Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
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...
Best Upgrades Issuer Credit Rating of Hiscox Group Subsidiaries; Affirms FSR
Dec 14 2012 // A.M. Best Europe – Rating Services Limited has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and upgraded the issuer credit rating (ICR) to “a+” from “a” of Hiscox...
Swiss Re Study Sees Economy Improving in 2013; Casualty Lines Recover
Dec 11 2012 // Swiss Re’s latest study, “Global re/insurance review 2012 and outlook 2013/14” provides a somewhat optimistic forecast of the future state of the global economy and the insurance markets. Swiss Re said:...
S&P Says Reinsurers Faced Unexpected Risks from Hurricane Sandy
Dec 11 2012 // A report from Standard & Poor’s Ratings Services notes that “despite uncertainties regarding final loss totals from Hurricane Sandy expects only a limited ratings impact on insurers and reinsurers exposed...
Sandy to Have Only Limited Impact on Insurer Ratings: S&P
Dec 11 2012 // Despite uncertainties regarding final loss totals from Hurricane Sandy, Standard & Poor’s Ratings Services said it expects only a limited ratings impact on insurers and reinsurers exposed to such losses,...
W.R. Berkley Names President of B F Re Underwriters in Conn.
Dec 5 2012 // Greenwich, Conn.-headquartered W.R. Berkley Corp. announced Gregory A. Douglas has been named president of its B F Re Underwriters unit. The appointment is effective January 1, 2013. Douglas succeeds Daniel L. Avery, who...
Montpelier Re Launches Blue Capital – Investors’ Asset Management Platform
Dec 5 2012 // Bermuda-based Montpelier Re Holdings Ltd announced the launch of Blue Capital, an asset management platform offering a range of catastrophe reinsurance-linked investment products to institutional and retail...
Best’s Report on Bermuda Re/Insurers Sees over 10% ROE for 2012
Dec 4 2012 // There are still several weeks until the end of the year, but forecasts are unlikely to change very much as far as Bermuda’s re/insurers are concerned. A new special report from A.M. Best indicates that “2012 is...
Best Affirms Munich Re and Subs ‘A+’ Ratings; Outlook Stable
Dec 3 2012 // A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A+’ (Superior) and issuer credit ratings (ICR) of “aa-” of Munich Reinsurance Company and its subsidiaries. Best also affirmed all...
Bermuda Re/Insurance Org. Elects XL’s McGavick CEO, Currie, Catlin as Deputies
Dec 3 2012 // The Association of Bermuda Insurers and Reinsurers (ABIR) announced the election of its new officers for a two year term beginning on January 1, 2013. Mike McGavick, CEO of XL Group pl, was elected as Chair of the ABIR...
Reinsurers’ Capital Can Absorb Sandy Losses Below $50B: S&P
Dec 3 2012 // Standard & Poor’s Ratings Services said that the reinsurance sector’s strong capital and very strong earnings thus far in 2012 will allow it to withstand losses well outside the range of current insured...
N.Y. Law Firm Nelson Levine Hires 2 Attorneys From Harleysville, MetLife
Nov 30 2012 // Targeting strategic expansion, Nelson Levine de Luca & Hamilton, a New York-headquartered national law firm serving the insurance industry, announced that Louis H. Kozloff has joined as a partner in the Insurance...
S&P Report: Reinsurers Discuss Industry Lessons Learned From Hurricane Sandy
Nov 30 2012 // A recent report, “Reinsurance Industry Leaders Discuss Lessons Learned From Hurricane Sandy,” published Nov. 29, 2012, on RatingsDirect, Standard & Poor’s Ratings Services, notes that...
Willis Provides Expertise to UK Government Report on Cat Models/Risk Reduction
Nov 28 2012 // A bulletin from Willis Group Holdings notes the international broker’s role in providing its expertise for a new UK Government Office of Science Foresight report entitled “Reducing the Risks of Future...
