Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
Greater N.Y. Mutual CEO Makes Case for Terror Coverage; NAMIC Suggests Britain’s Pool Re as Model
Jul 27 2005 // Warren Heck, chairman and chief executive officer of Greater New York Mutual Insurance Company in New York, N.Y., brought his company’s front line experience with terrorism risk before a House Financial Services...
Crane Co. Settles Asbestos Claims with Lloyd’s Reinsurer Equitas for $33 Million
Jul 25 2005 // Crane Co., a Stamford, Conn. manufacturer of engineered industrial products, has agreed to settle its insurance coverage claims for asbestos and other liabilities against underwriters at Lloyd’s of London reinsured...
Pa. Court Upholds Legion Insureds’ Direct Access to Reinsurers’ Funds
Jul 24 2005 // Without hearing arguments, the Pennsylvania Supreme Court has upheld a lower court ruling that permits four corporations to bypass the state regulator’s liquidation procedures involving failed carrier Legion...
Fitch Assigns ‘AA-‘ FSR for American Re
Jul 20 2005 // Fitch Ratings has assigned an ‘AA-‘ insurer financial strength rating to American Reinsurance Company (AmRe). The Rating Outlook is Stable. Fitch’s rating on AmRe reflects its view that the company is a...
War of the Worlds: Treasury Sees TRIA as More Hindrance Than Help
Jul 18 2005 // Asked what the world would be like if there were no federal terrorism insurance backstop, the Treasury Department simply shrugged. The loss of the current federal backstop, the Terrorism Risk Insurance Act, which expires...
International Newsbriefs
Jul 18 2005 // XL Hit with $183M Reserve Increase: Bermuda’s XL Capital Ltd. announced that its second quarter results will be adversely impacted by an increase in net reserves in its North American reinsurance operations of $191...
Principles and Politics: The Long and Short of Terrorism Insurance
Jul 18 2005 // The powerful House Committee on Financial Services could have a federal terrorism reinsurance proposal to consider next month although many politicians and observers are skeptical that Congress will actually replace or...
War of the Worlds: Treasury Sees TRIA as More Hindrance Than Help
Jul 18 2005 // Bush Administration Policy Questions Need for Renewal of Federal Backstop Asked what the world would be like if there were no federal terrorism insurance backstop, the Treasury Department simply shrugged. The loss of the...
Fitch Affirms RenaissanceRe’s Ratings
Jul 15 2005 // Fitch Ratings has affirmed the ‘A-‘ long-term and senior debt ratings and ‘BBB+’ preferred stock rating on RenaissanceRe Holdings Ltd. (RenRe). Additionally, Fitch has affirmed the...
Best Affirms FSR for Max Re, Max Re Capital; Rates European Operations
Jul 13 2005 // A.M. Best Co. has affirmed the financial strength rating (FSR) of A- (Excellent) and the issuer credit rating (ICR) of “a-” for Max Re Ltd. (Max Re). A.M. Best has also affirmed the ICR of “bbb-” of...
A.M. Best Places Ratings for American Re Under Review; Negative Implications
Jul 13 2005 // A.M. Best Co. has placed the financial strength ratings of A (Excellent) under review with negative implications for American Re Corporation Group’s (American Re) member companies, which include American Re-Insurance...
Best Places Munich Re’s FSR Under Review; Negative Implications
Jul 12 2005 // A.M. Best Co. has placed the ratings of Muenchener Rueckversicherungs-Gesellschaft (Munich Re) (Germany) and its rated subsidiaries under review with negative implications. These rating actions follow Munich Re’s...
RenaissanceRe Notes Resignation of Cash; Reportedly Refused Subpoena
Jul 11 2005 // Bermuda-based RenaissanceRe Holdings Ltd. has received and accepted the resignation of Michael Cash, senior vice president – Specialty Reinsurance. The resignation follows the reported refusal of Cash, who is a...
Best Affirms FSR for Sirius
Jul 11 2005 // A.M. Best Co. has affirmed the financial strength rating of A (Excellent) and the issuer credit rating of “a” of Sirius International Insurance Corporation (Sirius) (Sweden). The outlook on both ratings remains...
Best Reacts to XL Capital’s Reserve Charge Along with Possible Implications for All Reinsurers
Jul 11 2005 // A.M. Best Co. commented this week that while the most recent after tax reserve charge of $183 million falls within A.M. Best’s anticipated range of adverse loss development for XL Capital Group (XL Capital)...
XL Expects Negative Q2 Results Following Reserve Strengthening
Jul 8 2005 // Bermuda’s XL Capital Ltd. has announced today that its second quarter 2005 results will be adversely impacted by an increase in net reserves in its North American reinsurance operations of $191 million...
ACE Tempest Re Appoints Wixtead CEO of Tempest Re USA
Jul 7 2005 // In a separate announcement the ACE Tempest Re Group, the global reinsurance operations of the ACE Group of Companies, announced that James Wixtead has been appointed CEO of ACE Tempest Re USA, ACE’s Stamford,...
ACE Appoints Bonneau Global Re Exec; Furby as Europe Head
Jul 7 2005 // Bermuda-based ACE Limited has announced that Jacques Bonneau, CEO of ACE Tempest Re USA, has been appointed president & CEO of the ACE Tempest Re Group. He will be based in Bermuda and report to Ace President and CEO...
AIG Tabs Dangelo as Head of Reinsurance; Iglesias Advances
Jul 6 2005 // American International Group Inc. (AIG) announced that AIG Vice President Charles Dangelo has been appointed AIG’s senior reinsurance officer, effective immediately. In this role, he will be responsible for all...
ACE INA Names Kessler CUO
Jul 6 2005 // ACE INA announced that Bruce Kessler has been appointed executive vice president, chief underwriting officer, ACE INA. Based in Philadelphia, Kessler will be the senior underwriting officer for ACE in the United States and...
