Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
Munich Re Optimistic Despite $847 Million Q3 Net Loss
Nov 28 2002 // Munich Re reported that its net profit for the first nine months of 2002 reached 3.24 billion Euros ($3.2 billion) despite a net loss of 859 million Euros ($847 million) in the third quarter. The company noted that the...
ISO Complements EPL Program with Reinsurance, Claims-Handling Services from FairBoss
Nov 27 2002 // Insurance Services Office, Inc. (ISO) has complemented ISO Employers AdvantageSM employment-practices liability (EPL) program through a marketing relationship with FairBoss Underwriters, Inc. (FBU), which provides...
S&P Lowers American Re Ratings to ‘AA-‘
Nov 26 2002 // Standard & Poor’s Ratings Services announced that it has lowered its counterparty credit and financial strength ratings on American Re-Insurance Co. and American Alternative Insurance Corp. (together American...
Moody’s Lowers Converium’s Ratings
Nov 26 2002 // Moody’s Investors Service announced that it has downgraded to A2, from A1, the insurance financial strength rating (IFSR) of Converium AG and its U.S. and German subsidiaries-Converium Reinsurance (North America)...
W.R. Berkley Corp. Closes Public Offering, Subsidiaries Receive A.M. Best Rating
Nov 25 2002 // W. R. Berkley Corporation has closed its previously announced public offering of 4,715,000 shares of common stock. The number of shares sold includes 615,000 shares sold pursuant to the exercise of the underwriters’...
A.M. Best Lowers SCOR Group Ratings to A- (Excellent)
Nov 25 2002 // A.M. Best announced that it has lowered the financial strength rating of French reinsurer SCOR and its subsidiaries from A (Excellent) to A- (Excellent), and will keep all of the group’s ratings under review with...
Gerling Global – Going, Going, Gone
Nov 25 2002 // Asbestos, the weak equity markets and Sept. 11 have indirectly claimed another victim. Gerling-Konzern Globale Ruckversicherungs—AG (GKG), the reinsurance arm of Germany’s Gerling Group, announced at the end of...
Brother, Could You Spare Some Coverage’ Some Nonprofits Face Shrinking D&O, EPL
Nov 25 2002 // Since the book-cooking scandals that undid Enron, Worldcom and other concerns surfaced in recent months, insurers have ratcheted up their already growing scrutiny of corporate clients, resulting in higher premiums and...
Gerling Global – Going, Going, Gone
Nov 25 2002 // Asbestos, the weak equity markets and Sept. 11 have indirectly claimed another victim. Gerling-Konzern Globale Ruckversicherungs—AG (GKG), the reinsurance arm of Germany’s Gerling Group, announced at the end of...
Brother, Could You Spare Some Coverage’ Some Nonprofits Face Shrinking D&O, EPL Capacity
Nov 25 2002 // Since the book-cooking scandals that undid Enron, Worldcom and other concerns surfaced in recent months, insurers have ratcheted up their already growing scrutiny of corporate clients, resulting in higher premiums and...
NAII Praising Senate for Including Risk-Sharing Mechanisms in Terrorism Reinsurance Bill
Nov 22 2002 // The Senate’s recent approval of H.R. 3210, the Terrorism Risk Insurance Act of 2002, puts the bill on the desk of President Bush, who is expected to sign the legislation Dec. 2. The new legislation creates a...
XL Capital Appoints Robert Nason as Group Risk and Underwriting Officer of XL Re
Nov 22 2002 // XL Capital Ltd. announced that it has appointed Robert L. Nason as Group Risk and Underwriting Officer of XL Re, the Company’s global property and casualty reinsurance operation. He formerly served as Executive VP...
German Broker Becomes inreon’s 100TH Member
Nov 22 2002 // inreon, the Internet-based reinsurance trading platform announced that German broker Koenig & Reeker has become its 100th member. The company joins 81 other cedants and brokers from 17 countries across Asia, North...
Fitch Says Terrorism Bill a Mix Blessing for U.S. Insurers
Nov 22 2002 // Fitch Ratings commented that while the passage of a much anticipated terrorism insurance bill is overall a favorable development for the U.S. economy, and benefits the insurance industry, the passage of the bill will...
Hartville Group Reports Nine-Month Reinsurance Profit
Nov 21 2002 // Ohio-based Hartville Group, Inc., a leader in the pet health, equine and farm and ranch market, announced that the financial results for its nine months ended September 30, produced gross underwriting revenues of $662,183...
American Arbitration Assoc. Notes New Reinsurance Dispute Rules
Nov 20 2002 // The American Arbitration Association (AAA) announced the introduction of new supplementary rules designed to guide arbitration procedures in reinsurance disputes and streamline the umpire selection process. Recognizing the...
A.M. Best Affirms Max Re ‘A-‘ (Excellent) Rating
Nov 19 2002 // A.M. Best Co. announced that it has affirmed the financial strength rating of A- (Excellent) of Bermuda-based Max Re Ltd., a wholly owned subsidiary of Max Re Capital, with a stable outlook. Best’s report noted that...
NYC Comptroller, AAI Square off over High Rates
Nov 15 2002 // New York City Comptroller William Thompson Jr. announced the release of a survey showing drastic increases in commercial insurance premiums since Sept. 11, 2001, “One Year Later: The Effects of 9/11 on Commercial...
CNA WTC Losses Put at $468 Million Pre-Tax
Nov 15 2002 // CNA’s most recent Form10-Q filing with the Securities and Exchange Commission put overall net pre-tax losses from the attacks on the World Trade Center at $468 million net of reinsurance; after tax losses are...
SoftNet Systems Purchases Insurance Holding Company, Changes Name to American Independence Corp.
Nov 14 2002 // SoftNet Systems, Inc. has acquired the stock of Independence American Holdings Corp. (“IAHC”) from Independence Holding Company (“IHC”) and SoftNet has changed its name to American Independence...
