Reinsurers’ tough talk about raising prices on the risk cover they sell to insurers may have rung hollow before, but this time the promise is credible. Reinsurance companies such as global leader Munich Re have been flexing their muscles, predicting …
Bermuda-based Renaissance Re Holdings reported a $44.617 million net loss for the fourth quarter of 2008. Net income for the full year was $29.02 million, compared to $612.436 million in 2007, a 95 percent decline. Investment losses were, as usual …
Fitch Ratings stated in a Special Report today that its Rating Outlook for the Bermuda (re)insurance market remains negative, “reflecting uncertainty tied to the continued highly volatile investment markets and a more severe economic recession than those experienced in past …
Bermuda-based Validus Holdings reported net income for the quarter ended December 31, 2008 of $37.0 million, or $0.47 per diluted common share, compared with net income of $139.0 million, or $1.77 per diluted common share, for the quarter ended December …
A.M. Best Co. has downgraded the financial strength rating (FSR) to ‘B++’ (Good) from ‘A-‘ (Excellent) and the issuer credit rating (ICR) to “bbb+” from “a-” of The Fuji Fire & Marine Insurance Company, Limited. Best has also placed the …
Marsh & McLennan Cos Inc , the No. 2 global insurance broker, reported better-than-expected fourth-quarter earnings, helped by lower costs, and forecast higher profits in 2009, sending its shares up 16 percent. The company said the 2008 restructuring at Marsh …
Standard & Poor’s Ratings Services has affirmed its ‘BBB+’ counterparty credit rating on XL Capital Ltd. and its ‘A’ counterparty credit and financial strength ratings on XL’s core operating insurance subsidiaries. However, S&P also said that the outlook on all …
The Bermuda-based Max Capital Group reported a net loss for the three months ended December 31, 2008, of $94.1 million, or $1.67 per diluted share, compared to net income of $62.4 million, or $1.00 per diluted share, for the three …
Willis Group Holdings, the third largest global insurance broker, said Wednesday that its fourth-quarter net income fell about 35 percent, hurt by declines in foreign currency and integration costs from a recent acquisition. Net income was $62 million, or 37 …
The Bermuda-based Everest Re Group reported an overall net loss of $16.591 million, or $0.27 per share, for the fourth quarter of 2008 compared to net income of $12.2 million, or $0.19 per diluted share, for the same period in …
