Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
Best Affirms Swiss Re and Sub’s ‘A+’ Ratings; Outlook Stable
Jan 24 2013 // A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A+’ (Superior) and issuer credit ratings (ICR) of “aa-” of Swiss Reinsurance Company Ltd and its subsidiaries. Best also affirmed...
Aon Benfield Launches WExcess for Weather Reinsurance in UK
Jan 23 2013 // Aon Benfield, the global reinsurance intermediary and capital advisor of Aon plc, has launched its new weather reinsurance product that offers insurers protection against adverse weather losses in the UK. The new coverage,...
Florida Looks to Restructure Its Hurricane Fund; Federal Option Proposed
Jan 18 2013 // Florida lawmakers are poised to consider restructuring the state-run property reinsurance facility by possibly lowering its mandatory annual capacity by billions due to concerns that one major storm could exhaust its...
Goldman Looks to Sell Major Stake in Reinsurance Group
Jan 16 2013 // In preparation for rules requiring the bank to hold more capital, Goldman Sachs Group is looking to sell a majority stake in its $1.4 billion reinsurance group, the firm’s incoming chief financial officer, Harvey...
Louisiana Citizens Insurance Proposes 7.7% Rate Hike
Jan 14 2013 // Louisiana’s property insurer of last resort has proposed raising homeowner’s rates an average of 7.7 percent statewide this year. The Advocate reports the Louisiana Citizens Property Insurance Corp.’s...
Latest Sandy Loss Estimates Reported by Companies
Jan 14 2013 // Since Superstorm Sandy slammed into the U.S. East Coast two and a half months ago, dozens of insurers and reinsurers have publicly announced their Sandy-related preliminary loss estimates. The following are the latest...
Governments Struggle with Financial Crisis as the Planet Warms up
Jan 11 2013 // The global economy has been through economic recessions before, and has eventually recovered from them. This time around, however, it must do so while coping with the ever increasing menace of climate change – that makes...
A.M. Best Upgrades Ratings of Minnesota’s Austin Mutual Insurance
Jan 10 2013 // A.M. Best Co. has upgraded the financial strength rating to A (Excellent) from B (Fair) and the issuer credit rating to “a+” from “bb+” of Austin Mutual Insurance Co. (Austin) in Maple Grove, Minn....
List of Company-Specific Sandy-Related Loss Estimates
Jan 10 2013 // Since Superstorm Sandy slammed into the New Jersey coastline on Oct. 29, 2012, dozens of insurers and reinsurers have publicly announced their Sandy-related preliminary loss estimates. The following are the latest...
Peak Re Launched in Hong Kong for ‘Underserved’ Asia Pacific Markets
Jan 10 2013 // Peak Reinsurance Company Limited formally announced that it has opened for business. The new reinsurer, established to capture the growing demand for modernized reinsurance solutions in Asia Pacific, said it has...
Argo Group Establishes New Sidecar, Harambee Re
Jan 8 2013 // Argo Group International Holdings, Ltd. has established Harambee Re 2013-1 Ltd for the 2013 accident year. This is the first sidecar established by Argo Group. Unlike other sidecars, which typically write either...
Zurich, Swiss Re in $270 Million Excess of Loss Deal for No. Am. Quake Coverage
Jan 4 2013 // Zurich Insurance Group and Swiss Re have announced that Zurich has obtained, through its subsidiaries Zurich American Insurance Company and Zurich Insurance Company Ltd, a 3-year $270 million catastrophe excess of loss...
Condon Joins Miller’s Reinsurance Team
Jan 2 2013 // UK-based broker Miller Insurance Services LLP announced that Charlotte Condon, an experienced producer and broker of facultative reinsurance, has joined Miller’s reinsurance team in London. This is the latest in a...
Willis Re Sees No Rate Increases for Jan. 1 Renewals despite Sandy Impact
Dec 31 2012 // Willis Re’s Jan. 1 renewal report points out that 2012 natural catastrophe losses are estimated to be “50 percent less than last year’s losses of $120 billion.” As a result the report concludes that...
Events that Topped World Insurance News in 2012
Dec 28 2012 // While 2012 wasn’t as tumultuous as 2011, it had its share of insurance shaking trends and events. Here in roughly chronological order are some of them: 1) The costs of the flooding in Thailand in 2011, wasn’t...
Alleghany Expects $288M Sandy Loss; Assurant Estimates $200M Loss
Dec 20 2012 // Alleghany Corporation said this week its preliminary estimate of after-tax loss related to Sandy — net of reinsurance and reinstatement premiums — would be approximately $288 million. Alleghany said this...
Sandy Losses: Arch Capital – $170 to $240 Million; PartnerRe – $200 to $240 Million
Dec 20 2012 // Bermuda-based insurers Arch Capital Group Ltd and PartnerRe Ltd. Have released their respective preliminary estimates of losses incurred from Hurricane Sandy. Arch said its preliminary estimate of losses “ranges...
Issuer Credit Ratings of Grinnell Mutual Reinsurance Co. Downgraded
Dec 20 2012 // A.M. Best Co. has downgraded the issuer credit ratings (ICR) to “a” from “a+” and affirmed the financial strength rating (FSR) of A (Excellent) of Grinnell Mutual Reinsurance Co. (Grinnell) and its...
Markel Acquiring Alterra for $3.1B to Diversify, Expand to Reinsurance
Dec 19 2012 // Specialty insurer Markel Corp. has agreed to acquire Alterra Capital Holdings Ltd. for $3.1 billion in cash and stock to increase business diversification and expand into reinsurance. The two companies announced Wednesday...
PartnerRe to Acquire Calif.-based Presidio Re Group
Dec 19 2012 // Bermuda-based PartnerRe Ltd. announced a definitive agreement to acquire California-based Presidio Reinsurance Group, a U.S. specialty accident and health reinsurance and insurance writer. PartnerRe said it would...
