Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
Best Affirms, Upgrades SCOR’s No. American Subs Ratings; Outlook Stable
May 4 2012 // Following its rating actions on the parent company, France’s SCOR SE, A.M. Best has upgraded the issuer credit ratings (ICR) to “a+” from “a” and affirmed the financial strength rating (FSR)...
Swiss Re Q1 Net Profit Rebounds from Q1 2011 to $1.1 Billion
May 4 2012 // Swiss Re reported a very strong first-quarter with overall net income of $1.141 billion in comparison to a loss of $665 million in Q1 2011. “This result was driven by strong underwriting, good investment performance...
Florida’s Citizens Issues Largest Catastrophe Reinsurance Bond on Record
May 3 2012 // Florida’s Citizens Property Insurance Corp. has entered the catastrophic bond market in a big way by issuing $750 million in bonds, making it the largest insurance-linked security deal of its kind. Citizens Property...
Miller Hires Gao Zu Biao as North Asia Reinsurance Specialist
May 3 2012 // UK-based broker Miller announced that it has enhanced its North Asia reinsurance broking capabilities by appointing Gao Zu Biao, who will be based in its Hong Kong office. Jennifer Lin, Head of Miller Hong Kong said the...
Best Upgrades SCOR & Subs Credit Ratings; Affirms Financial Ratings
May 3 2012 // A.M. Best Europe – Ratings Services Limited has upgraded the issuer credit ratings (ICR) to “a+” from “a” and affirmed the financial strength rating (FSR) of ‘A’ (Excellent) of French...
Earnings Reports: Allied World, Endurance Specialty, RenaissanceRe
May 3 2012 // Selected earnings highlights from Allied World Assurance for the first quarter of 2012 are as follows: Q1 2012 Q1 2011 Gross premiums written ———— $680.292 mn $560.688 mn Net premiums written...
Former Aon Executive Named as CEO of N.Y.-Based Reinsurer Southport Re
May 2 2012 // New York-based reinsurance holding company Southport Re appointed Glenn Weber to the newly created position of chief executive officer. Southport Re is part of New York-based private equity firm Southport Lane. Glenn...
Willis Re Appoints Welsch to Central Reinsurance Team
May 2 2012 // Willis Re, the reinsurance arm of Willis Group Holdings, has appointed Andrea Welsch to the position of Executive Director, effective May 28, 2012, based in London. In this newly created role she “will be...
Mississippi Wind Pool Buys $815 Million in Reinsurance
May 1 2012 // Mississippi’s insurer of last resort has bought $815 million in reinsurance for the coming storm season. The Mississippi Windstorm Underwriting Association isn’t releasing the exact cost to protect future...
UK Terrorism Reinsurer Pool Re Has over $7 Billion for Olympic Games Coverage
Apr 30 2012 // Pool Re, the state-backed British reinsurer that covers terror attack-related commercial property losses, has £4.5 billion ($7.327 billion) of assets to cover the Olympic Games and is not jacking up premiums for the...
Bill To Align California With Dodd-Frank Passes Committee
Apr 26 2012 // The California Senate Insurance Committee passed a law regarding reinsurers that would put the state in alignment with the Dodd–Frank Wall Street Reform and Consumer Protection Act and a model law from the National...
Tower Group Announces Strategic Investment in Lloyd’s Canopius
Apr 26 2012 // Tower Group announced that it has committed to invest $75 million (based on the current exchange rate) in Canopius Group, Ltd., a privately owned Lloyd’s insurance holding company domiciled in Guernsey, Channel...
Reinsurers Resilient Despite Catastrophes, Economic Uncertainty, Says A.M. Best
Apr 24 2012 // In a special report A.M. Best summed up the financial position of the global reinsurance industry as “resilient” in light of “the volatile economic conditions and the frequent and severe loss events of...
Catlin Receives Approval to Establish Representative Office in Beijing
Apr 19 2012 // The Catlin Group Limited announced that it has been granted approval by the China Insurance Regulatory Commission [CIRC] to open and operate a wholly owned representative office in Beijing. The office will be headed by...
Is Marine Insurance the Stranglehold on Iran?
Apr 18 2012 // Marine insurance, or lack of it, may yet turn out to be the most effective sanction used by Western nations in 17 years of tightening the screws on Iran’s nuclear program. A European Union oil embargo on Iran, set to...
U.S. Re Analytics Launches Cost-Saving Tool for Cat-Exposed Insurers
Apr 17 2012 // U.S. RE Analytics, LLC has developed a new tool to help catastrophe-exposed insurance companies reduce reinsurance costs and improve return on risk-adjusted capital, according to Anya Kutsina, managing director. U.S. RE...
Report: Reinsurers See Lower Loss Activity, Market Support
Apr 16 2012 // Reinsurers have seen more positive results in the first quarter of 2012 than in the previous two years. “Lower levels of loss activity in both the U.S. and International markets, and a gradual improvement in rating...
Arch Capital Completes Acquisition of Ariel Re’s Credit & Surety Reinsurance
Apr 11 2012 // The Bermuda-based Arch Capital Group announced that it has officially acquired Ariel Re’s Credit & Surety reinsurance operations based in Zurich, as previously announced. The closing occurred at the same time as...
Goldman Sachs Completes Acquisition of Ariel Re’s Bermuda Operations
Apr 11 2012 // The Goldman Sachs Group and Ariel Holdings Ltd announced that Ariel Holdings has completed the sale of Ariel Reinsurance’s Bermuda-based insurance and reinsurance operations to Goldman Sachs, pursuant to the...
Aon Benfield Reports Reinsurers’ Capital Remains Strong Despite near Record 2011 Cat Losses
Apr 11 2012 // Aon Benfield’s latest edition of its Aon Benfield Aggregate (ABA) report, which analyzed the year end 2011 financial position of the world’s leading reinsurers and examines how 2011 catastrophe losses affected...
