Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
AXIS Reports $147 Million Q3 Net
Nov 6 2003 // Another of Bermuda’s newer insurers, AXIS Capital, has reported excellent third quarter results. The company announced that its net income for the period rose to $147 million, or $0.90 per diluted share, compared to...
ri3k Announces New Global Infrastructure
Nov 6 2003 // Following its preliminary announcement last September, London-based ri3k, the leading provider of computer-based data processing and accounting for the reinsurance industry, announced the launch of Version 2.0 of its...
EMC Posts Record 3Q Growth
Nov 6 2003 // Des Moines, Iowa-based carrier EMC Insurance Group Inc. reported operating income of 49 cents per share for the third quarter ended Sept. 30, 2003, compared to 46 cents per share for the third quarter of 2002. Operating...
Savannah Reinsurance Underwriting Management to License CATEX System
Nov 5 2003 // CATEX announced that MGU Savannah Reinsurance Underwriting Management, LLC, a member of the Georgia-based Palmer & Cay group of companies, has agreed to license a CATEX web-based Reinsurance Transaction System based...
Best Lowers Clarendon Insurance Group ratings to ‘A-‘
Nov 5 2003 // A.M. Best Co. announced that it has downgraded the financial strength rating to ‘A-‘ (Excellent) from ‘A’ (Excellent) of Clarendon Insurance Group of Wilmington, Del. and its P/C affiliates. The...
Texas’ Underwriters MGA Wages Fight Against GE Re
Nov 3 2003 // Texas-based Underwriters MGA (UMGA), a Texas- based corporation with offices in Hidalgo County, announced it has filed a court petition to reclaim millions of dollars in revenues the company said it lost as a result of...
The Reinsurance World 2003 – Capacity, Profitability and ‘The Cycle’
Nov 3 2003 // A year ago the reinsurance world had an optimistic side most companies had survived their exposures to 9/11 and premiums were rising. A pessimistic side reflected a 25 percent decline in capacity, thus limiting new...
NAII’s Annual Meeting Features Celebrity Speakers, Wheeling and Dealing
Nov 3 2003 // Where do you go to see a best-selling business author, a folksy economist, wisecracking political pundits, a college football star turned ex-Congressman and a bona fide American military hero? The National Association of...
The Reinsurance World 2003 – Capacity, Profitability and ‘The Cycle’
Nov 3 2003 // A year ago the reinsurance world had an optimistic side most companies had survived their exposures to 9/11 and premiums were rising. A pessimistic side reflected a 25 percent decline in capacity, thus limiting new...
Old American Gets New Life Under SB 14
Nov 3 2003 // Since 1946, Dallas-based Old American County Mutual Fire Insurance Co. has stayed true to a simple business philosophy: Provide reasonably priced insurance on a reasonable payment schedule for difficult risks. Much has...
NAII’s Annual Meeting Features Celebrity Speakers, Wheeling and Dealing
Nov 3 2003 // Where do you go to see a best-selling business author, a folksy economist, wisecracking political pundits, a college football star turned ex-Congressman and a bona fide American military hero? The National Association of...
Best Downgrades Hannover Re, HDI
Oct 31 2003 // A.M. Best Co. announced that it has downgraded the financial strength rating of Hannover Rueckversicherung AG (Hannover Re) and its core subsidiaries to A (excellent) from A+ (superior). It also downgraded the financial...
Converium Posts $44.3 Million Q3 Net Income
Oct 28 2003 // Swiss-based Converium Holding Ltd. reported third quarter net income of $44.3 million on net premiums written of $887.4 million, beating analysts’ forecasts, and reversing the $5.6 million loss it reported during the...
RenRe Names Robert Lamendola Sr. VP; James Lewis VP
Oct 28 2003 // Bermuda’s RenaissanceRe Holdings Ltd. announced the appointment of Robert J. Lamendola as Senior Vice President to lead the continued development of its surety reinsurance business, and James R. Lewis as Vice...
Lord Levene Stresses Insurers’ Economic Role in Speech to NY RIMS
Oct 27 2003 // Speaking to the New York Risk Insurance Management Society on Friday, Lloyd’s Chairman, Lord Peter Levene, stressed the role insurance plays in business, calling it “the oil in the engine of the economy,...
Willis Acquires Ital Re
Oct 27 2003 // Willis Group Holdings, the world’s third largest insurance broker, announced that it has agreed to acquire Ital Re SpA, a major Italian reinsurance broker. The bulletin described Ital Re as “a leader in...
Folksamerica Hires 22 Former CNA Re Execs for Chicago HQ
Oct 23 2003 // New York-based Folksamerica Reinsurance Co. announce that it has hired 22 former employees of CNA Reinsurance to staff its newly formed Chicago office. Folksamerica recently acquired the renewal rights to CNA Re’s...
A.M. Best Affirms Rating of Goshawk Reinsurance Ltd.; Assigns Negative Outlook
Oct 22 2003 // A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) of Goshawk Reinsurance Limited (Goshawk Re), Bermuda, and removed the rating from under review. This follows detailed discussions with the Goshawk...
Assurex Global Forms Captive Reinsurer
Oct 22 2003 // Assurex Global, the Columbus, Ohio-based risk management and commercial insurance brokerage group, announced the formation of Assurex Global Reinsurance, Ltd., a captive insurance company, located in Bermuda, which it has...
Moody’s Confirms XL’s Ratings, Changes Outlook to Negative
Oct 22 2003 // Moody’s Investors Service announced that it has confirmed the ratings of XL Capital “(A1 senior unsecured debt) and supported debt-issuing affiliates, as well as the Aa2 insurance financial strength ratings of...
