Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
Best Affirms Max Capital Ratings; Revises Outlook to Positive
Dec 12 2008 // A.M. Best Co. has revised the outlook to positive from stable for all ratings of Bermuda-based Max Capital Group Ltd. (MXGL), and its subsidiaries. Best also affirmed the financial strength rating (FSR) of ‘A-‘...
Insurers Seek Cut in Florida Hurricane Fund Charges to Reflect Reality
Dec 10 2008 // Property/casualty insurers in Florida believe they are being overcharged for coverage from the state’s hurricane fund and some of them are looking for a refund. Insurers contend that the state fund is only...
Swiss Re Sees ‘Severe Recession;’ Insurers Should Preserve Capital
Dec 10 2008 // At their most recent conference in London, Swiss Re’s economists predicted a “severe recession until mid 2009 in industrialized economies, including the United States and Europe.” They also expect that...
NAIC to Examine Proposal to Modify Reinsurance Collateral Requirements
Dec 10 2008 // The National Association of Insurance Commissioners (NAIC) has adopted its Reinsurance Regulatory Modernization Framework Proposal, which modernizes U.S. state-based regulation of reinsurance. “This proposal sets...
Montpelier Group Licenses AIR Worldwide’s U.S. Crop Model
Dec 5 2008 // AIR Worldwide Corporation announced that the Bermuda-based Montpelier Group has licensed the AIR Multiple Peril Crop Insurance (MPCI) model for use in AIR’s CATRADER®, the industry standard application for...
Aon Completes Acquisition of Benfield; Restructuring Includes Layoffs
Dec 1 2008 // Aon Corp. has completed its $1.43 billion acquisition of Benfield Group Limited, creating Aon Benfield, reinsurance intermediary and capital advisor, which will launch on Dec. 1. “The completion of this transaction...
Munich Re Chairman Sees Improving Results in 2009
Dec 1 2008 // In an interview with Reuters, Munich Re’s Chairman, Nikolaus von Bomhard, expressed his hopes that fatter premiums would make 2009 more of a “normal” year after Munich Re’s likely failure to meet...
New Catastrophe Bonds on Hold Pending Reinsurance Market Hardening
Nov 30 2008 // Disaster insurance bonds are one of the few assets to make any money this year but new supply is on hold pending expected price rises in the underlying reinsurance market. Market players say demand remains buoyant for the...
S&P Says Global Reinsurers Need Price Rises To Rebuild Capital
Nov 26 2008 // Standard & Poor’s Ratings Services said in a report published today that reinsurers have had sufficient excess capital available to absorb the shocks of the past year, but much of that cushion has now been...
Munich Re Sees Reinsurance Opportunities from Financial Crisis
Nov 25 2008 // A bulletin on Munich Re’s web site (www.munichre.com) opens as follows: “The financial crisis has sent stock markets plunging around the world and resulted in growing levels of risk aversion. Stringent risk...
New Catastrophe Bonds on Hold Pending Reinsurance Market Hardening
Nov 24 2008 // Disaster insurance bonds are one of the few assets to make any money this year but new supply is on hold pending expected price rises in the underlying reinsurance market. Market players say demand remains buoyant for the...
S&P Raises Hannover Re Africa Ratings to ‘A’
Nov 21 2008 // Standard & Poor’s Ratings Services has raised its long-term counterparty credit and insurer financial strength ratings on South Africa-based non-life reinsurer Hannover Reinsurance Africa Ltd. to ‘A’...
S&P Raises Munich Re Africa Ratings
Nov 21 2008 // Standard & Poor’s Ratings Services has raised its long-term counterparty credit and insurer financial strength ratings on South Africa-based reinsurer Munich Reinsurance Co. of Africa Ltd. to ‘A’...
ACE Issues Clarification on Variable Annuity Reinsurance Business
Nov 20 2008 // ACE Limited announced that it is “providing further detail to help clarify ACE’s total exposures to potential loss related to its variable annuity reinsurance business. The clarification supplements a Form 10-Q...
Mississippi Rebuilds Its Insurance Markets
Nov 16 2008 // Wind Pool Modernization, Better Building Code Enforcement and Carrier Recruitment Efforts Begin to Pay Off Back in January, when Mike Chaney was getting ready to be sworn in as Mississippi insurance commissioner after his...
People
Nov 16 2008 // The Independent Insurance Agents of North Carolina elected Neil T. Annas as the association’s new president for the 2008 to 2009 term. Annas, president of Granite Insurance Agency Inc. in Granite Falls, N.C., was...
S&P Assesses Current Conditions for Bermuda Insurers, Reinsurers
Nov 14 2008 // Standard & Poor’s Ratings Services has just published a new study – “Bermuda Insurers And Reinsurers: The Good, The Bad, And The Ugly – ” which examines the current status of the...
Hiscox Sees Strong 2009 Despite Premium Income Drop
Nov 10 2008 // The Bermuda-based, but UK-listed, insurer Hiscox expects strong growth in 2009, thanks to rising premiums in some of its core markets and increased business due to credit and capital problems at some competitors, it said...
Munich Re Q3 Profits Down 99% to $15.4 Million; $1.8 Billion for 9 Months
Nov 7 2008 // Munich Re’s third quarter profits fell by 99 percent to €12 million ($15.4 million) compared to the €1.216 billion ($1.555 billion) it recorded in the third quarter of 2007. The Group’s net...
