The Property Casualty Insurers Association of America (PCI) has urged the Commonwealth Automobile Reinsurers (CAR) Governing Committee, the board that oversees the high-risk auto insurance pool in Massachusetts, to immediately adopt changes in the way it operates. In a letter …
Standard & Poor’s has recently enhanced its criteria for evaluating the loss reserves of global reinsurance groups and certain non-U.S. insurance groups writing casualty business, according to a recently published report. Loss reserving for property/casualty reinsurance and insurance groups has …
The Property Casualty Insurers Association of America issued a bulletin applauding the decision by the Reinsurance Task Force of the National Association of Insurance Commissioners to table consideration of an approved list of alien reinsurers. Calling it a move to …
According to a new report from Standard & Poor’s Ratings Services, “reinsurance companies are trailing U.S. insurers in their recognition of inadequate reserves, and as their backing turns to bad debt, conflict will ensue.” “The warning signs are coming thick …
France’s SCOR Group announced that Henry Klecan Jr. has been appointed President & CEO of SCOR US at a Board of Directors’ meeting held on November 18, 2003. The company also took issue with yesterday’s announcement by Fitch Ratings that …
Assurex Global, the Columbus, Ohio-based risk management and commercial insurance brokerage group, announced the formation of Assurex Global Reinsurance, Ltd., a captive insurance company, located in Bermuda, which it has established to “provide critically needed risk management solutions to corporate …
Standard & Poor’s has issued new reports on the Latin American insurance industry, which concludes that the market, while still in a “developing stage,” has strong growth prospects. As far as the reinsurance market is concerned, the report noted that …
American Re-Insurance Company was named “Best Overall Reinsurer in the U.S.” in the 2003 Survey of Cedant Perceptions about Reinsurance and Reinsurers conducted by Flaspohler Research Group, a provider in business-to-business research. “We are enormously proud of the results of …
A.M. Best Co. announced that it has downgraded the financial strength rating to B++ (Very Good) from A- (Excellent) of France’s SCOR Group and its guaranteed subsidiaries. The company reacted quickly with an announcement that it regrets the decision “at …
Standard & Poor’s has issued a report entitled “Global Reinsurance: Calmer Waters Ahead?” which indicates that the outlook for reinsurers’ ratings “is now nearing stability.” The rating agency noted that the “downgrades in the global reinsurance market over the past …
