Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
Underwriter Reinsurance Co. Ordered to Stop Selling Insurance in Okla.
Aug 19 2008 // Oklahoma Insurance Commissioner Kim Holland has ordered Underwriter Reinsurance Co., also known as The Underwriter Group, to refrain from selling unlicensed, unauthorized insurance in her state. The Oklahoma Insurance...
PMI Group to Sell Australian Operations to QBE
Aug 14 2008 // The California-based PMI Group announced that it has entered into a definitive agreement to sell its Australian mortgage insurance subsidiary and related Australian holding company to QBE Insurance Group Limited,...
Navigators Group Receives Approval for Brazil Reinsurance
Aug 12 2008 // The New York-based Navigators Group announced that its principal insurance company subsidiary, Navigators Insurance Company, has received regulatory approval to underwrite reinsurance in the newly de-regulated Brazilian...
Munich Re Posts $2.1 Billion First Half Profit Despite Credit Crunch
Aug 8 2008 // The Munich Re Group recorded a profit of €1.4 billion ($2.123 billion) for the first half of 2006, a decline from the €2.1 billion ($3.18 billion) recorded in the same peiod of 2007. However, given the ongoing...
N.Y.’s Tower Group to Acquire Rest of Bermuda’s CastlePoint
Aug 5 2008 // New York-based insurer Tower Group, Inc. has agreed to acquire Bermuda reinsurer CastlePoint in a transaction valued at approximately $490 million. The deal will allow Tower to shift some of its reinsurance to other...
People
Aug 4 2008 // Aon Re Global named Jan-Oliver Thofern CEO and chairman of its German subsidiary, Aon Ruck. Thofern was previously a member of the company’s executive committee. He succeeds Holger Gaserow, who plans to retire at the...
Reinsurance, Investments Decrease Fairfax Q2 Profit by 84%
Aug 1 2008 // Fairfax Financial Holdings Ltd. said second-quarter profit fell 84 percent due to a charge at a subsidiary, and a writedown on investments. For the three months ended June 30, profit was $27.6 million, or 84 cents a...
Genesis Underwriting Promotes 3 Execs: Eaton, Williams, Hogan
Jul 31 2008 // Genesis Underwriting Management Co. in Stamford, Conn. has named Jill L. Eaton to be manager of the Public Entity Division. Eaton will also continue to lead the division’s Western Region. The Public Entity Division...
Report: U.S. Cedes More Than $58B Offshore in 2007
Jul 22 2008 // The United States ceded $58.4 billion in premium to offshore reinsurers in 2007 — compared to $54.7 billion in 2006 — an increase of 6.8 percent. Net recoverables totaled $113.0 billion, a decrease of 1.1...
Florida Gov., Insurance Chief Discuss Reinsurance with Lloyd’s of London
Jul 15 2008 // Florida Gov. Charlie Crist met with Lord Levene, the chairman of Lloyd’s of London, to discuss reinsurance issues in Florida, as well as Lloyd’s climate change initiatives. The meeting took place during the...
S&P Advises Floods Could Lead to Ratings Actions on Midwest-Focused Insurers
Jul 11 2008 // Standard & Poor’s Ratings Services said it does not expect the 2008 Midwest floods to impact ratings or outlooks for the majority of companies that it rates. However, property/casualty writers that are...
Interview: N.Y.’s Dinallo Sees Insurance Exchange Open by 2009
Jul 8 2008 // New York Insurance Superintendent Eric Dinallo said Monday a revival of the defunct New York Insurance Exchange could happen as early as next year. Dinallo, in a telephone interview from New York, said the next 18 months...
N.Y. Gov. Paterson Supports Easing Rules for Foreign Reinsurers
Jul 7 2008 // New York will ease regulatory barriers that are “openly discriminating” against foreign reinsurers, Democratic Gov. David Paterson told reporters. Paterson, the state’s first black governor, who is also...
Japan: Risk and Rewards
Jul 7 2008 // A Glimpse into Japan’s Property and Casualty Market The Japanese property and casualty insurance market is ripe for opportunities, but there also are significant risks in the country, according to Keiji Fukasawa of...
Willis Re Releases Annual Renewals Report
Jul 2 2008 // Willis Group Holdings Limited has released its annual reinsurance renewals report for July 2008. Titled – “Whose Cycle is it Anyway?” – the report found that,”while softening in the...
S&P: Affirms QBE’s Ratings; Praetorian Upgraded to Core Status
Jul 2 2008 // Standard & Poor’s Ratings Services has affirmed its insurer financial strength and counterparty credit ratings on holding company QBE Insurance Group Ltd. (currently rated ‘A-‘) and QBE’s core...
Fitch Places XL on Rating Watch Negative
Jul 1 2008 // Fitch Ratings has placed the ratings of XL Capital Ltd. and its P/C (re)insurance subsidiaries, including the Issuer Default Rating (IDR) and the Insurer Financial Strength (IFS) rating of lead (re)insurance companies XL...
Middle East/Africa Ratings Recap: Trust Re, Arab Orient, Leadway, E. Africa Re, Africa Re
Jun 30 2008 // A.M. Best Co. has affirmed the financial strength rating of ‘A-‘ (Excellent) and the issuer credit rating (ICR) of “a-” of Bahrain-based Trust International Insurance & Reinsurance Company...
Cat Bond Sales Seen Slowing
Jun 27 2008 // Catastrophe bonds, which allow investors to make bets on disaster, have thrived in recent years, but a number of factors are seen cooling this obscure part of the debt market in 2008. The growth of catastrophe, or...
N.Y. Governor Supports Easing Rules for Foreign Reinsurers
Jun 27 2008 // New York will hire more minority- and women-owned debt underwriters, lawyers and risk managers and ease regulatory barriers that are “openly discriminating” against foreign reinsurers, Democratic Gov. David...
