Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
Hoffman Concludes Term, Ahart Inaugurated as IIAA’S 97th President
Nov 1 2001 // The strength of the insurance industry in the aftermath of the Sept. 11 attacks was highlighted by William B. Hofmann III, in his farewell speech as president of the Independent Insurance Agents of America...
NAMIC Board of Directors Votes to Endorse Offshore Property Catastrophe Facility
Oct 31 2001 // The National Association of Mutual Insurance Companies (NAMIC) Board of Directors voted Oct. 24 to endorse an offshore property catastrophe facility that will be available exclusively to member companies. Renaissance...
NAMIC Launches Catastrophe Facility for Member Companies
Oct 30 2001 // The National Association of Mutual Insurance Companies (NAMIC) Board of Directors voted Wednesday to endorse an offshore property catastrophe facility that will be available exclusively to member companies. Renaissance...
Berkley Corp. Reports Sept. 11 After-Tax Losses At $23M; Eliminates 2 Business Lines October 30, 20
Oct 30 2001 // W. R. Berkley Corporation reported that operating income, excluding losses related to the Sept. 11 event, was $11 million, or 36 cents per diluted share, for the third quarter ended Sept. 30, compared with $9 million, or...
Lloyd’s, NYSID Agree on Re Trust Fund Payment
Oct 29 2001 // Lloyd’s confirmed earlier reports (See IJ Website Oct. 26) that it has reached an agreement with the New York State Insurance Department which provides for the funding of the reinsurance trust that the NYSID...
Ohio Insurance Dept. Appeals Court Ruling on Failed Companies
Oct 29 2001 // Ohio Department of Insurance (ODI) filed an appeal with the Ohio Supreme Court requesting a hearing on the department’s appeal of the Tenth District Ohio Court of Appeals’ ruling on the distribution of assets...
Analysts Weigh Impact of Sept. 11 Attacks on Insurer Ratings
Oct 29 2001 // How would Sept. 11’s terrorist attacks impact insurers? This was the overwhelming question facing analysts at insurance rating bureaus in the U.S. following the disastrous series of events. In response, analysts...
Time-Tested Lloyd’s Turns to Address U.S. Disaster Losses
Oct 29 2001 // Lloyd’s of London, the world’s oldest and most visible insurer, has set about dealing with the aftermath of the terrorist attacks of Sept. 11. Two weeks after the event, it released its projected net loss...
Will Reinsurance Rebound from Terrorist Strikes in the U.S.’
Oct 29 2001 // If the nautical term best applied to the reinsurance industry last year this time would have been “Steady as she goes,” after the catastrophe that struck the U.S. on Sept. 11, the French term “sauve qui...
Commercial Insurance Market Index Shows Evidence of Hardening Market
Oct 26 2001 // According to the recently released third-quarter Commercial Insurance Market Index — reflecting market observations of the largest commercial insurance brokers across the nation — commercial insurance premium...
IIAA Calls for Passage of Remedy to Terrorism Reinsurance Problems
Oct 26 2001 // In testimony submitted on Capitol Hill, the Independent Insurance Agents of America (IIAA) strongly urged Congress to pass legislation to remedy the availability of terrorism reinsurance in the wake of the Sept. 11...
Consumer Federation’s Terrorism Insurance Plan Based on ‘Wishful Thinking’
Oct 26 2001 // A proposal to establish a federal terrorism reinsurance program offered by the Consumer Federation of America (CFA) is based on faulty assumptions and wishful thinking, according to the National Association of Independent...
NAIC Withdraws Lloyd’s 60% Funding Deal
Oct 25 2001 // On Tuesday The National Association of Insurance Commissioners reversed its previous decision to permit Lloyd’s to deposit 60 percent, rather than 100 percent, of the amount normally required into its U.S....
Arch Capital in Deal With Equity Investors to Launch Bermuda Reinsurer
Oct 25 2001 // Arch Capital (AC) joined other Bermuda-based insurers in announcing plans to establish a new reinsurance company. Backed by the private equity firms Warburg Pincus and San Francisco’s Hillman & Friedman, Arch...
NAII Lauds NY Court Ruling on Settlement Reimbursements
Oct 24 2001 // The New York State Court of Appeals recently ruled that insurance companies must treat settlements that “are not linked by a common origin” separately, and cannot combine them in order to tap into reinsurance...
Lloyd’s Confirms S&P WTC Gross Loss Figure
Oct 24 2001 // Lloyd’s confirmed an earlier report from Standard & Poor’s that gross losses from the events of September 11 will be around £5.4 billion ($7.7 billion). The net loss estimate of £1.3 billion...
S&P: Maintenance of Ratings Depends on Mitigating Terrorism Risks
Oct 24 2001 // Wholesale withdrawal from terrorism coverage is shielding the U.S. insurance industry from widespread rating actions following the September attacks, but it leaves U.S. commerce highly vulnerable to any future acts of a...
SAFECO Reports 3Q Results, Strengthens Reserves by $240M
Oct 23 2001 // SAFECO reported third-quarter income, before charges, of $7.8 million or $0.06 per diluted share. Including $240 million in reserve strengthening and previously announced restructuring charges, SAFECO posted a net...
Property Insurers to Exclude Acts of Terrorism, and to Price Premiums for Larger Maximum Losses Oct
Oct 22 2001 // Property and Casualty insurers, already wary of terrorism before the September 11 attack, are very likely to begin pricing “terrorist attack risk” separately from other coverages, according to a new forecast...
In the Thick of National Crisis: IJ Talks with IIAA CEO Rusbuldt
Oct 22 2001 // As the nation was reeling from tragedy, Robert A. Rusbuldt, CEO of the Independent Insurance Agents of America (IIAA), was moving ahead with other industry representatives to ensure that the important role of independent...
