Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
ACORD Unveils New JV XML 2001.1 Standards
Oct 19 2001 // ACORD announced a new release (version 2001.1) of the Joint Venture (JV) XML Standards for Reinsurance and Large Commercial Insurance. This new version is based on extensive pilot testing of the earlier version 1.0,...
Fitch Outlines Plans to Resolve Sept. 11-Related Insurer Rating Watches
Oct 19 2001 // On Oct. 16, Fitch outlined the timing, process and determining factors that will affect the resolution of those ratings that were placed on Rating Watch as a result of Fitch’s review of insurance and reinsurance...
S&P Confirms ZFS’ Converium ‘A+’ Rating
Oct 18 2001 // International rating agency Standard & Poor’s affirmed its single-‘A’-plus counterparty credit rating and insurer financial strength ratings on reinsurance companies Converium Ltd., Zurich...
NAIC To Probe Lloyd’s Solvency After WTC Attacks, Relaxes Fund Requirements
Oct 16 2001 // The National Association of Insurance Commissioners intends to conduct an in depth audit of Lloyd’s financial condition following the attacks on the World Trade Center. The investigation will focus on Lloyd’s...
Aon to Underwrite Direct Property/Casualty, Reinsurance Coverages
Oct 16 2001 // Aon Corporation will expand its underwriting operations to include direct property and casualty insurance and reinsurance policies, the company announced on Oct. 12. This coverage will be provided in addition to existing...
U.S. Insurers Draft Proposal for $10 Billion Government-Backed Insurance Pool
Oct 15 2001 // U.S. insurers completed a draft proposal on Oct. 10 for a $10 billion government-backed insurance pool that they hope will protect them from further terror attacks after the destruction of the World Trade...
In the Thick of National Crisis: IJ Talks with IIAA CEO Rusbuldt
Oct 15 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...
A Profound Challenge of Many Facets
Oct 15 2001 // The search for a metaphor has proved fruitless. How would you begin to describe the huge challenge facing the insurance industry after an event for which any description is inadequate? All the industry has to do, at once...
Zurich Ups WTC Loss Estimates, Lowers Profit Target
Oct 9 2001 // Zurich Financial Services became the latest insurer to double its preliminary loss estimates from the September 11 attacks when it stated that it expected they now would be between $700 and $900 million, net of reinsurance...
Fitch Notes Potential Unreported Losses from Sept. 11
Oct 9 2001 // Based on preliminary results of its survey of insurance and reinsurance company’s gross and net loss exposures from the events on Sept. 11, Fitch stated it believes that there could be potentially large unreported...
Lloyd’s Estimates U.S. Disaster Losses at$1.91 Billion
Oct 8 2001 // Lloyd’s of London, the world’s oldest and most visible insurer, finally released its projected loss figures from the disastrous events of Sept. 11. According to the calculations from over 100 syndicates, net...
Will Reinsurance Rebound from Terrorist Strikes in the U.S.’
Oct 8 2001 // If the nautical term best applied to the reinsurance industry last year at this time would have been “steady as she goes,” after the catastrophe that struck the U.S. on Sept. 11, the French term “sauve...
A Profound Challenge of Many Facets
Oct 8 2001 // The search for a metaphor has proved fruitless. How would you begin to describe the huge challenge facing the insurance industry after an event for which any description is inadequate? All the industry has to do, at once...
NAII Offers Terrorism Reinsurance Proposal
Oct 5 2001 // The National Association of Independent Insurers (NAII) offered a proposal to address risks related to terrorism and other catastrophic losses in the wake of the World Trade Center disaster. In addition, the Association...
Lloyd’s Questioned on Liquidity, Exposures
Oct 3 2001 // Lloyd’s has received a barrage of questions on its total exposures and its liquidity following the release of its projected net loss figure of $1.94 billion as a result of the attacks on the U.S. (See IJ Website...
S&P Report: Reinsurers Solid After WTC Attack
Oct 3 2001 // The four major engines of global reinsurance–Swiss Re, General & Cologne Re, Munich Re, and Employers Re–form the backbone of a financially sound insurance response to the World Trade Center attack of...
A.M. Best Issues Comment and Rating Implications of Sept. 11 Attacks
Oct 2 2001 // Since the morning of Sept. 11, A.M. Best Co. has been gathering public and private information in order to assess the financial impact as well as the nuances of insurance coverage associated with the tragic attacks. To...
Chubb CEO Says Industry Is Strong, Warns That Unavailability of Reinsurance Will Jeopardize Future T
Oct 1 2001 // Dean R. O’Hare, Chairman and CEO of The Chubb Corporation, one of the world’s leading property and casualty insurers, told Congress that the insurance industry is strong and will be able to pay all claims...
WALL ST. NEGATIVE ON RE
Sep 30 2001 // Neither Standard & Poor’s Financial Services Ratings Group nor investment bank Morgan Stanley is bullish on the reinsurance industry these days. S&P issued a report affirming its “negative outlook on...
Erie Indemnity Estimates Exposure from National Tragedy
Sep 28 2001 // Erie Indemnity Company announced that its share of catastrophe losses stemming from the tragic attacks of September 11th is expected to amount to between $5.5 and $6.7 million before federal income taxes. The after-tax...
