A.M. Best Co. has assigned a financial strength rating of ‘A ‘(Excellent) and issuer credit rating (ICR) of “a” to CIBC Reinsurance Company Limited (CIBC Re), based in St. Michael, Barbados, with a stable outlook. “The ratings reflect CIBC Re’s …
The Caribbean Catastrophe Risk Insurance Facility (CCRIF) announced the approval of several new measures to be implemented for the 2008 renewal period. “The changes are all meant to further satisfy the objective of the CCRIF member governments, which is to …
A.M. Best Co. has assigned an issuer credit rating (ICR) of “bbb” and affirmed the financial strength rating (FSR) of B++ (Good) of Jamaica International Insurance Company Limited (JIIC) with a stable outlook. “The ratings reflect JIIC’s favorable capitalization, profitable …
Arthur J. Gallagher & Co. announced that it has acquired a 38.5 percent equity interest in CGM Group Limited, headquartered in Kingston, Jamaica. Terms of the transaction were not disclosed. CGM, which started in 1971, “is an insurance intermediary and …
Standard & Poor’s Ratings Services has assigned its ‘BBB’ long-term counterparty credit and insurer financial strength ratings to Bermuda-based insurer, International General Insurance Co. Ltd. (IGI) with a positive outlook. Concurrently, S&P withdrew its ‘BBB’ long-term counterparty credit and insurer …
If the reinsurance industry were a game of golf, one would say that after three rounds — the two halves of 2006 and the first half of 2007 — it tops the leader board. But as any golf buff knows …
Record earnings, capitalization and profits deliver new challenges for reinsurers If the reinsurance industry were a game of golf, one would say that after three rounds — the two halves of 2006 and the first half of 2007 — it …
In just five days Dean has gone from a tropical depression to a category two hurricane, with winds over 100 mph (160 kph). The National Hurricane Center in Miami expects “some strengthening during the next 24 hours.” Hurricane force winds …
The Atlantic hurricane season has begun. The National Hurricane Center has designated Tropical Storm Dean, with winds up to 80 mph, as the first hurricane and issued a warning that it is headed for the Caribbean’s Lesser Antilles. This morning …
In 2006, total U.S. premium ceded to offshore reinsurers was $54.7 billion and ceded recoverables totaled $114.2 billion, according to a report released by the Reinsurance Association of America (RAA), “Offshore Reinsurance in the U.S. Market: 2006 Data.” That represents …
