Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
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...
Christie Pabarue: WTC Losses May Spark High Failure Rate Among Reinsurers; Additional Strain on Insu
Sep 28 2001 // At a time when the economy is looking for significant capital investment, one of the major players, the insurance industry, may be put on the sidelines because of losses relating to the World Trade Center, according to...
NAIC To Hold Summit to Discuss Terrorist Attacks
Sep 26 2001 // The National Association of Insurance Commissioners (NAIC) will hold a summit on Oct. 22-24 to discuss in greater depth the insurance issues related to the recent terrorist attacks. The summit will be held at the Omni...
Fitch Completes Ratings Analysis Following Terrorist Attacks
Sep 26 2001 // Fitch completed the initial phase of its ratings review of insurance and reinsurance companies exposed to losses from the terrorist attacks of Sept. 11 in the United States. Findings have been issued on 16 insurance...
ACE Increases Loss Estimates from Terrorist Attacks
Sep 25 2001 // Bermuda’s ACE Ltd. increased its estimates of anticipated losses from the terrorist attacks in the U.S. from $400 million to $550 million, citing additional reinsurance claims as the principal factor. The...
Navigators Estimates Losses from Terrorist Attack
Sep 25 2001 // The Navigators Group Inc. estimates its after tax net loss from the September 11th terrorist attack on the World Trade Center to be approximately $5 million. The loss comes primarily from business underwritten at the...
NAIC Agrees with Congressional Committee’s Stance Regarding Sept. 11 Tragedy
Sep 25 2001 // The National Association of Insurance Commissioners (NAIC) announced on Sept. 20 it will work collaboratively with Rep. Mike Oxley, chair of the House Financial Services Committee, and other members of the Finance...
The St. Paul Cos. Expects Net Pretax Losses of $700M from Attacks
Sep 24 2001 // The St. Paul Companies announced that the terrorist attacks of Sept. 11 will likely result in estimated net pretax losses of approximately $700 million to the company from its U.S. primary insurance, reinsurance and...
The Role of Reinsurance in the World TradeCenter Attacks
Sep 24 2001 // The business of reinsurance is a comparatively small but integral part of the overall insurance industry. Simply defined, reinsurance is transacted on the basis of one insurance company, the “reinsurer,”...
Stockton Reinsurance Ltd. Downgraded
Sep 24 2001 // A.M. Best Co. downgraded the financial strength rating (FSR) of Stockton Reinsurance Limited to “BB++” from “A-” and removed the company from under review. The rating decision reflects...
True Loss from Sept. 11 Terrorist Attacks on U.S. is Immeasurable, As Estimates of Potential Insured
Sep 24 2001 // “The World Trade Center is a living symbol of man’s dedication to world peace, his belief in cooperation of men and, through cooperation, his ability to find greatness.” —Minoru Yamasaki (1912-1987),...
AXA, Allianz Raise U.S. Attack Loss Estimates, New Disaster in France
Sep 24 2001 // Both France’s AXA Group and Germany’s Allianz AG, the world’s two largest insurance groups, raised their original estimates of potential losses from the terrorist attacks of Sept. 11 in the U.S. (See IJ...
Swiss Re, Munich Re Raise Catastrophe Loss Estimates
Sep 21 2001 // The world’s two largest reinsurance companies, Swiss Re and Munich Re, have practically doubled their estimates of potential losses and have lowered their earnings forecasts as a result of the terrorist attacks in...
Fitch Assesses Insurer/Reinsurer Loss Exposures to U.S. Attacks
Sep 19 2001 // Fitch announced that, while it is too soon to draw solid conclusions, it believes that a vast majority of the insurers and reinsurers it rates will be able to absorb any losses without material damage to their financial...
Bermuda Reinsurers Preliminary Loss Estimates from Terrorist Attacks
Sep 17 2001 // A number of Bermuda-based insurers have extended their condolences to the families of victims of the terror attacks on the World Trade Center and the Pentagon. Bermuda’s two largest insurers, ACE and XL, made...
S&P: Insurance Industry Not Crippled by WTC Attack
Sep 17 2001 // Standard & Poor’s announced that the direct financial losses relating to the disasters will in all likelihood exceed the largest insured losses ever yet seen. “Any attempt to quantify the financial impact...
Hollywood and The Insurance Industry
Sep 17 2001 // Once upon a time in a country far, far away, a few visionaries (and yes, a few con artists) laid the foundations of the multi-billion dollar motion picture industry. It required taking considerable risks, and still does....
Stockton Reinsurance Ltd. Downgraded
Sep 17 2001 // A.M. Best Co. downgraded the FSR of Stockton Reinsurance Limited to “BB++” from “A-” and removed the company from under review. The rating decision reflects Stockton’s poor underwriting...
Global Insurance System Has Financial Strength to Handle Losses, I.I.I. Says
Sep 14 2001 // The global insurance system has the financial strength to handle the losses from the terrorist attacks of Sept. 11, according to the Insurance Information Institute (I.I.I.). Insurance losses from the attacks will be...
Insurers Express Sympathy For Attack Victims, Confidence in Coverage
Sep 13 2001 // Insurers from around the world have strongly condemned Tuesday’s terrorist attacks, and have expressed their sympathy for the victims and their families. A number of companies spoke out to affirm that, despite the...
