Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
XL Estimates Chile Quake, Xynthia Losses at $160 to $230 Million
Mar 18 2010 // XL Capital Ltd’s preliminary net loss estimates for the earthquake in Chile and European Windstorm Xynthia indicated they will total between $160 and $230 million. Preliminary loss estimates related to the Chilean...
Florida Fines Homeowners Choice Over Reinsurance Contract
Mar 18 2010 // A Clearwater-based property insurance company is the latest Florida company to run afoul of Florida insurance regulators. Insurance Commissioner Kevin McCarty ordered Homeowners Choice Property & Casualty Insurance Co....
Bermuda (Re)Insurance Association Releases Members’ 2009 Results
Mar 17 2010 // The Association of Bermuda Insurers and Reinsurers (ABIR) has released the 2009 global underwriting results for its 23 members, who write insurance and reinsurance from underwriting centers in Bermuda, Europe and the...
Higgins Joins Miller Facultative
Mar 17 2010 // UK broker Miller, a specialist independent insurance and reinsurance broker, announced the appointment of Neil Higgins, as a global facultative reinsurance specialist. Mike Papworth, Head of Facultative Reinsurance at...
Swiss Re ‘sigma’ Study: Insured 2009 Disaster Losses Cost $26 Billion
Mar 16 2010 // Swiss Re’s annual sigma study has calculated that “natural catastrophes cost insurers $22 billion in 2009, while man-made disasters cost an additional $4 billion. Insured losses were highest in North America,...
Hiscox Estimates, Chile Quake, Xynthia Losses at $151 Million
Mar 16 2010 // Hiscox Ltd. announced from its Bermuda headquarters that, from initial estimates, based on an insured market loss of US$8 billion for the Chilean earthquake, and US$3 billion for windstorm Xynthia, it estimates a combined...
Best Affirms RenRe Holdings, Operating Companies Ratings
Mar 12 2010 // A.M. Best Co. has affirmed the financial strength rating (FSR) of A+ (Superior) and issuer credit ratings (ICR) of “aa-” of Renaissance Reinsurance Ltd. and Renaissance Reinsurance of Europe, which is...
Hiscox Underwriting Chief on 2010 Outlook
Mar 11 2010 // London-based specialty insurer Hiscox, which launched a significantly expanded U.S. presence in 2006, saw gross profits reach record levels ($481 million) in 2009. In this exclusive interview with Insurance Journal, Hiscox...
Florida Insurers Pin Hopes on Broad Bill Passed by Senate Panel
Mar 11 2010 // With the prospects for a controversial rate deregulation bill dimmed by Gov. Charlie Crist’s threat of a veto, the insurance industry is betting on a new wide-ranging insurance proposal to bring some reform to...
Reinsurers Say $4 to $7 Billion Chile Quake Loss ‘Unlikely’ to Raise Rates
Mar 10 2010 // Last month’s huge earthquake in Chile might cost the insurance industry up to $7 billion in damage claims, the world’s top two reinsurers said, but it looks unlikely to raise reinsurance prices. World leader...
House Panels Face Environmental, Insurer Groups Over Catastrophe Bill
Mar 10 2010 // Two House subcommittees have scheduled a joint hearing today on ways to address homeowners insurance costs in disaster-prone communities, an issue that has some environmentalists, taxpayer groups and insurers standing...
Florida’s Homeowners Choice Reports Profitable Q4, Year 2009
Mar 10 2010 // Homeowners Choice Inc., a Florida-based homeowners’ insurer, reported a profitable fourth quarter and year 2009. Net income for the fourth quarter of 2009 was $807,000, compared to net income of $5.1 million for the...
Bermuda Insurers, Reinsurers Oppose State Cat Fund Bill – HR 2555
Mar 9 2010 // The Association of Bermuda Insurers and Reinsurers (ABIR) has filed an opposition to HR 2555 which, the Association warns would “replace private sector risk bearing capital with government reinsurance and government...
A ‘Great Earthquake’ Strikes Chile; Insurance Doesn’t Pose Systemic Risks to the Economy; Berkshire Buys More Munich Re
Mar 7 2010 // February was a short month, but a deadly one. In addition to a massive earthquake in Chile, the Northeastern U.S. was hit by three blizzards; floods and mudslides ravaged the Portuguese island of Madeira and beleaguered...
Fitch Sees Chile Quake Losses Unlikely to Impact P/C Insurance Ratings
Mar 5 2010 // Based on preliminary analysis, Fitch Ratings said it believes that the Chilean P/C insurance industry “will likely be able to absorb losses from the earthquake and Tsunami that hit the central-south part of Chile on...
Max Capital to Merge with Harbor Point; Conference Call Today
Mar 4 2010 // Max Capital Group Ltd. and Harbor Point Limited announced that they “have unanimously approved a definitive amalgamation agreement for a merger of equals.” Both companies are based in Bermuda. Max Capital is a...
S&P Affirms Max Capital and Harbor Point Ratings
Mar 4 2010 // Standard & Poor’s Ratings Services has affirmed its ‘BBB’ counterparty credit ratings on Bermuda-based insurance and reinsurance holding company Max Capital Group Ltd. and its intermediary...
Florida Recruits First Reinsurer Under Relaxed Collateral Rules
Feb 25 2010 // Florida insurance officials have reached an agreement with the first foreign reinsurer to operate under collateral requirements that were reduced in 2008 in an attempt to attract new reinsurers to the state. The Florida...
Best Maintains Stable Outlook on Global Non-Life Reinsurance Industry
Feb 23 2010 // For the fourth consecutive year, A.M. Best Co. is maintaining a stable outlook for the global non-life reinsurance industry. The current outlook implies that the “majority of 2010 reinsurer rating actions are likely...
Berkshire’s National Indemnity Stake in Munich Re Exceeds 5%
Feb 23 2010 // Munich Re has released a statement that “National Indemnity Company, Omaha, USA, informed us in accordance with Section 21, para. 1 of the German Securities Trading Act (WpHG) that its share of the voting rights in...
