsurer
Nov 5 2001 // Bermuda-based White Mountains Insurance Group joined the race for new reinsurance capacity on Friday with the announcement that it would establish a new reinsurer with an initial capital of $1 billion. The company said it...
Ohio Director Sues Chicago-Based Company
Nov 5 2001 // Ohio Director of Insurance Lee Covington, acting in his capacity as liquidator of property and casualty insurer Credit General Insurance Company, sued Chicago-based Grant Thornton LLP, certified public accounts and auditor...
S&P Comments on the Reinsurance Business
Nov 5 2001 // Standard & Poor’s recently announced that reinsurers are reducing their emphasis on long-standing client relationships and adopting a more clinical approach to underwriting, as both the insurance and reinsurance...
Industry Pays First $10 Billion of Future Terror Claims in Latest Fed Plan
Nov 5 2001 // The Bush administration and Congressional leaders hammered out a new version of a plan to provide reinsurance assistance to the U.S. insurance industry in the wake of the September 11th terrorist attacks, although...
Could What You Don’t Know About Reinsurance Bankrupt Your Business’
Nov 5 2001 // Many of today’s most well-informed insurance professionals do not possess a basic understanding of the reinsur-ance industry, according to reinsurance expert Andy Barile. Independent agents must in-crease their...
The Hartford Reports Third Quarter Operating Loss of 22 Cents Per Share
Nov 2 2001 // The Hartford Financial Services Group Inc. reported an operating loss of $52 million for the third quarter of 2001, reflecting a $440 million loss related to the Sept. 11 terrorist attack. The results also reflect a $130...
Lloyd’s Underwriters, London Market Win Case
Nov 2 2001 // Underwriters at Lloyd’s of London and London Market insurance companies won an important reinsurance case recently when the New York Court of Appeals ruled that Travelers Casualty & Surety Company could not...
NAIC Adoption of Special Purpose Reinsurance Vehicle Model Act Aids States
Nov 2 2001 // (NAIC) adoption of the Special Purpose Reinsurance Vehicle (SPRV) Model Act will provide a template for states to create legislation that will enable onshore securitization of insurance risk for natural catastrophes. The...
Industry Weathering World Trade Center Losses, Uncertainties Remain
Nov 1 2001 // Despite the record losses terrorism wreaked on the insurance industry since the Sept. 11 attacks on the World Trade Center, the global insurance business not only remains on solid footing with the powerful backing of...
