Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
WSJ Report: Officials Probing AIG CEO Greenberg’s Role in Reinsurance Products
Mar 7 2005 // Federal and state investigators are looking into a deal between American International Group Inc. and Berkshire Hathaway Inc.’s General Reinsurance unit in part because of the alleged involvement of AIG’s...
S&P REPORT SAYS HURRICANE LOSSES PUT PRESSURE ON INSURERS’ EQUITY:
Mar 7 2005 // The shareholders’ equity of many insurers and reinsurers is coming under greater pressure than anticipated as P/C losses from the 2004 hurricane season continue to rise with new estimates, according to a report by...
Insurers Must Underwrite Smarter, Not Succumb to D&O Market Pressures
Mar 7 2005 // Insurers must not be lulled into thinking that the Directors and Officers liability market has recovered because the quantity of cases remain high and the complexities of litigation are overwhelming. As a result, carriers...
Lusk Appointed Alea’s Chief Administrative Officer
Mar 3 2005 // Alea Group Holdings (Bermuda) Ltd., the specialty insurer and reinsurer, announced changes in the executive management team. Kirk Lusk was appointed Group chief administrative officer and will oversee Group Human...
General Re Under Scrutiny for Reinsurance Dealings with Failed Virginia Liability Reciprocal
Mar 2 2005 // General Reinsurance, a subsidiary of Berkshire Hathaway Inc., has been subpoenaed in an investigation of Reciprocal of America, a former Virginia-based professional liability insurer whose collapse is considered one of the...
Max Re Announces New Appointments
Feb 24 2005 // Bermuda-based Max Re Capital Ltd. announced that its subsidiary, Max Re Ltd., has made the following appointments in its reinsurance division: — John Doucette has been appointed president and chief underwriting...
S&P Revises Outlook on Montpelier Re to Positive
Feb 24 2005 // Standard & Poor’s Ratings Services announced that it has revised its outlook on Montpelier Reinsurance Ltd. and Montpelier Re Holdings Ltd. (MRH) to positive from stable. “The outlook was revised to...
RenaissanceRe to Restate 2001-03 Earnings; Best, S&P Put Ratings Under Review
Feb 23 2005 // Bermuda-based RenaissanceRe Holdings Ltd. announced that it is planning to restate its financial statements for the years ended December 31, 2001, 2002 and 2003 “to correct accounting errors associated with...
AIR Introduces Updates to Modeling System Technology
Feb 22 2005 // AIR Worldwide Corporation has introduced the latest releases of CLASIC/2 and CATStation, said to enable insurers, brokers, and reinsurers to significantly improve their catastrophe management workflow. According to AIR,...
Best Sees Underwriting Discipline in January European Reinsurance Renewals
Feb 21 2005 // European January reinsurance renewals confirm A.M. Best Co.’s expectations that underwriting discipline is being maintained, despite wide capacity availability. The rating agency noted that overall premium rates have...
Allstate, AIG, Chubb, St. Paul/Travelers Ask Pa. Commissioner to Examine ACE Brandywine Sale
Feb 21 2005 // The law firm representing Allstate Insurance Company, American International Group Inc., Chubb & Son, and St. Paul Travelers has filed a demand, addressed to Diane Koken head of the Pennsylvania Department of...
E&S Markets Medium, Softening Across the Board
Feb 21 2005 // Rising property prices and a healthy economy after the election year have encouraged competition for casualty business. Although account size is sometimes a factor in the directions prices move, E&S specialists say...
S&P Report Says Hurricane Losses Puts Pressure on Insurers’ Equity
Feb 18 2005 // The shareholders’ equity of many insurers and reinsurers is coming under greater pressure than anticipated as P/C losses from the 2004 hurricane season continue to rise with new estimates, according to a report by...
NAMIC Applauds Natural Disaster Legislation to Provide Affordable Insurance
Feb 18 2005 // A natural disaster bill introduced by a Florida congresswoman from a coastal district will ensure that debate on the problem of insurance availability in disaster-prone areas will continue, according to the National...
Best Downgrades Ratings for Inter-Ocean
Feb 18 2005 // A.M. Best Co. has downgraded the financial strength rating to A- (Excellent) from A (Excellent) and the issuer credit rating to “a-” from “a” for the reinsurance subsidiaries of Inter-Ocean Holdings...
Munich Re Confirms Profit Forecast with $2.34 Billion 2004 Net Earnings
Feb 16 2005 // Munich Re announced 2004 net earnings of 1.8 billion euros ($2.34 billion), confirming its earlier revised estimates of between $2.22 billion and $2.48 billion (See IJ Web site Jan.23). The move back to profitability...
Best Affirms Rating for China International Reinsurance
Feb 15 2005 // A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) and assigned an issuer credit rating of “a-” to China International Reinsurance Company Limited (CIRe) (Hong Kong). The outlook is...
Best Places GE Frankona Group Ratings Under Review w/ Negative Implications
Feb 14 2005 // A.M. Best Co announced that it has placed the financial strength ratings of “A” (Excellent) of the operating companies of the GE Frankona Group under review with negative implications. “This rating action...
Scottish Re Closes $850 Million Securitization
Feb 14 2005 // International life reinsurer Scottish Re Group Limited announced that it has closed an offering of $850 million of 30-year maturity securities from its newly formed, wholly-owned subsidiary Orkney Holdings, LLC. The...
Philadelphia Consolidated CEO Pleased with Q4 Report
Feb 11 2005 // Philadelphia Consolidated Holding Corp. on Friday reported net income for the quarter ended Dec. 31, 2004 increased 58.0% to $32.4 million ($1.38 diluted and $1.45 basic earnings per share) from $20.5 million ($0.89...
