All sixteen members of the Caribbean Catastrophe Risk Insurance Facility (CCRIF – www.ccrif.org) have renewed their policies for hurricane and earthquake coverage for the 2010/11 year beginning on June first, the start of the hurricane season. The National Oceanic and …
Aon Benfield has released its July first “Renewals Update” report, which indicates that “rates continue to decline in all major regions without significant catastrophe loss activity in the last 12 months.” Aon noted that the effects of the Chilean Earthquake …
A.M. Best Co. has affirmed the financial strength rating of ‘A-‘ (Excellent) and the issuer credit rating of “a-” of Swiss-based Glacier Reinsurance AG (Glacier Re) (Switzerland), and has removed the ratings from under review with negative implications and assigned …
A new report from Willis Re, the reinsurance broking arm of Willis Group Holdings, has concluded that “losses from the Chile earthquake and storms in Australia in the first quarter of 2010 have had little impact on pricing in the …
A.M. Best Co. has affirmed the Best’s Syndicate Rating of ‘A’ (Excellent) and the issuer credit rating of “a+” of Lloyd’s Syndicate 3000, both with stable outlooks. The ratings reflect the financial strength of the Lloyd’s market, which underpins the …
When U.S. Representative Richard Neal (D-MA) introduced, or more properly reintroduced, HR 3424, a bill aimed at closing what its proponents describe as a “loophole” in the U.S. tax code, he ignited, or more properly reignited, a longstanding controversy. Essentially: …
International leaders might be forgiven if they nervously eye the skies above and the ground below as they gather for summits of the Group of Eight and the Group of 20 in Canada’s province of Ontario this weekend. In the …
ICW Group, a super regional property and casualty insurance company based in San Diego, has been named the 2009-2010 “Company of the Year” by the Nevada Independent Insurance Agents (NIIA). The award was based upon ICW Group’s unparalleled service and …
Insurers are issuing catastrophe bonds again to complement traditional and cheaper reinsurance and to spread the risks in buying protection against events that could cost them tens of billions of dollars in claims. The nascent cat bond market froze for …
A softening casualty market, strong company earnings, and a quiet catastrophe season resulted in the reinsurance industry enjoying, in 2009, one of its most profitable underwriting years in nearly a decade. Today, reinsurers must continue to push-back on multi-year deals …
