The four major engines of global reinsurance–Swiss Re, General & Cologne Re, Munich Re, and Employers Re–form the backbone of a financially sound insurance response to the World Trade Center attack of Sept. 11, according to a new report published …
At a time when the economy is looking for significant capital investment, one of the major players, the insurance industry, may be put on the sidelines because of losses relating to the World Trade Center, according to Bradley J. Mortensen, …
Fitch announced that, while it is too soon to draw solid conclusions, it believes that a vast majority of the insurers and reinsurers it rates will be able to absorb any losses without material damage to their financial positions. This …
A number of Bermuda-based insurers have extended their condolences to the families of victims of the terror attacks on the World Trade Center and the Pentagon. Bermuda’s two largest insurers, ACE and XL, made statements last week (See today’s national …
France’s SCOR Group posted an impressive 53 percent increase in gross written premiums for the 1st half of 2001 to €2.361 billion ($2.12 billion), while net pre-tax profit rose 5.8 percent to€ 99 million ($89.1 million). All three of SCOR’s …
Neither Standard & Poor’s Financial Services Ratings Group nor investment bank Morgan Stanley is bullish on the reinsurance industry these days. S&P issued a report affirming its “negative outlook on the European reinsurance market,” and warned that it’s likely that …
First quarter results from Bermuda’s RenaissanceRe Holdings and the Everest Re Group confirmed the much anticipated upturn in reinsurance rates. RenRe posted a 21 percent increase in net operating income to $37.3 million, while Everest announced a 22.9 percent increase …
Calabasas, Calif.-based Amwest Insurance Group Inc. stated that it is seeking the necessary regulatory approvals for two previously announced transactions. These include reaching an agreement with its reinsurer to provide multi-year reinsurance covering all inforce surety bonds at Dec. 31 …
Standard & Poor’s CreditWatch announced that it had placed the counterparty credit and insurer financial strength ratings of European Specialty Reinsurance Group (ESG Re Ltd.) on credit watch with negative implications. The core companies affected are European Specialty Reinsurance (Bermuda), …
