Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
Hannover Re Hit by Q3 Cat Losses; 9-month Operating Profit Down 18.1 % to $527 Million
Nov 12 2004 // Germany’s Hannover Re – ranked by Standard & Poor’s as the world’s fifth largest reinsurer – announced third quarter earnings that were heavily impacted by the Florida hurricanes and...
Carvill Launches London Reinsurance Operation
Nov 11 2004 // Carvill, a leading reinsurance intermediary in Specialty business, announced the launch of Carvill Re, to provide a “dedicated focus to expanding Carvill’s relationships in the London reinsurance...
Fitch Comments on Fairfax’s Rating Watch
Nov 11 2004 // Fitch Ratings commented that Fairfax Financial Holdings Limited’s ratings and Rating Watch Negative status are unaffected by its recent disclosures via its third-quarter 2004 financial filings and investor conference...
S&P Rates PartnerRe Preferred Stock Issue ‘BBB+’; Affirms Rating, Stable Outlook
Nov 11 2004 // Standard & Poor’s Ratings Services announced that it has assigned its “BBB+” preferred stock rating to Bermuda-based PartnerRe Ltd.’s (PRE’s) proposed $200 million Series D Cumulative...
AXIS Announces Organizational Strategic Realignment; Opening of Singapore Branch
Nov 9 2004 // Bermuda-based AXIS Capital Holdings Limited announced that it will realign its organizational structure to enhance the brand and operations of its insurance businesses and its reinsurance businesses globally. In a separate...
Munich Re Posts $472 Million Q3 Profit, $1.94 Billion for Nine Months; Affirms Full Year Estimate (Almost)
Nov 9 2004 // Despite an estimated 550 million euros ($711 million) in hurricane related claims, Munich Re, the world’s largest reinsurer, seems to have weathered the storm(s). The company announced third quarter profits of 365...
SCOR Reports $70 Million Nine-Month Earnings
Nov 5 2004 // French reinsurer SCOR Group recently approved the company’s financial results for the nine months ended Sep. 30, 2004. SCOR has been through some rough times, but the results, which included 54.3 million euro ($70...
Best Lowers Outlook for Employers Re Group, Westport, First Specialty to Negative
Nov 3 2004 // A.M. Best Co. announced that it has revised the rating outlook to negative from stable on the “A” (Excellent) financial strength ratings for Employers Reinsurance Corporation of Overland Park, Kan. and GE...
Aspen Reports $43 Million Q3 Loss; $122.9 Million Net Income for Nine Months
Nov 3 2004 // Aspen Insurance Holdings Limited became the latest Bermuda-based insurer to report negative earnings in the third quarter when it announced a net loss of $43 million, or 62 cents per diluted share, for the three months...
Best Downgrades Transatlantic Companies to ‘A+’; Revises Outlook to Stable
Oct 28 2004 // A.M. Best Co. announced that it has downgraded the financial strength rating to “A+” (Superior) from “A++” (Superior) of Transatlantic Reinsurance Company and Putnam Reinsurance Company, both New...
A.M. Best: Cycle Management Key to Reinsurance Industry Financial Strength
Oct 22 2004 // The reinsurance industry is facing a key test from the 2005 renewal season in terms of how it reacts in practice to pricing pressure from cedents, according to A.M. Best Co.. While the material levels of catastrophe losses...
Scottish Re to Acquire ING Re’s Individual Life Reinsurance Business
Oct 19 2004 // Scottish Re Group Limited, a global life reinsurance specialist, announced that it has agreed to acquire the individual life reinsurance business of ING Re. The transaction is expected to close by the end of the...
Endurance Receives License to Operate in Canada; Opens Branch Office in Toronto
Oct 19 2004 // Bermuda-based Endurance Specialty Holdings Ltd. announced that its wholly owned U.S. subsidiary, Endurance Reinsurance Corporation of America (Endurance Re), has opened a branch office in Toronto, Canada, following the...
R&M Issues Study on Strategies, Motives and Methods Practiced Major Reinsurers
Oct 18 2004 // Dublin based Research and Markets announced the addition of “Rational Reinsurance Buying” to their offering of research reports. The new publication covers “the perspectives of leading insurance...
Converium Closes $420 Million Capital Deal; S&P Raises Rating – Somewhat
Oct 18 2004 // Swiss reinsurer Converium AG has apparently weathered what its CFO Martin Kauer called “a perfect summer storm.” The company successfully closed its capital raising initiative with the sale of $420 million...
Allmerica Notes Impact from Hurricane Jeanne
Oct 18 2004 // Massachusetts-based Allmerica Financial Corp. announced estimated pre-tax catastrophe losses of approximately $30 million related to Hurricane Jeanne. The company expects to cede all Hurricane Jeanne losses to reinsurers,...
Montpelier Re, OPIC Offer Terrorism Cover Abroad
Oct 12 2004 // Bermuda-based Montpelier Re Holdings Ltd. (NYSE – MRH) announced that its wholly owned operating subsidiaries, Montpelier Reinsurance Ltd. and Montpelier Agency Ltd., have entered into agreements with the Overseas...
CFC Tabs Jeanne Losses at About $8 Million
Oct 12 2004 // Property/casualty insurer Cincinnati Financial Corp. announced an estimate of $8 million for pretax catastrophe losses resulting from Hurricane Jeanne and updated estimates for prior storms. Including Jeanne, third-quarter...
S&P Affirms Everest Reinsurance Holdings Ratings
Oct 7 2004 // Standard & Poor’s Ratings Services announced that it has assigned its “A-” debt rating on U.S.-based Everest Reinsurance Holdings Inc.’s $250 million senior unsecured note issuance. S&P...
Vesta Offers Preliminary Hurricane Loss Estimates
Oct 7 2004 // Alabama-based Vesta Insurance Group Inc. announced that its gross loss, before reinsurance, from Hurricane Ivan is expected to be in the range of approximately $7.0 to $12.0 million and approximately $23.0 to $37.0 million...
