Declarations

Reinsurance News

“Significant loss activity and major cat model changes since last year’s renewals have impacted each reinsurer’s capital position and view of adequate pricing differently. The good news is that the reinsurance sector remains fully solvent, fully liquid and comfortably able to pay claims.”

—David Flandro, global head of Business Intelligence, Guy Carpenter & Co., after Florida reinsurance renewals.

Sound Model

“It is a very sound model. But there is going to be a big change between last year and this year.”

—Jack Nicholson, chief operating officer for the Florida Hurricane Catastrophe Fund and a member of the commission that approved trhe use of the revised RMS hurricane model by property insurers.

Exchange Core

“The core of the Insurance Exchange is to streamline a system that allows brokers to be better brokers and helps underwriters better underwrite.”

—Ken A. Crerar, president, The Council of Insurance Agents & Brokers, on the LexisNexis Insurance Exchange going industrywide.

Limits on Power?

“If we uphold the individual mandate in this case, are there any limits on Congressional power?”

—U.S. Appeals Court Chief Justice Joel Dubina in case questioning the constitutionality of the individual mandate in the federal healthcare law.

Tipping Point

“I think we’ve reached a tipping point. With the recent breaches … and increased reporting of the issues, firms will be working harder to manage their risks and limit their liability.”

—Melissa Hathaway, a former U.S. National Security Council cyber security chief.

Topics Reinsurance