Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
Florida Eyes Reduction in Collateral Requirement for Some Reinsurers
Feb 10 2008 // Gov. Crist and state officials suggest the change would free up more capacity but others question that theory Insurance trade organizations believe a move by Florida Gov. Charlie Crist to reduce collateral requirements for...
Munich Re to Set up Brazilian Subsidiary
Feb 7 2008 // Munich Re announced that, following the opening of the Brazilian reinsurance market (See IJ web site – https://www.insurancejournal.com/news/international/2007/12/27/85928.htm), it plans to establish a subsidiary in...
Trial Witness Says Buffett Was Told of General Re-AIG Deal
Feb 7 2008 // A former top executive for General Reinsurance Corp. e-mailed billionaire investor Warren Buffett in 2000 about a reinsurance transaction with American International Group Inc. that triggered a criminal trial, a government...
SCOR Receives Approval for Beijing P/C Branch
Feb 6 2008 // France’s SCOR Group has received final approval to start operating a Property and Casualty branch in Beijing from the China Insurance Regulatory Commission (CIRC). The endorsement of SCOR’s request to set up a...
Reinsurance Broker BMS Names Buysse as CEO for North America
Feb 4 2008 // BMS, a reinsurance intermediary based in Philadelphia, has appointed James T. Buysse as chief executive officer of its North American operations, BMS Intermediaries, Inc. Buysse will be based in Philadelphia and will...
Towers Perrin Launches French Reinsurance Office
Jan 31 2008 // International professional services firm Towers Perrin announced that it is expanding its reinsurance intermediary business to serve the French domestic market. It has appointed Serge Mussard as Managing Director of its...
Allstate 4Q Profit Falls 37% as Calif. Wildfire Losses Top $300M
Jan 31 2008 // Hit by an increase in catastrophe losses, Northbrook, Ill.-based insurer Allstate Corp. saw its profit drop by more than 37 percent in the fourth quarter of 2007 compared to the same period in 2006. The fourth quarter net...
Munich Re Expects $5.77 Billion 2007 Profit
Jan 30 2008 // The Munich Re Group announced that it expects a record profit for 2007 of €3.9 billion ($5.77 billion) on the basis of preliminary figures. The amount exceeds the profit guidance of €3.5-3.8 billion ($5.18 to $5.62...
Arthur J. Gallagher to Sell Reinsurance Unit, Ireland Brokerage; Layoff 400
Jan 30 2008 // Itasca, Illinois-based insurance brokerage Arthur J. Gallagher & Co. reported a drop in profit for the fourth quarter and announced it would sell its global reinsurance operation and its small Ireland-based wholesale...
Fitch Downgrades XL’s Ratings; Outlook Stable
Jan 28 2008 // Following its decision to downgrade SCA and XL’s financial guaranty subsidiaries, Fitch Ratings announced that it has also downgraded XL Capital Ltd. and its P/C insurance reinsurance. Fitch lowered the Group’s...
Executives See Only Moderate Growth for P/C Industry in 2008
Jan 27 2008 // Property casualty insurance insiders predicted 2008 will be a year of marginal growth as continued pricing competition will keep premiums low and profits lower — although that could quickly worsen if a natural...
Captives, Cells Push Guernsey International Insurance Growth
Jan 24 2008 // According to a recently released report from the Guernsey Financial Services Commission (GFSC), the number of international insurance entities based on the island in the English Channel “grew again during 2007...
Berkshire Hathaway Buys 3% Stake in Swiss Re; Reinsurance Pact Signed
Jan 23 2008 // Swiss Re announced today that Berkshire Hathaway has acquired a three percent stake in the company. Swiss Re has also entered into a reinsurance contract with Berkshire Hathaway which will give it a share of Swiss...
RenRe Records Q4 Write-Downs
Jan 17 2008 // RenaissanceRe announced that it expects two significant fourth quarter charges: — A charge which would result in a full reduction of the Company’s carried value in ChannelRe, which was $126.7 million at...
Lloyd’s Broker Miller Forms New Facultative Reinsurance Team
Jan 14 2008 // Miller Insurance Services Limited, an independent specialist insurance and reinsurance broker operating in the international markets and at Lloyd’s, announced that Richard Court has joined the Company, and will...
What the Reauthorization of TRIA Means to the P/C Industry
Jan 13 2008 // On Dec. 26, President George W. Bush signed the Terrorism Risk Insurance Program Reauthorization Act of 2007 to reauthorize the federal backstop for seven years. First and foremost, reauthorization of TRIA means it is...
Guy Carpenter Publishes Official 2008 Reinsurance Review
Jan 11 2008 // Guy Carpenter & Company has released its “2008 Reinsurance Market Review: Near Misses Call for Caution.” The report presents a comprehensive review of global market conditions as of the January 1, 2008...
Best Revises Stoneheath, FLAC Outlooks to Negative on SCA/XL Concerns
Jan 10 2008 // A.M. Best Co. has revised the rating outlook to negative from stable for the debt rating of “bbb” on $350 million non-cumulative perpetual preferred securities (issuer preferred securities) issued by Stoneheath...
Swiss Re to Acquire 25% Stake in Vietnam National Re
Jan 9 2008 // Swiss Re announced that it has entered into an agreement to acquire a 25 percent stake in Vietnam’s leading reinsurance provider, Vietnam National Reinsurance Corporation (VinaRe), for VND1.3 trillion (approximately...
Trial Opens for Five Former Gen Re, AIG Executives
Jan 9 2008 // The former chairman and CEO of the world’s largest insurer initiated a deal that led to five ex-executives being charged in a scheme to manipulate the company’s financial statements, a federal prosecutor said...
