Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
P/C Industry Net Income Falls Nearly 60% in First-Half 2009
Sep 28 2009 // Private U.S. property/casualty insurers’ net income after taxes fell 59.3 percent to $5.8 billion in first-half 2009 from $14.1 billion in first-half 2008. Insurers’ overall profitability as measured by their...
States Back Changes in Regulation of Reinsurance
Sep 25 2009 // State insurance regulators are throwing their weight behind a federal measure that would change the way reinsurance is regulated. The National Association of Insurance Commissioners (NAIC) is supporting the Reinsurance...
Bermuda Monetary Authority Concludes Pact with Florida Insurance Regulator
Sep 25 2009 // The Bermuda Monetary Authority (BMA) has signed a Memorandum of Understanding (MOU) with the Florida Office of Insurance Regulation (FLOIR). The bulletin noted that it “is the latest in a number of such agreements...
Reinsurers’ Rendezvous Reveals Reflection; Sea Level Rise Imperil Coasts; Pirates Ahoy!
Sep 21 2009 // The world’s reinsurers gathered in Monte Carlo over the first weekend in September for their annual conclave. This year’s meetings were calm by comparison with prior years — no hurricanes ravaging...
ABI Calls for Tax Reform to Keep Insurance Companies in UK
Sep 16 2009 // The Association of British Insurers (ABI) has issued a bulletin calling for reform of the UK’s tax system in order for the country to remain competitive with lower cost domiciles. Citing a recently completed study,...
Text: Senate Finance Committee’s America’s Healthy Future Act of 2009
Sep 16 2009 // Chairman’s Mark America’s Healthy Future Act of 2009 Scheduled for Markup By the Senate Committee on Finance On September 22, 2009 America’s Healthy Future Act of 2009 TITLE I—HEALTH CARE...
Former General Re Executive Napier Gets Probation in AIG Fraud
Sep 15 2009 // A former executive of reinsurer General Re Corp. was sentenced to two years probation and fined $10,000 after pleading guilty to helping American International Group cook its books. U.S. District Judge Christopher Droney...
Swiss Re Issues New <em>sigma</em> Report on Insurance-linked Securities
Sep 10 2009 // According to Swiss Re’s new sigma study, “the role of indices in transferring insurance risks to the capital markets”, both (re)insurers and investors benefit when clearly defined and regularly updated...
Global Reinsurers to Lobby Regulators for Distance from Banks
Sep 8 2009 // Eleven of the world’s biggest reinsurers will work to find common positions on tax, solvency, accounting and other rules and avoid being tarred with the same regulatory brush as banks, the group said late on...
Reinsurers to ‘Stand Firm’ on 2010 Pricing Prospects
Sep 8 2009 // Reinsurers promised to stand firm on the prices they charge for covering big risks like hurricanes and plane crashes, even as the recession robs their insurance company customers of cash needed to pay for the...
Florida in Better, Not Perfect, Insurance Shape Should Major Hurricane Hit
Sep 7 2009 // Florida property insurers are warning that a major hurricane is likely this season given the state’s history of storms. At the same time, the industry says, the state-backed catastrophe reinsurance fund, the Florida...
North Carolina Recovers Self-Insurer’s Comp Funds
Sep 7 2009 // North Carolina Insurance Commissioner Wayne Goodwin said that $6.5 million will be returned to 661 employers who formerly were members of the Phoenix Fund Inc., a self-insured workers’ compensation fund that was put...
Aon Benfield Presents Online Facultative Reinsurance Placement System
Sep 4 2009 // Aon Benfield Fac, the broker’s facultative reinsurance division, announced the launch of a new online service, FAConnectSM, to expedite the placement of facultative risks. The service has already “been endorsed...
Lockton Opens Second Brazil Office in Rio de Janeiro
Sep 4 2009 // Lockton has opened its newest international office in Rio de Janeiro, Brazil for commercial and reinsurance clients. The office expands Lockton’s energy and reinsurance capabilities in South America. Lockton has...
Global Reinsurers Enjoy Monte Carlo Sun Amid Worries Over Gathering Clouds
Sep 4 2009 // Global reinsurers are set to enjoy a moment in the sun as they gather in Monte Carlo this weekend, having come through the financial crisis singed rather than burned like their banking counterparts. But as top executives...
Best Revises Outlook on SCOR to Positive; Affirms ‘A-‘ Ratings
Sep 4 2009 // A.M. Best Co. has revised the outlook to positive from stable and affirmed the financial strength rating (FSR) of ‘A-‘ (Excellent) and the issuer credit rating (ICR) of “a-” of French reinsurer SCOR...
Louisiana Commissioner: Don’t Raise Taxes on Reinsurers
Sep 3 2009 // Now that the hurricane season is well underway, Louisianans remember when Katrina came ashore, late in August 2005, with a storm surge that eventually flooded New Orleans and leveled many Gulf Coast towns, costing more...
A.M. Best: Reinsurers Stay Afloat In Sinking Economy
Aug 31 2009 // Two years into the global financial crisis, global reinsurers’ performance to date could be counted as an achievement, given the state of the financial services industry and the economy, says A.M. Best. The...
Florida’s Tower Hill Insurance Downgraded by A.M. Best; Tower Hill Responds
Aug 27 2009 // A.M. Best Co. has downgraded the financial strength ratings (FSR) to D (Poor) from B (Fair) and issuer credit ratings (ICR) to “c” from “bb” of Tower Hill Preferred Insurance Co., Tower Hill Prime...
S&P Rates Max Capital’s Operating Companies ‘A-‘; Outlook Stable
Aug 26 2009 // Standard & Poor’s Ratings Services has assigned its ‘A-‘ counterparty credit and financial strength ratings on Max Capital Group Ltd.’s operating insurance and reinsurance companies. S&P...
