Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
Montpelier Re’s Chief Reinsurance Officer Comments on Current Market
Jan 16 2003 // C. Russell Fletcher III, Chief Reinsurance Officer of Montpelier Re, a Bermuda-based reinsurer formed last year by the White Mountains insurance group, offerred his analysis of the current trends in the reinsurance market...
Fitch Says Personal Lines will Fare Better than Commercial
Jan 15 2003 // Highlighting the questions on profitability and reserves, Fitch Ratings reports that the commercial line and reinsurance sectors of the domestic property/casualty industry faces greater uncertainty than personal lines,...
Rating Agencies Lower AXA’s U.S. Reinsurance Companies on Restructuring Plans
Jan 14 2003 // Yesterday’s announcement by France’s AXA Group that it would significantly curtail reinsurance operations in the U.S. (See IJ Website Jan.13) – ceasing both its financial guaranty reinsurance activities...
AXA Restructures Reinsurance Activities, Will Reduce U.S. Business
Jan 13 2003 // Philippe Donnet, the head of AXA Corporate Solutions in Paris, announced some major changes in the division, including a retreat from the U.S. market for financial guarantees and curtailing U.S. reinsurance operations. AXA...
Penn Treaty Completes Reinsurance Agreement for New Business
Jan 13 2003 // Penn Treaty American Corp. announced that it has entered into a reinsurance agreement for new long-term care insurance policies with Bermuda-based Centre Solutions Limited. “The Agreement, which is effective for all...
ERC Faces an Uncertain Future
Jan 13 2003 // Employers Reinsurance Corp. (ERC), the chief operating unit of General Electric’s sprawling reinsurance empire, is facing an uncertain future. It’s been hit by the same problems as Munich Re, Swiss Re, SCOR,...
ERC Faces an Uncertain Future
Jan 13 2003 // Employers Reinsurance Corp., the chief operating unit of General Electric’s sprawling reinsurance empire, is facing an uncertain future. It’s been hit by the same problems as Munich Re, Swiss Re, SCOR, Gerling...
ERC Ratings Lowered
Jan 13 2003 // S&P’s lowered its counterparty credit and financial strength ratings on Employers Reinsurance Corp. and its wholly owned subsidiaries (collectively, ERC) to “AA-” from “AA+” because of...
FM Global Affirmed
Jan 13 2003 // Fitch Ratings affirmed its “AA-” insurer financial strength ratings on Factory Mutual Insurance Company, Affiliated FM Insurance Company, and Appalachian Insurance Co. collectively (FM Global). The outlook is...
FSA Re-authorizes ACE INA UK to Underwrite Insurance and Reinsurance Business
Jan 9 2003 // The Financial Services Authority, the U.K.’s insurance regulator, has re-authorized ACE INA UK Limited (ACE INA UK), formerly known as Insurance Company of North America (UK) Limited, to underwrite all 18 classes of...
Best Assigns A- (Excellent) Rating to Singapore Re
Jan 8 2003 // A.M. Best Co. has assigned an initial financial strength rating of A- (Excellent) to Singapore Reinsurance Corporation Ltd., with a “stable” outlook. “The current rating reflects the company’s...
Endurance Reinsurance Corp. of America Receives A- Rating
Jan 2 2003 // Endurance Specialty Holdings announced that its U.S. subsidiary, Endurance Reinsurance Corporation of America (Endurance Re) has received Endurance’s group rating of A- (Excellent) from A.M. Best. Endurance Re is...
Society Meeting Reports Insurers Have Much to Think About in Dealing with Present Challenges
Dec 31 2002 // According to speakers at the Society of Insurance Research’s annual meeting, the strategic challenges confronting insurers include the rapid pace of change, terrorism, asbestos, the need to reform the tort system,...
California Earthquake Authority Shuns Offshore Entities
Dec 26 2002 // The California Earthquake Authority decided it will no longer conduct business dealings with U.S. companies that relocate in name only to offshore tax havens. According to the Sacramento Bee, state Treasurer Phil Angelides...
PXRE Concludes $194 Million Catastrophe Reinsurance Deal to Increase Underwriting Capacity
Dec 24 2002 // Bermuda-based PXRE Group Ltd. announced that it has entered into a quota share reinsurance agreement with P-1 Re Ltd. which will provide the company with $194 million in funded reinsurance protection against property...
Deloitte & Touche Withdraws ESG Re Audit Reports in Dispute over Contract w/ ACE
Dec 24 2002 // Bermuda-based ESG Re Limited announced today that Deloitte & Touche has withdrawn its audit reports related to “the year ended December 31, 2001 and review reports related to the quarters ended September 30,...
Golden Apple Appoints London Broker
Dec 23 2002 // Miami-based Golden Apple Holding Company (GAHC), a wholly owned subsidiary of Navigator Ventures Inc. appointed Ballantyne McKean & Sullivan Ltd. (BMS) as lead broker of record to secure reinsurance for Golden...
Bermuda Insurers Join Inreon Reinsurance Trading Platform
Dec 20 2002 // Inreon, the Internet trading platform for reinsurers and intermediaries founded by Munich Re and Swiss Re, announced that a “growing number of global reinsurance groups, including new Bermuda start-ups, have...
Endurance Specialty Holdings Forms U.S. Subsidiary
Dec 20 2002 // Bermuda-based Endurance Specialty Holdings Ltd. announced the formation of a wholly-owned U.S. subsidiary, Endurance Reinsurance Corporation of America (Endurance Re). The new company has been granted a license as a New...
AXIS Specialty Completes Acquisition of R&SA Unit
Dec 18 2002 // AXIS Specialty Limited announced the completion of its purchase of Royal & SunAlliance Personal Insurance Company. The unit will be renamed AXIS Reinsurance Company, based in New York City. AXIS Reinsurance Company...
