Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
News Currents
Feb 25 2007 // Insurance company run-off management strategies face obstacles The U.S. insurance industry should be paying greater attention to the run-off market, according to a study published by PricewaterhouseCoopers’ (PwC)...
Third-generation industry executive shares insight on regulatory matters
Feb 25 2007 // Gerald Sullivan, chairman of Los Angeles-based The Sullivan Group, has been said to have grown up reading insurance rating manuals instead of Mother Goose books. He is the third generation to enter the insurance business...
Coming To The Rescue
Feb 25 2007 // Bernd (Bernie) G. Heinze, executive director of the American Association of Managing General Agents (AAMGA), recalls a perfect example of the regulatory difficulties the surplus lines industry faces. A colleague at a...
Ohio KeyCorp Settles Leased Cars Case for $279 Million
Feb 23 2007 // Cleveland, Ohio-based KeyCorp Bank will receive $279 million from a Swiss insurance company to settle a six-year-old lawsuit over losses it claimed in its car leasing business. The settlement, disclosed this week in a...
Fairfax Q4 Net $159 Million; $227 Million Full Year
Feb 23 2007 // Toronto-based Fairfax Financial Holdings recorded net earnings in US dollars of $159.1 million for the fourth quarter of 2006 and $227.5 million for the 2006 year ($8.45 and $11.92 per diluted share, respectively). The...
Best Comments on January Reinsurance Treaty Renewals
Feb 20 2007 // A.M. Best has published a comment on the recently published figures from a number of global reinsurers following the January treaty renewals, mainly focusing on Europe. Best said most “global reinsurers are...
Best Affirms Odyssey Re Ratings
Feb 16 2007 // A.M. Best Co. has affirmed the financial strength rating (FSR) of “A” (Excellent) and the issuer credit ratings of “a” of Odyssey Reinsurance Group and its members. Best also affirmed both the ICR...
Surplus Lines and Reinsurance Reform Legislation Reintroduced in Congress
Feb 15 2007 // Federal legislation that would establish national standards for state regulation of the surplus lines and reinsurance markets made its second appearance into Congress today. Rep. Ginny Brown-Waite, R-Fla., and Rep. Dennis...
S&P Revises Atlantic & Western Re’s Class A & B Notes to ‘D’
Feb 13 2007 // Standard & Poor’s Ratings Services announced that it has “revised its senior secured debt ratings on Atlantic & Western Re Ltd.’s Class A notes to ‘D’ from ‘BB’ and Class...
Insurance Company Run-Off Management Strategies Face Obstacles, Study Says
Feb 13 2007 // The U.S. insurance industry should be paying greater attention to the run-off market, according to a study published by PricewaterhouseCoopers’ (PwC) Insurance Restructuring Group. The “US Discontinued...
Howard Mills, New York, Insurance Commissioner
Feb 11 2007 // Howard Mills, formerly an elected state representative, served the State of New York as its appointed insurance superintendent for the last two years. He stepped in to fill the shoes of Greg Serio when he departed and...
RenaissanceRe Settles Finite Risk Charges with SEC for $15 Million
Feb 8 2007 // RenaissanceRe Holdings Ltd. has agreed to pay a $15 million fine to settle civil securities-fraud charges by federal regulators over what they said was a sham transaction designed to burnish its earnings by smoothing their...
Heberton Named President of NLC Mutual
Feb 8 2007 // The National League of Cities’ Mutual Insurance Corp. (NLC Mutual) has selected William B. Heberton Jr., to head the organization. Heberton will serve as president and chief executive officer of the member-owned...
Fitch Upgrades ACE Financial Strength, Debt Ratings
Feb 5 2007 // Fitch Ratings upgraded the senior debt ratings of ACE Limited and its subsidiary ACE INA Holdings Inc. to “A” from “A-” and the issuer default ratings (IDR) of ACE and ACE INA to “A+”...
Transatlantic 2006 Net Income up 1130% over 2005
Feb 5 2007 // Transatlantic Holdings, Inc. reported that its net income for the year ended December 31, 2006 was $428.2 million, or $6.46 per common share (diluted), compared to $37.9 million, or $0.57 per common share (diluted), in...
Converium Announces Changes in Global Executive Committee
Feb 2 2007 // Swiss-based reinsurer Converium announced the following changes to its Global Executive Committee: — Jakob Eugster joins Converium as Executive VP for Standard P/C Reinsurance. — Benjamin Gentsch, Executive VP...
Washington Commissioner Issues Multiple Fines, Enforcement Actions
Jan 31 2007 // Washington’s Office of the Insurance Commissioner has ordered UnitedHealthcare Insurance Co. of Minneapolis to pay a $59,000 fine following an agency investigation into the company’s use of unapproved contracts...
Bond Insurer MBIA to Pay $75 Million to End Reinsurance Probe
Jan 29 2007 // MBIA Corp., a large insurer of municipal bonds, has agreed to pay $75 million to settle an investigation by federal and New York state authorities into its accounting for a 1998 transaction, people familiar with the matter...
Best Affirms Korean Re Ratings
Jan 26 2007 // A.M. Best Co. has affirmed the financial strength rating of “A-” (Excellent) and the issuer credit rating of “a-” of Korean Reinsurance Company with a stable outlook. “The ratings reflect...
Bermuda Monetary Authority Confirms Increased Incorporation Activity
Jan 26 2007 // A bulletin from the Bermuda Monetary Authority (BMA) confirmed that the island had “recorded a three-year high for (re)insurance company incorporations during 2006, with an almost 10 percent increase in the number of...
