Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
What Jeff Atwater Gets Wrong, and Right, About Florida Reinsurance
Aug 8 2013 // Yesterday, Florida Chief Financial Officer Jeff Atwater penned a letter to Insurance Commissioner Kevin McCarty inquiring why property insurance rates continue to rise even as the cost of reinsurance falls. Atwater...
Third Point Re Claims Eligibility for U.S. Jobs Act Disclosure Limits with No U.S. Staff
Aug 8 2013 // Billionaire hedge-fund manager Daniel Loeb’s Third Point Reinsurance Ltd., which has no staff in the U.S., said it can limit financial disclosure after a public offering because of rules promoting domestic job...
Hannover Re Q2 Net Rises 29% on Investment Income
Aug 7 2013 // Hannover Re, the world’s fourth biggest reinsurer, said second-quarter profit rose 29 percent, beating analysts’ estimates, helped by higher investment income. Net income advanced to €186.3 million ($247.9...
Floods Impact Munich Re’s Q2 Net Profit; Still on Track for FY $4 Billion
Aug 6 2013 // Despite a rough second quarter – consolidated profit of €543 million [$720 million], compared to €812 million [$1.077 billion] in Q2, 2012, Munich Re said it is “well on track to achieve its 2013 profit...
P/C Industry Faces Challenges If Terrorism Coverage Not Renewed: Fitch
Aug 1 2013 // If Congress fails to renew or makes significant changes to the federal government’s terrorism risk insurance program, some insurers will be forced to significantly alter their underwriting portfolios to reduce...
RenaissanceRe Forms Specialty Reinsurance Agency for U.S. Market
Jul 26 2013 // RenaissanceRe Holdings Ltd. has formed RenaissanceRe Underwriting Managers U.S. LLC, a specialty reinsurance agency based in Connecticut, which will support the growth of new products and services in the United States...
New York Regulators Query 20 Reinsurers About Iran Ties
Jul 26 2013 // New York’s financial regulators asked 20 more reinsurance companies Wednesday for information about business with Iran in violation of U.S. sanctions, including measures they’ve taken to ensure they don’t...
Buffett’s Berkshire Reinsures Irish State Health Claims as Population Ages
Jul 26 2013 // Warren Buffett’s Berkshire Hathaway Inc. will reinsure about €700 million ($930 million) in claims for Ireland’s state health insurer, which is seeking to stem losses and its burden on taxpayers, as the...
XL and Stone Point Form New Bermuda Company for ILS Market Products
Jul 26 2013 // XL Group and private equity firm Stone Point Capital LLC have announced the formation of a new Bermuda-based company to act as an investment manager in insurance-linked securities (ILS) and other reinsurance capital...
Best Affirms Everest Re Group and Affiliates Ratings; Outlook Stable
Jul 26 2013 // A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A+’ (Superior) and issuer credit ratings (ICR) of “aa-” of Bermuda-based Everest Reinsurance and its reinsurance and insurance...
New Capital Pushing Cat Reinsurance Prices Down 5-15%: Ace’s Greenberg
Jul 25 2013 // Ace Ltd. Chief Executive Officer Evan Greenberg said the influx of Wall Street capital into the reinsurance industry is pressuring rates and that he is prepared to cut sales of backstop coverage. Prices for catastrophe...
Gov. Scott Asks Congressman to Oppose Protectionist Reinsurance Tax
Jul 24 2013 // Florida Gov. Rick Scott is taking a firm stance against proposals floated in Congress and by the White House that would raise catastrophe insurance rates by limiting the ability of foreign-based insurers and reinsurers to...
Reinsurance Brokers Holborn, Lehrke Merge
Jul 15 2013 // Reinsurance brokers Holborn Corp. of New York and W.J. Lehrke Co. of Edina, Minnesota, have agreed to merge. Details were not disclosed. The combined firm is operating under the Holborn name, and all current Lehrke...
Swiss Re in Talks with Phoenix on Admin Re Merger
Jul 12 2013 // Swiss Re Ltd., the world’s second- biggest reinsurer, said it’s in preliminary talks about combining its Admin Re business with Phoenix Group Holdings. “There is no certainty that these discussions will...
Guy Carpenter Acquires Maine-Based Disability Reinsurance Risk Manager
Jul 8 2013 // Guy Carpenter & Co. LLC, a global risk and reinsurance intermediary division of N.Y.-headquartered Marsh & McLennan Companies, announced last week its acquisition of Smith Group, a disability reinsurance risk...
Assurant Finalizes 2013 P/C Reinsurance Program
Jul 2 2013 // Assurant, Inc., a provider of specialized insurance and insurance-related products and services, has finalized the structure of the company’s 2013 Property Catastrophe Reinsurance Program, including $185 million of...
U.S. Property Cat Re Prices Down, Casualty Softening: Willis Re
Jul 2 2013 // Reinsurers are taking “robust defensive measures to maintain market positions recently eroded by new capital markets entrants,” with prices down 25 percent on some Florida property accounts, according to a new...
Geneva Association Ocean Warming Report Reviews Implications for Re/Insurers
Jun 24 2013 // “In some high-risk areas, ocean warming and climate change threaten the insurability of catastrophe risk,” according to one of the conclusions of a research report issued today by the Climate Risks and...
Swiss Re to Trim Costs and Buy Credit to Lift Profitability
Jun 24 2013 // Swiss Re Ltd., the world’s second- biggest reinsurer, plans to reduce costs and repurchase debt as it seeks to boost profitability and increase its dividend. Swiss Re expects costs savings of as much as $300 million...
Survey: Specialty Carriers Look to Grow Through Program Business in 2013
Jun 20 2013 // Guy Carpenter & Co., LLC, a global risk and reinsurance specialist and member of Marsh & McLennan Cos., has released the findings of its eighth annual Specialty Insurance Program Issuing Carrier Survey. The survey,...
