Insurance Groups Laud State Regulators’ Action to Reduce Reinsurance Collateral
State insurance regulators have approved a new model law and regulation on credit for reinsurance that allows some foreign reinsurers to post reduced collateral. The new rules and regulations, which have taken 12 years to complete, would – if adopted …
PartnerRe Details Cat Loss Estimates; $169 Million in Q3
Bermuda-based PartnerRe Ltd. has issued a statement indicating that it has “experienced no individual loss events occurring during the third quarter of 2011 which were in excess of $35 million.” The bulletin added that the “total of all losses expected …
Hedge Fund Guru Cohen to Set up Reinsurance Business
Steven A. Cohen, who built one of the world’s biggest and most successful hedge funds, is branching out and plans to set up his own reinsurance firm, two people familiar with the matter said. Cohen, who runs $14 billion SAC …
Flagstone Re to Restructure Business; Sell Lloyd’s Operation
Flagstone Reinsurance Holdings has announced a number of strategic initiatives, which it said are “designed to realign the Company’s strategy and core capabilities.” Flagstone said it “intends to refocus its underwriting strategy to leverage its existing strengths, and streamline its …
Bermuda Re/Insurers Announce Q3 Cat Loss Estimates
A number of Bermuda-based re/insurers have announced their respective loss estimates for the third quarter of 2011. The figures given include loss adjustment expenses, and are net of any applicable reinsurance recoveries, reinstatement premiums and taxes. Aspen Insurance Holdings Limited …
Best Affirms Aspen UK, Bermuda Companies and Subs Ratings; Outlook Stable
A.M. Best Europe – Ratings Services Limited has affirmed the financial strength ratings of ‘A’ (Excellent) and the issuer credit ratings (ICR) of “a” of Aspen Insurance UK Limited (AIUK) and Aspen Insurance Limited (AIL) (Bermuda). Best also affirmed the …
Catalina Holdings (Bermuda) Completes Residential Loss Control Acquisition
Catalina Holdings (Bermuda) Ltd announced that following regulatory approval from the Colorado and Hawaii Departments of Insurance, it has completed the acquisition of Residential Loss Control Holdings, LLC (RLCH), which owns two risk retention groups, National Home Insurance Company (NHIC) …
Endurance Appoints Lamer to Head U.S. Property Cat Treaty Reinsurance
Bermuda-based Endurance Specialty Holdings Ltd announced that Rene Lamer will assume the role of Senior Vice President and Head of U.S. Property Catastrophe Treaty Reinsurance. He is a Bermuda citizen, and will continue to report to Stephen Young, Executive Vice …
ACE Tempest Re Appoints Mardon Division President of Bermuda Operations
ACE Tempest Re Group has appointed Tim Mardon as Division President of ACE Tempest Re Bermuda. He will have responsibility for all operating aspects of the company’s Bermuda-based property and casualty reinsurance business, including underwriting, finance, claims and administration, reporting …
