Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
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...
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...
