Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
Florida Weighs Reinsurance Collateral Rule Change
May 19 2008 // The Florida Office of Insurance Regulation held a public hearing recently on a draft rule that would give the insurance commissioner discretion to allow unaccredited reinsurance companies to conduct business in Florida...
Fitch: China Quake ‘Not an Immediate Capital Issue’ for HK Insurers’
May 16 2008 // Fitch Ratings has issued a bulletin from its Hong Kong/Singapore offices indicating that “based on preliminary estimates, the earthquake in China is not expected to have a material impact on the balance sheets of the...
Aon Re Global Acquires Peruvian Reinsurance Intermediary Cosegur Re
May 12 2008 // Aon Re Global, a unit of Aon Corporation, announced it has acquired Peruvian reinsurance intermediary Cosegur Re, “offering clients in Peru greater access to worldwide reinsurance markets” and Aon Re...
Eastern Insurance Reports Improved Workers’ Comp Results
May 9 2008 // Eastern Insurance Holdings, Inc., based in Lancaster, Pa., reported net income of $2.6 million for the first quarter of 2008, compared to net income of $3.2 million for the same period in 2007. The company said highlights...
Duane Morris Names Leaders of Insurance and Reinsurance Industry Practice
May 9 2008 // Duane Morris LLP announced that Max Stern and Peter Whalen, partners in its Trial Practice Group in San Francisco, have been named to jointly lead the Insurance and Reinsurance Industry Group for the international...
Munich Re Q1 Profit Down 19% to $1.2 Billion; Maintains 2008 Profit Targets
May 8 2008 // The Munich Re Group recorded a profit of €785 million ($1.2 billion) for the first quarter of 2008, down 19 percent from the €974 million ($1.495 billion) in the same period of 2007. The Group’s Operating result,...
Mass. Denies Hike in FAIR Plan Home Insurance Rates
May 8 2008 // Massachusetts insurance officials have blocked a 13.2 percent statewide rate hike by the state’s residual market home insurer. The decision by Insurance Commissioner Nonnie S. Burnes also kills a 25 percent increase...
Lloyd’s Amlin to Launch Insurance Risk Trading Venture
May 7 2008 // Amlin plc, one of Lloyd’s largest insurers, has announced its intention to form a new Investment Management Partnership with John Wells, who will become Chairman, and Luca Albertini, who will become Chief...
CRM First Quarter Reflects Self-Insured Group Closings in N.Y.
May 7 2008 // Workers’ compensation insurance firm CRM Holdings, Ltd. reported that net income increased 71.7% to $5.0 million, from $2.9 million a year ago, but fee income plummeted due in part to the closing of CRM’s...
Kentucky Company Enters Reinsurance Agreement with California Underwriter
May 6 2008 // California-based NAS Insurance Services and Kentucky Hospital Insurance Company have entered into a new reinsurance arrangement for network security insurance. The agreement provides for KHIC to cover the insured...
U.S. Insurers Face Uphill Battle to Alter Foreign Insurers’ Tax Break
May 5 2008 // A coalition of U.S. insurers is calling on lawmakers to close a tax loophole that helps foreign insurers, and although it has won the support of presidential hopeful Hillary Clinton, it faces a harder task convincing...
A Soft Market Solution: MGAs and Risk Sharing
May 5 2008 // Part1: Retaining limited underwriting risk could offer MGAs a way to bolster revenue Editor’s Note: The following is part one of a discussion of the risk retention options available to MGAs, the sundry variables...
S&P Reports on the ‘Evolving World of Property/Casualty Securitizations’
May 2 2008 // A report from Standard & Poor’s Ratings Services analyzes the catastrophe bond and reinsurance sidecar markets, which, S&P concludes, have “experienced sharp surges of activity after 2005.”...
Insurance- ‘Green’ Coalition Opposes Expanding Government Catastrophe Bailouts
Apr 30 2008 // An unusual alliance of insurance and environmental groups is urging lawmakers to focus on policies that encourage property mitigation and environmental protection in catastrophe-prone areas, rather than expanding the...
Cholnoky Promoted to President of General Reinsurance; Board Elected
Apr 30 2008 // General Re Corp. reports that I. John Cholnoky has been promoted to president of General Reinsurance Corp. and manager of Gen Re’s global direct Property and Casualty operations. Cholnoky’s responsibilities...
Florida Regulator Holds Public Hearing on New Reinsurance Rules
Apr 29 2008 // The Florida Office of Insurance Regulation held a public hearing to ask for input on a draft rule that would implement 2007 legislation giving the insurance commissioner discretion to allow unaccredited reinsurance...
Survey: Medical Liability Insurers Optimistic About Short-Term Market
Apr 25 2008 // U.S. medical liability insurers anticipate their primary rate levels to decrease in 2008, compared with 2007, while the average frequency and severity of claims sustained by their firms will remain about the same as last...
Everest Re Applies for Brazil License
Apr 23 2008 // The Bermuda-based Everest Re Group, Ltd. announced that its subsidiary, Everest Reinsurance Company, has applied to the Brazilian regulatory authorities for approval as an occasional reinsurer. Everest said: “The...
Prognosis Good in Medical Professional Liability Market
Apr 21 2008 // Tort reform keeping claims frequency down; surplus up, but severity still an issue Tort reform efforts seem to be working, frequency of claims for medical liability is going down, surplus is up and reinsurance capital is...
Lloyd’s Authorized as Brazil Reinsurer
Apr 18 2008 // Lloyd’s has received approval from the Superintendence of Private Insurance (SUSEP) to become the first admitted reinsurer in Brazil. Lloyd’s announced that it had applied for the license in February (See IJ...
