Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
Texas Windstorm Pool Seeks to Increase Reinsurance Level for 2008
Apr 17 2008 // Citing increased exposure along the Texas coast, the Texas Windstorm Insurance Association has requested Commissioner of Insurance Mike Geeslin to authorize the purchase of $1.5 billion in reinsurance for the windstorm...
PartnerRe Opens Brazil Rep Office; Applies for Reinsurance License
Apr 17 2008 // Bermuda-based PartnerRe Ltd. has established a representative office in Sao Paulo, and has applied for a license to become an admitted reinsurer in Brazil. “The move follows the opening of the Brazilian reinsurance...
Aon Re Forecasts ‘Favorable Pricing’ for Mid-year Property Re Renewals
Apr 16 2008 // Pricing is projected to be favorable for traditional property catastrophe reinsurance programs when insurers seek mid-year renewals, according to an analysis conducted by Aon Re Global, a unit of the Aon...
Chubb Plans Brazil Reinsurance Unit
Apr 15 2008 // Federal Insurance Company, a member of the Chubb Group, has applied for a license to operate as an admitted reinsurer in Brazil with a representative office in São Paulo. Chubb Senior Vice-president Herman Weiss, Latin...
Transatlantic Re Applies to Enter Brazil
Apr 11 2008 // Not to be outdone by it French competitor (See related article), Transatlantic Reinsurance Company (TRC), a wholly-owned subsidiary of Transatlantic Holdings, Inc., has recently applied to Brazil’s regulatory...
SCOR Admitted as Brazilian Reinsurer
Apr 11 2008 // France’s SCOR has been admitted as a property and casualty reinsurer in Brazil. In addition, SCOR is currently completing the formalities for SCOR Global Life US Re Insurance Company to operate as an admitted Life...
XL Targets Opening of Brazilian Reinsurance Market
Apr 7 2008 // XL Re, the global reinsurance operations of XL Capital Ltd. said it plans to serve the Brazilian reinsurance market as both a local and admitted reinsurer, subject to regulatory approval. XL Re’s entry is a response...
Clinton Plan Would Cut Tax Benefit for Foreign Insurers Competing for Business in U.S.
Apr 4 2008 // Democratic presidential hopeful Hillary Clinton, as part of a broad plan to boost the fortunes of U.S. workers, if elected would clamp down on tax benefits to foreign insurers doing business in the United States, she...
Lloyd’s 2007 Results; +$7.6 Billion
Apr 3 2008 // Lloyd’s announced a pre-tax profit of £3.846 billion ($7.622 billion) for 2007, compared to £3.662 billion ($7.26 billion) in 2006. Gross written premiums were down slightly at £16.366 billion ($32.346 billion)...
Willis Re Releases April Renewal Report
Apr 2 2008 // Willis Group Holdings has released its annual reinsurance renewals report for April 2008 – entitled “Plenty of Capacity, Plenty of Capital.” The report examines the first quarter of 2008. It found that...
Disaster Derivatives Set to Grow in 2008
Apr 1 2008 // With the United States bracing for big hurricanes this year, new derivatives to trade catastrophe risks offer insurers the extra protection they crave against multi-billion-dollar storms. Trading of “catastrophe...
S&P: Reinsurance Pricing Cycle at ‘Critical Point’
Mar 28 2008 // Standard & Poor’s Ratings Services latest report on the global reinsurance industry – “2008 Reinsurance Renewals: Underwriting Discipline Takes Center Stage As Price Adequacy Declines Further-”...
Allied World Officially Launches Reinsurance Operation
Mar 28 2008 // Bermuda’s Allied World Assurance Co. Holdings, Ltd. reported the official launch of its U.S. reinsurance operation. The launch follows the completion of Allied World’s acquisition of Finial Insurance Co.,...
Florida Senate Passes Bill to Reduce Insurers’ Catastrophe Coverage Limits
Mar 27 2008 // Legislation passed by the Florida Senate this week would reduce the amount of state-funded reinsurance that insurers can purchase under the temporary increase in coverage limit (TICL) program. The Senate bill would reduce...
Arch to Establish Gulf Re
Mar 18 2008 // The Bermuda-based Arch Capital Group Ltd. and Gulf Investment Corporation (GIC) announced that they have entered into a joint venture agreement to establish Gulf Re, a new specialist reinsurer to be based in the Dubai...
Fla. Senate Makes Recommendations on Property Insurance Accountability
Mar 14 2008 // The Florida Senate Select Committee on Property Insurance Accountability wants to restrict reinsurance costs in rates and strengthen the excess profits law among other things. Co-chaired by Sen. Jeff Atwater, R- North Palm...
Buffett Succession Plan at Berkshire Gets a Twist
Mar 14 2008 // There is a job change coming for an executive whom investors say could become the next Warren Buffett. David Sokol, widely considered among the top candidates to eventually replace Buffett as chief executive of Berkshire...
Hannover Re Group Net Income up 42.6% to $1.144 Billion
Mar 13 2008 // Germany’s Hannover Re reported excellent result for 2007 with the Group’s net income up 42.6 percent to €733.7 million ($1.144 billion. “We surpassed our profit targets and reported the highest Group...
Flagstone Re to Purchase 65% Stake in So. Africa’s Imperial Re
Mar 12 2008 // Bermuda-based Flagstone Reinsurance Holdings Limited announced that it has signed an agreement to invest, via a subsidiary, in the capital stock of Imperial Reinsurance Company Limited, acquiring a 65 percent stake in the...
Florida Insurance Market Showing Signs of Improvement
Mar 10 2008 // The insurance market in Florida is adjusting to changing conditions — some man-made, others resulting from forces of nature — all of which make property insurance for Florida homeowners more available and more...
