Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
Zurich Concludes $36 Million Reinsurance Pact With the IADB
Jun 27 2001 // Zurich North America’s Emerging Markets Group announced the conclusion of a facultative reinsurance agreement covering certain financial risks of the Inter-American Development Bank. “The reinsurance,...
ACORD and WISe Combine Global Standards
Jun 25 2001 // ACORD and WISe, key standards bodies within the global insurance industry, announced they are merging their standards-development activities, clearing the way for a globally-owned, non-profit industry association to create...
QBE Re Group Affirmed
Jun 25 2001 // QBE Re Group had its FSR of “A” affirmed by A.M. Best Co. The rating applies to QBE Reinsurance Corp. (formerly Sydney Reinsurance Corp.) and its reinsured subsidiary, QBE Insurance Corp. The rating highlights...
Folksamerica Reinsurance Affirmed
Jun 11 2001 // S&P removed from CreditWatch and affirmed the “A-” counterparty credit and FSR for Folksamerica Reinsurance Co. (FRC). The ratings had been registered on CreditWatch with negative implications Jan. 19,...
Hannover Re Warns 2001 Net Won’t Reach Last Year’s
Jun 7 2001 // Hannover Re, the world’s fifth largest reinsurer, warned that net profits this year will be 37 percent less than in the year 2000 at around €230 million ($195.5 million), even as gross premiums rise. The company...
SCOR Completes Purchase of Sorema
May 25 2001 // SCOR, France’s largest reinsurer, announced that it had completed the purchase of Sorema S.A. and Sorema North American Reinsurance Co. from their parent company, French mutual insurer Groupama. Groupama will receive...
Amwest Surety Placed Under Order of Supervision
May 21 2001 // Calabasas, Calif.-based Amwest Insurance Group Inc. recently announced that its subsidiary, Amwest Surety Insurance Company (Amwest Surety), had agreed to be placed under an Administrative Order of Supervision by the...
ST. PAUL JOINS PLATFORM
May 21 2001 // The St. Paul Companies’ reinsurance unit, St. Paul Re, joined the inreon platform, launched last December by Munich Re and Swiss Re, to offer reinsurance products online. Initially, St. Paul Re will provide capacity...
ACE USA, Gramercy Insurance Company Develop Reinsurance Agreement
May 16 2001 // ACE USA, a member of the ACE Group of Insurance and Reinsurance Companies announced a partnership with Dallas and Atlanta-based specialty insurance carrier, Gramercy Insurance Company. The partnership centers on a...
Lloyd’s Change to Annual Accounting Results in $4.5 Billion Loss Estimate
May 13 2001 // Lloyd’s decision to begin reporting its syndicates profits and losses on an annual basis, rather than over three years, proved costly. Last year’s losses are estimated at £3.11 billion ($4.5 billion) overall,...
St. Paul Re Joins inreon – Internet Reinsurance Site
May 11 2001 // The St. Paul Companies’ reinsurance unit, St. Paul Re, has joined the inreon platform, launched last December by Munich Re and Swiss Re, to offer reinsurance products on-line. “Initially, St. Paul Re is...
Benfield Greig-E.W. Blanch to Create Third Largest Global Re Broker
May 7 2001 // On April 16, London-based Benfield Greig Group plc and E.W. Blanch Holdings Inc. of Dallas announced an agreement on merger terms. Benfield offered to purchase the outstanding shares of EWB for $13.50 a share, valuing the...
Swiss Re 2000 Profits Rose 21 % To $1.74 Billion
Apr 27 2001 // Swiss Re’s 2000 net profits rose 21 percent to SwFrs. 2.966 billion ($1.74 billion) on strong growth in all sectors, life, non-life, and return on investments. The company also announced a 20-for-1 stock split...
Bermuda Reinsurers Post Strong Q1 Gains
Apr 24 2001 // First quarter results from Bermuda’s RenaissanceRe Holdings and the Everest Re Group confirmed the much anticipated upturn in reinsurance rates. RenRe posted a 21 percent increase in net operating income to $37.3...
Folksamerica Reinsurance Rating Lowered
Apr 19 2001 // The “A” financial strength rating of Folksamerica Reinsurance Company, New York, was lowered to “A-” by A.M. Best. Cited as a major rating factor was a deterioration in recent earnings trends,...
Amwest Continues Discussions with Bank, Reinsurer
Apr 19 2001 // Calabasas, Calif.-based Amwest Insurance Group Inc. stated that it is seeking the necessary regulatory approvals for two previously announced transactions. These include reaching an agreement with its reinsurer to provide...
Benfield Greig, E.W. Blanch Agree on Buy Out
Apr 17 2001 // London-based reinsurance broker Benfield Greig Group plc has agreed to acquire Dallas-based E.W. Blanch Holdings, Inc. for $179 million. The fusion of the two groups will create the world’s third largest reinsurance...
A.M. Best Reports U.S. Continued Weakening in U.S. Property/Casualty Results for 2000
Apr 16 2001 // According to a new A.M. Best Co. report, property/casualty results for the fourth quarter and the full year 2000 continued to weaken as the effects of the prolonged soft market overshadowed the benefits of price firming....
GE Reinsurance ‘A+’ Affirmed
Apr 13 2001 // Standard & Poor’s affirmed its single-‘A’-plus counterparty credit and financial strength ratings on GE Reinsurance Corp. (GE Re). The outlook appears stable. The ratings affirmations are based on...
Zurich Units Under Review
Apr 9 2001 // The “A+” financial strength rating (FSR) of Zurich Financial Services Group’s (Zurich) reinsurance operations were placed under review with developing complications by A.M. Best. Zurich recently announced...
