Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
True Loss from Sept. 11 Terrorist Attacks on U.S. is Immeasurable, As Estimates of Potential Insured
Sep 24 2001 // “The World Trade Center is a living symbol of man’s dedication to world peace, his belief in cooperation of men and, through cooperation, his ability to find greatness.” —Minoru Yamasaki (1912-1987),...
AXA, Allianz Raise U.S. Attack Loss Estimates, New Disaster in France
Sep 24 2001 // Both France’s AXA Group and Germany’s Allianz AG, the world’s two largest insurance groups, raised their original estimates of potential losses from the terrorist attacks of Sept. 11 in the U.S. (See IJ...
Swiss Re, Munich Re Raise Catastrophe Loss Estimates
Sep 21 2001 // The world’s two largest reinsurance companies, Swiss Re and Munich Re, have practically doubled their estimates of potential losses and have lowered their earnings forecasts as a result of the terrorist attacks in...
Fitch Assesses Insurer/Reinsurer Loss Exposures to U.S. Attacks
Sep 19 2001 // Fitch announced that, while it is too soon to draw solid conclusions, it believes that a vast majority of the insurers and reinsurers it rates will be able to absorb any losses without material damage to their financial...
Bermuda Reinsurers Preliminary Loss Estimates from Terrorist Attacks
Sep 17 2001 // A number of Bermuda-based insurers have extended their condolences to the families of victims of the terror attacks on the World Trade Center and the Pentagon. Bermuda’s two largest insurers, ACE and XL, made...
S&P: Insurance Industry Not Crippled by WTC Attack
Sep 17 2001 // Standard & Poor’s announced that the direct financial losses relating to the disasters will in all likelihood exceed the largest insured losses ever yet seen. “Any attempt to quantify the financial impact...
Hollywood and The Insurance Industry
Sep 17 2001 // Once upon a time in a country far, far away, a few visionaries (and yes, a few con artists) laid the foundations of the multi-billion dollar motion picture industry. It required taking considerable risks, and still does....
Stockton Reinsurance Ltd. Downgraded
Sep 17 2001 // A.M. Best Co. downgraded the FSR of Stockton Reinsurance Limited to “BB++” from “A-” and removed the company from under review. The rating decision reflects Stockton’s poor underwriting...
Global Insurance System Has Financial Strength to Handle Losses, I.I.I. Says
Sep 14 2001 // The global insurance system has the financial strength to handle the losses from the terrorist attacks of Sept. 11, according to the Insurance Information Institute (I.I.I.). Insurance losses from the attacks will be...
Insurers Express Sympathy For Attack Victims, Confidence in Coverage
Sep 13 2001 // Insurers from around the world have strongly condemned Tuesday’s terrorist attacks, and have expressed their sympathy for the victims and their families. A number of companies spoke out to affirm that, despite the...
SCOR, Latest Reinsurer to Report Strong 1st
Sep 11 2001 // France’s SCOR Group posted an impressive 53 percent increase in gross written premiums for the 1st half of 2001 to €2.361 billion ($2.12 billion), while net pre-tax profit rose 5.8 percent to€ 99 million...
Terrorist Acts Strike New York and Washington
Sep 11 2001 // Terrorists crashed two hijacked planes into the World Trade Center this morning, causing countless deaths and untold damage as the twin 110-story towers collapsed. The crashes occurred minutes apart just before 9 a.m., and...
WALL ST. NEGATIVE ON RE
Sep 3 2001 // Neither Standard & Poor’s Financial Services Ratings Group nor investment bank Morgan Stanley is bullish on the reinsurance industry these days. S&P issued a report affirming its “negative outlook on...
Hannover Re’s Steiner to Take Over at Clarendon
Aug 31 2001 // Hannover Re has selected top executive Dr. Detlef Steiner, to become the new head of its largest subsidiary, Clarendon Insurance Group of New York. Steiner, who currently heads Hannover’s North American p/c...
A.M. Best Downgrades CNA Reinsurance Co. Rating
Aug 29 2001 // A.M. Best Co. downgraded the financial strength rating of CNA Reinsurance Co. Ltd., London, to “B+ ” (Very Good) from “A-” (Excellent). The company remains under review with developing...
RIMS OPPOSES RE TAX EQUITY ACT
Aug 27 2001 // The Risk and Insurance Management Society Inc. (RIMS) announced its opposition to the proposed Reinsurance Tax Equity Act of 2001 (HR 1755). The decision to oppose the legislation was based on concerns that it could...
WALL ST. NEGATIVE ON RE
Aug 27 2001 // Neither Standard & Poor’s Financial Services Ratings Group nor investment bank Morgan Stanley is bullish on the reinsurance industry these days. S&P issued a report affirming its “negative outlook on...
Swiss Re, Tokio Marine Conclude $450 Million Cat Swap
Aug 17 2001 // PMA Re announced that it has become the newest member of the International Insurance Council (IIC), a Washington D.C.-based association active in promoting increased trade and investment relations around the...
Wall Street Is Negative on Reinsurers
Aug 17 2001 // Neither Standard & Poor’s Financial Services Ratings Group nor investment bank Morgan Stanley is bullish on the reinsurance industry these days. S&P issued a report affirming its “negative outlook on...
RIMS Opposes Reinsurance Tax Equity Act
Aug 13 2001 // The Risk and Insurance Management Society Inc. (RIMS) announced its opposition to the proposed Reinsurance Tax Equity Act of 2001 (HR 1755). The decision to oppose the legislation was based on concerns that it could...
