Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
Best’s Report Sees M&A Activity for P/C & Reinsurance Focused on Diversification
Aug 5 2014 // A report from A.M. Best concludes that “global merger and acquisition (M&A) activity in the property/casualty (P/C) and reinsurance industries continued at a steady pace in the first half of 2014.” Best...
CNA Completes Sale of Continental to Wilton Re
Aug 4 2014 // CNA Financial Corp. announced it has completed completion the sale of Continental Assurance Co. (CAC) to a subsidiary of Wilton Re Holdings. Additionally, Wilton Re Bermuda Limited will reinsure all of the run-off...
Berkshire Profit Soars; Geico, Gen Re Profits Up
Aug 4 2014 // Net income for Berkshire-Hathaway soared nearly 41 percent to $6.4 billion in second-quarter 2014, with nearly $2.0 billion of investment gains lifting the total, while underwriting profits for Berkshire-Hathaway’s...
XL Group Posts $279.3 Million Q2 Net Loss; $279.6 Operating Income
Jul 29 2014 // The XL Group announced that its operating net income for the second quarter of 2014 was $279.6 million, or $1.02 per share, which produced “a net loss attributable to ordinary shareholders of $279.3 million including...
Hiscox Writes Less Reinsurance as Competition Hurts Pricing
Jul 29 2014 // Hiscox Ltd. Chairman Robert Childs said the Lloyd’s of London insurer is writing less “big ticket” reinsurance as excess capital pushes rates lower. The second-largest Lloyd’s insurer by market...
Best Affirms Lloyd’s, Lloyd’s (China) Ratings; Outlook Positive
Jul 28 2014 // A.M. Best has affirmed the financial strength rating of ‘A’ (Excellent) and the issuer credit ratings (ICR) of “a+” of Lloyd’s and Lloyd’s Insurance Company (China) Limited (LICCL)...
Aon Plunges Most Since 2012 on Reinsurance Revenue Decline
Jul 28 2014 // Aon Plc, the world’s second-largest insurance broker by market value, fell the most since 2012 after revenue missed estimates as reinsurance sales declined. Aon slipped $4.65, or 5.1 percent, to $86.32 at 4:03 p.m....
Best Comments on Insurance Implications of Malaysia Airlines Flight MH-17 Crash
Jul 24 2014 // A.M. Best has released a preliminary report, which indicates that the “total insurance loss of Malaysia Airlines Flight MH-17, which crashed over the Ukraine-Russia border on July 17, 2014, is not expected to result...
Donegal Group’s Q2 Profit Declines 26% to $1.9M
Jul 22 2014 // Donegal Group Inc. in Marietta, Pennsylvania, today reported $1.94 million net income for its 2014 second quarter, a decline of 26 percent from $2.63 million net income posted during the 2013 second quarter. The insurer...
S&P Scores Global P/C Reinsurance Sector Risk As ‘Intermediate’
Jul 21 2014 // Standard & Poor’s Ratings Services has issued an intermediate insurance industry and country risk assessment (IICRA) score on the global property and casualty reinsurance sector. The report “Insurance...
Liberty Mutual Inks Reinsurance Deal with Berkshire’s National Indemnity
Jul 18 2014 // Liberty Mutual Insurance said it has reached a deal with National Indemnity Co. (NICO), a subsidiary of Berkshire Hathaway Inc., on a combined aggregate adverse development cover for substantially all of Liberty...
Allianz Is Lead Reinsurer of $97.3 Million in Ukraine Plane Crash
Jul 18 2014 // Allianz SE is the lead hull and liability reinsurer on a Malaysia Airlines passenger jet that was shot down over eastern Ukraine. The aircraft’s value is about $97.3 million, London-based insurance broker Aon Plc,...
Emerging Capital May Sell Stake in Nigeria’s Continental Re
Jul 17 2014 // Emerging Capital Partners, a private-equity firm that has raised more than $2 billion for investments in Africa, is considering selling its majority stake in Nigeria’s Continental Reinsurance Plc. The buyout...
Florida’s Heritage Assumes Sunshine State Policies, Adds 150 Agents
Jul 16 2014 // Florida’s Heritage Insurance Holdings Inc. said it has it assumed approximately $59 million in annualized premium from the insolvent Sunshine State Insurance Co. Effective June 27, 2014, the policies were assumed by...
Why Isn’t Current Pricing Pain Impacting Reinsurers’ Ratings? – Litmus Analysis
Jul 16 2014 // Since the disappointing pricing at the 1.1. renewal the bad news on reinsurance pricing has kept on coming. April, June and July renewals were all reported as materially down by the major brokers. S&P adopted a...
BTG Pactual Agrees to Purchase Ariel Re from Global Atlantic
Jul 11 2014 // Bermuda-based Banco BTG Pactual S.A. (BTG Pactual) and Global Atlantic Financial Group Limited announced that they have signed an agreement whereby BTG Pactual will acquire Ariel Re, Global Atlantic’s Bermuda-based...
Grinnell Mutual Names Menary Executive VP, Line Operations
Jul 10 2014 // Jeff Menary has been appointed executive vice president of line operations at Iowa-based Grinnell Mutual Reinsurance Co. Line operations include direct underwriting/production, direct claims, reinsurance and crop...
Guy Carpenter Appoints de Haas CEO of Benelux Region
Jul 10 2014 // Guy Carpenter & Company, LLC, the global risk and reinsurance specialist and member of Marsh & McLennan Companies, announced the appointment of Roelant de Haas as CEO of the Benelux region, effective as of...
Wingert Named Executive VP, Support Operations at Grinnell Mutual
Jul 8 2014 // Dave Wingert was appointed executive vice president of support operations at Iowa-based Grinnell Mutual Reinsurance Co. Support operations include business information services, finance, and human resources/training and...
Guy Carpenter Says Reinsurance Prices Squeezed by Oversupply
Jul 8 2014 // Reinsurance prices declined on policies renewed for July 1 amid low losses and as record levels of catastrophe bonds drove an oversupply of capital, according to Guy Carpenter & Co. LLC. There were “price...
