The basic solution to Florida’s hurricane insurance crisis is for consumers to pay more, despite double-digit increases already levied over two years, insurance officials said Thursday, the anniversary of Hurricane Andrew. Representatives from reinsurance companies, which back up losses for …
Scottish Re Group Limited, a global life reinsurance specialist that operates companies in Bermuda, Charlotte, No. Carolina, Dublin, Grand Cayman, and Windsor, England – but oddly enough not in Scotland – has been having financial problems recently. It reported large …
In its recently issued global insurance report A.M. Best Co. concludes that “almost a year after three massive hurricanes—Katrina, Rita and Wilma—the global reinsurance industry is still struggling to manage its catastrophe exposure.” The report, “Reinsurers Humbled, But Most Not …
The change may make it easier, more attractive for non-U.S. based reinsurers to write more U.S. business In an abrupt departure from procedures that have been in place since World War II, the National Association of Insurance Commissioners took a …
In an abrupt departure from procedures that have been in place since World War II, the National Association of Insurance Commissioners took a first step at its recently concluded meeting in Washington, D.C., towards scrapping the “full collateral” requirements imposed …
Whether in the U.S., the U.K., Bermuda, or elsewhere, the message from reinsurance companies is the same: demand is up, and capacity is down. However, it is still a lively market, with alternative capital sources such as sidecars, catastrophe bonds, …
In an abrupt departure from procedures that have been in place since Wold War II, the National Association of Insurance Commissioners has taken a first step towards scrapping the “full collateral” requirements imposed on non-U.S.-based reinsurers. In a motion, tabled …
Maurice “Chico” Sabbah, a Greensboro, N.C. businessman and philanthropist whose risk-sharing insurance company had to pay more than $400 million to settle a lawsuit stemming from the Sept. 11, 2001, terrorist attacks, died this week at the age of 77, …
In two recently issued reports Standard & Poor’s Ratings Services revised its outlook on the global reinsurance industry to stable from negative, “indicating that there will be little near-term movement in ratings or outlooks.” S&P credit analyst Simon Marshall indicated: …
Standard & Poor’s Ratings Services announced that it has revised its outlook on the global reinsurance industry to stable from negative, “indicating that there will be little near-term movement in ratings or outlooks, according to two reports (‘Strong Industry Fundamentals …
