Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
Berkshire’s Applied Underwriters Defends Workers’ Comp Products, Says Brokers Should Not Be at Risk
Oct 3 2016 // Legal and regulatory squabbles in New York, California and other states involving Berkshire Hathaway and its Applied Underwriter affiliates over particular workers’ compensation products should not have any negative...
National Flood Insurance Program Buys Private Reinsurance, Plans More in 2017
Oct 3 2016 // The federal government has contracted with private reinsurers to improve the National Flood Insurance Program’s claims paying ability and reduce the need for the NFIP to borrow from the U.S. Treasury to cover future...
Greenberg: Managers’ Concerns Fueled Auto Warranty Reinsurance Deal
Sep 30 2016 // Less than an hour into the third day of testimony in the fraud trial of former American International Group Inc. Chairman Maurice “Hank” Greenberg, the judge took the reins. New York State Supreme Court Justice...
Greenberg Pressed for Details on Auto-Warranty Program in Reinsurance Trial
Sep 29 2016 // A New York state court judge warned Maurice “Hank” Greenberg, the 91-year-old former chairman of American International Group Inc., that his fraud trial might last a year unless he answered questions more...
Ex-AIG CEO Greenberg Testifies in Reinsurance Trial
Sep 27 2016 // Former American International Group Inc. Chairman Maurice “Hank” Greenberg says he got personally involved in an “insignificant” business deal at the insurance giant 18 years ago to teach some...
Insurers Encouraged by Latest Round of Covered Agreement Talks
Sep 27 2016 // Insurers say they are encouraged by the most recent developments in the covered re/insurance agreement negotiations between the United States and European Commission. Following the latest round of the talks, held Sept....
Could Trouble with Comp Products from Berkshire Affiliates Land in Brokers’ Laps?
Sep 26 2016 // Insurance brokers who sold allegedly illegal workers’ compensation products from Berkshire Hathaway affiliates involved in legal and regulatory troubles in New York and California could end up being strapped with...
National Flood Insurance Program Buys Private Reinsurance, Plans More in 2017
Sep 22 2016 // The federal government has contracted with private reinsurers to improve the National Flood Insurance Program’s claims paying ability and reduce the need for the NFIP to borrow from the U.S. Treasury to cover future...
Lloyd’s to Move Some Business to EU if UK Loses Post-Brexit Passporting
Sep 22 2016 // The Lloyd’s of London insurance market is already working on plans to move some business to the European Union, aiming to be ready for the shift as soon as Britain starts divorce proceedings from the bloc, its...
Weak Profits Leading to Takeovers of Smaller Reinsurers
Sep 19 2016 // Weak profitability is likely to leave more reinsurers worldwide vulnerable to takeover in 2017, reinvigorating mergers and acquisition activity as healthier firms seek growth and efficiency savings, according to Fitch...
Low Prices Ultimately Could Bite London Market Insurers: A.M. Best, PwC Reports
Sep 19 2016 // The business outlook for the London insurance market is a familiar one across other global markets: underwriting profits are under pressure as ongoing soft market prices begin to take a toll. In separate reports on the...
What’s Driving Reinsurance Growth: Aon
Sep 19 2016 // Reinsurance demand has increased over the past 18 months, with the cession ratio across the global property/casualty insurance industry registering a small rise for the first time in several years, and the trend expected...
How Kilkenny and Kimmel Have Grown K2 Insurance Services
Sep 19 2016 // Pat Kilkenny and Bob Kimmel put the K’s in K2 Insurance Services five years ago. That’s when they began using their combined 60 years of insurance experience to work buying up and developing businesses with the...
Re/Insurers Need to ‘Reinvent’ Products to Participate in New Economy: XL’s McGavick
Sep 16 2016 // The re/insurance industry needs to innovate and become more efficient. It is facing more risk, but premiums are declining. Some of its products have become shop-worn and less relevant. Competitive pressures are...
AIG Selling Stake in Ascot Lloyd’s Syndicate; Will Keep Bermuda, Reinsurance Ties
Sep 16 2016 // American International Group Inc. has agreed to sell its interest in Ascot Underwriting Holdings Ltd. (AUHL) and related syndicate-funding subsidiary Ascot Corporate Name Ltd. to Canada Pension Plan Investment Board...
Greenberg’s Lawyer Says Reinsurance Charges Built on ‘Hearsay and Speculation’
Sep 15 2016 // The state pressed on for more than a decade with civil fraud claims against a 91-year-old former chief executive of insurance company American International Group Inc. as a warning to other executives that wrongdoing...
To Cut Costs, Reinsurers Should Lower Brokers’ Fees, Says Lloyd’s Chairman
Sep 15 2016 // Reinsurers, forced to cut prices for four years in a row, should target brokers’ fees as the industry seeks to reduce costs, according to Lloyd’s of London Chairman John Nelson. The brokers need to cut profit...
Re/Insurers May Be Entering Reserving ‘Danger Phase’: JLT Re Execs
Sep 14 2016 // Re/insurers have released redundant liability reserves into their earnings for the past eight years as a result of favorable loss development. This practice has worked well to compensate for low investment yields and soft...
11 Years After Spitzer Sued, Greenberg’s Trial Over Reinsurance Begins
Sep 14 2016 // It’s a day of reckoning — or the moment of truth — for former American International Group Inc. head Maurice “Hank” Greenberg. More than 11 years after he was sued by former New York Attorney...
Big Reinsurers Pin Profit Hopes on Tailoring Coverages to Specific Risks
Sep 14 2016 // In a world of increasing automation and standardization, Europe’s big reinsurers are betting that a more personal touch can reverse years of falling prices. Companies including Munich Re AG and Swiss Re AG are...
