Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
S&P Downgrades PXRE to ‘BBB-‘
Feb 24 2006 // Standard & Poor’s Ratings Services announced that it has lowered its counterparty credit and financial strength ratings on Bermuda-based PXRE Reinsurance Ltd. and U.S.-based PXRE Reinsurance Co. (collectively...
King’s Bay Insurance Services Adds Cratem as Sr. VP of Underwriting
Feb 24 2006 // Michael Cratem has joined Florida-based King’s Bay Insurance Services as senior vice president, Underwriting. In this position, he will be responsible for the underwriting function of this Florida licensed Managing...
GE Insurance Solutions: Are Insurers Prepared for the Perfect Storm?
Feb 23 2006 // While increased frequency of hurricanes is nothing new in historical terms, the enormous growth in coastal population and development is dramatically increasing the potential for insured losses, according to a new paper...
Best: Katrina Temporarily Halts Softening Reinsurance Markets
Feb 21 2006 // A.M. Best Co. has taken note of the apparent strengthening of the U.S. reinsurance market following the January renewal period. In a recent comment, the rating agency noted that the “renewals experienced by a number...
Former Gen Re, AIG Execs Plead Not Guilty to Reinsurance Fraud Charges
Feb 17 2006 // As a federal probe into the insurance industry widens, four former top executives of giants General Re and American International Group are pleading not guilty to fraud and conspiracy charges. The Justice Department has...
Fitch Affirms Ratings for CNA
Feb 17 2006 // Fitch Ratings has affirmed the ‘BBB-‘ long-term issuer rating and ‘BBB-‘ senior debt ratings of CNA Financial Corporation (CNA) and the ‘A-‘ insurer financial strength (IFS) ratings of...
CNA Sees Q4 Net Loss of $217M
Feb 16 2006 // CNA Financial Corporation reported fourth quarter of 2005 results, which included the following items: * Net loss for the fourth quarter of 2005 of $217 million as compared with net income of $303 million for the same...
Best Maintains Negative Outlook on U.S. and Bermuda Re Sectors
Feb 16 2006 // A.M. Best Co. announced that after completing an assessment of the U.S. and Bermuda reinsurance markets, it is extending its negative outlook for 2006. Best said it “anticipates that there will be few if any rating...
Allstate Consent Order for Fla. Policyholders Could Trigger Refunds
Feb 16 2006 // A Consent Order between Allstate Floridian Indemnity Insurance Company, Allstate Floridian Insurance Company and the Florida Office of Insurance Regulation includes a provision that could trigger refunds for policyholders...
Montpelier Re: Q4 Net Loss of $61M
Feb 16 2006 // Bermuda-based Montpelier Re Holdings Ltd. reported a net loss for the quarter ended Dec. 31, 2005 of $61.0 million, or $0.68 per share, compared with net income of $102.4 million, or $1.53 per share, for the same quarter...
Windstorm Panelists: Carriers Hesitant to Write Fla. Policies
Feb 15 2006 // A panel of eight insurance experts agreed unanimously that carriers are closely scrutinizing Florida and are hesitant to renew homeowners policies during a panel moderated by Bill Bailey, director of the Hurricane...
Munich Re January Reinsurance Treaty Renewals Show Rate Increases
Feb 15 2006 // Munich Re followed Swiss Re’s announcement yesterday (See IJ Web site Feb. 14) with its own upbeat report on the January reinsurance treaty renewal season. The world’s largest reinsurer said that as of Jan. 1...
Navigators Group Sees Record Q4
Feb 15 2006 // The Navigators Group Inc. reported net income of $15,310,000 or $0.96 per share for the 2005 fourth quarter based on 16,012,000 diluted shares compared to net income of $10,635,000 or $0.84 per share for the 2004 fourth...
S&P Comments on ‘Alien Reinsurer’ Collateral Requirements
Feb 13 2006 // Standard & Poor’s Ratings Services has published an article titled, “Credit FAQ: Hotly Debated Collateralization Rule Change May Affect Insurer/Reinsurer Capital Needs,” which examines several of the...
Best Report: What Price is Right? Who Will Blink First? Asks Industry
Feb 9 2006 // Those new to property and casualty insurance are reportedly first struck by the cyclical nature of the industry. Generally, extended periods of soft pricing are followed by much shorter periods of hard pricing. After three...
Fairfax Sees Q4 Loss of $318M
Feb 9 2006 // Toronto-based Fairfax Financial Holdings Limited had a net loss of $318.1 million in the fourth quarter of 2005 and $497.9 million for the 2005 year. The falls come after absorbing losses from Hurricanes Katrina, Rita and...
The World Insurance Forum Set for Feb. 21-23 in Bermuda
Feb 9 2006 // The World Insurance Forum, set for Feb. 21-23, is an industry hosted conference for world insurers, reinsurers, risk managers, regulators, financiers and brokers. It is a biennial event held in Bermuda and provides a...
RenaissanceRe Sees Q4 Operating Loss of $207M
Feb 7 2006 // Bermuda-based RenaissanceRe Holdings Ltd. reported a net operating loss attributable to common shareholders of $206.9 million in the fourth quarter of 2005, principally reflecting a $313.9 million net negative impact from...
AXIS Capital Notes Profitable Year; Reports Net Income of $90.1M
Feb 7 2006 // Bermuda-based AXIS Capital Holdings Limited reported net income available to common shareholders of $90.1 million for the year ended Dec. 31, 2005, or $0.57 per diluted common share, compared with net income of $495.0...
When used correctly, finite re can fill environmental liability gap
Feb 6 2006 // Aon’s Bennink sees need for ‘tarnished’ product growing as property owners face mold effects of hurricanes AUTHOR: By Andrew G. Simpson Finite reinsurance has received negative publicity within the past...
