Latest Reinsurance Headlines

Shrinking Citizens Signals Progress in Florida Property Market

Oct 20 2008 // Florida remains focused on recovery of its property insurance market. But new rules for reinsurers, a national catastrophe plan and the use of occupational rating in insurance are also on the radar of Florida Insurance...

People

Oct 20 2008 // Angelo Ganguzza, vice president of Boca Raton, Fla.-based LIG Insurance Agency and Kimberly Langston Gray, managing partner of Langston Insurance Agency in central Florida, accepted election to the Professional Insurance...

Oct 20 2008 // Darleen Madden has been elected president of the Independent Insurance Agents of Dallas (IIAD) for a term beginning Sept.1, 2008, through August 2009. Madden is co-owner of Glenn-Madden & Associates located in Dallas,...

Catlin Issues Ike/Gustav and Investment Loss Estimates

Oct 17 2008 // The Bermuda-based Catlin Group Limited has announced its initial estimate of the financial impact of Hurricanes Ike and Gustav and an update on its investment performance and trading conditions. The Group said its...

Collins, Especializada Re Form Brazil Partnership

Oct 16 2008 // Minneapolis-based Collins and Brazil’s Especializada Re have entered into an agreement under which the two companies will serve as exclusive correspondent brokers for the placement of reinsurance for insurance...

Excess/Surplus Lines Claims Group Names Officers

Oct 16 2008 // The Excess/Surplus Lines Claims Association (ESLCA) has announced its new slate of officers and directors. Newly elected officers are: — President – Sandra Van Enk, Vice President, The Toa Reinsurance Co. of...

Fitch: Insurers Face Mounting Pressure on Ratings Worldwide

Oct 16 2008 // Balance sheet pressures for insurance and reinsurance companies globally have become more severe as insurers experience greater unrealized market value losses, and take impairments, on their investment portfolios, says...

Aspen Says Ike/Gustav Losses at $155 Million; Investments at $47.4 Million

Oct 13 2008 // Bermuda-based Aspen Insurance Holdings Limited has issued a comment on the combined loss estimates for the hurricanes Gustav and Ike. In the same bulletin Aspen discussed the “impact of recent events in the financial...

Best Upgrades/Affirms Arch Re, Arch Europe Ratings

Oct 9 2008 // A.M. Best Co. has upgraded the issuer credit ratings (ICR) to “a+” from “a” and affirmed the financial strength rating (FSR) of ‘A’ (Excellent) of Bermuda-based Arch Reinsurance Ltd. and...

Munich Re CEO Confident of Group’s Financial Strength

Oct 8 2008 // Dr. Nikolaus von Bomhard, CEO of Munich Re, has issued a muscular statement, detailing the Group’s strengths in the face of the ongoing global financial turmoil. “We will emerge stronger from the crisis,”...

Reinsurance Executives Tour Fortified Home in Mississippi

Oct 6 2008 // Nearing the end of a years-long highly specialized residential construction project, one Hurricane Katrina survivor has become a regular stop for insurance industry representatives touring along the Mississippi Gulf...

Willis Re Launches P&I and Marine Mutual Reinsurance Team

Oct 3 2008 // Willis Re, the reinsurance arm of global broker Willis Group Holdings, has announced the formation of a Protection & Indemnity (P&I) and Marine Mutual Reinsurance team, and appointed a managing director and three...

XL Gustav, Ike Losses $195 to $270 Million; Minimal Investment Loss

Oct 3 2008 // Bermuda’s XL Capital Ltd. has announced preliminary net loss estimates for Hurricanes Gustav and Ike, as well as the effect on its investment portfolio from Lehman Brothers, Washington Mutual, Fannie Mae and Freddie...

Habay Joins Reinsurance Broker Collins in New York

Oct 2 2008 // Gregory Habay, a New York-based reinsurance broker, has joined Collins as senior vice president, Robert Kimmel, executive vice president and co-leader of Collins’ broker force, announced. Habay most recently was a...

Protective Insurance, Paladin Catastrophe Enter Agreement

Oct 1 2008 // Indianapolis-based Baldwin & Lyons, Inc. announced on October 1 that its subsidiary, Protective Insurance Co., has entered into an agreement with Paladin Catastrophe Management to produce casualty clash and...

Best Affirms Munich Re’s ‘A+’ Ratings

Sep 26 2008 // 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 the...

Lexington Arranges Reinsurance from Berkshire for Property Policies

Sep 26 2008 // Surplus lines insurer Lexington Insurance Co. reported that it has arranged a contingent property reinsurance cover from Berkshire Hathaway’s National Indemnity Co. for its real estate portfolio. The cover is also...

Reinsurers Tour Fortified Home During Mississippi Wind Pool Meeting

Sep 24 2008 // Nearing the end of a years-long highly specialized residential construction project, one Hurricane Katrina survivor has become a regular stop for insurance industry representatives touring along the Mississippi Gulf...

Organizations Opposed to U.S. Insurance Tax Bill Issue Statement

Sep 22 2008 // The Coalition for Competitive Insurance Rates, which groups a number of organizations that oppose to the latest attempt to amend U.S. tax laws on foreign insurers, has issued a bulletin outlining the reasons why they...

Hurricane and Political Seasons Stir Up National Cat Plan Proposals

Sep 22 2008 // As Losses Mount for Insurers, More Proposals for a National Solution Emerge Neither Gustav nor Ike walloped the property/casualty insurance industry the way Katrina did but there is still concern in insurance and...