Reinsurance
XL Capital boost XLCA
Bermuda-based reinsurer XL Capital has announced that it has contributed $100m of additional capital to support the business growth of its financial guaranty insurance unit XL Capital Assurance (XLCA).
Scor share offer successful
Troubled French reinsurer Scor has said that the capital increase it announced in December 2003 has been successful.
Benfield increases ISB stake
Reinsurance broker Benfield has announced that its US subsidiary Crawley Warren has bought an additional 43% of the share capital of International Space Brokers (ISB). Benfield now owns 86% of ISB's issued share capital.
ASP launches run-off service
The Association of Insurance and Reinsurance Services Providers (ASP) has announced the launch of Run-Off Solutions Ltd.
ARF elects new president
The Association of French Reinsurers (Association des Réassureurs Français, or ARF) has elected Thierry Masquelier as its new President. Christian Herzog was also elected as vice-president.
Earthquakes hit US and Iran
The earthquakes, within days, in US and Iran, have highlighted the vulnerability of remote regions with unsophisticated building standards.
Met Life recaptures Annuity Life Re business
The panel in the arbitration proceeding between Annuity and Life Re (Holdings), and Met Life has ruled that Annuity and Life Re's rate increase instituted in January 2003 and effective March 5, 2003 is valid. As a result of the ruling, Met Life has…
Swiss Re reports average year for catastrophes
The past year has been an average one for global catastrophes, according to a preliminary estimate from Swiss Re.
BFIS continues to grow
Bermuda-based Ram Re has joined the Bermuda Foundation for Insurance Studies (BFIS) as a pledged member, and will donate $50 000 to it over the next five years.
Moody's downgrades Scor
Rating agency Moody's Investors Services has downgraded troubled French reinsurer Scor's insurance financial strength rating from Baa2 (adequate) to Baa3 (adequate), with a developing outlook.
Scott joins CEA council
Philip Scott has been appointed one of the three vice presidents of the Comité Européen des Assurances' presidential council.
Xchanging management changes
Xchanging has created a new London market executive to improve its customer focus.
Moody's revises Skandia rating outlook
Moody's Investors Service has revised the rating outlook for Skandia Insurance Company from developing to stable.
Swiss Re obtains $400m mortality coverage
Swiss Re has sponsored $400m of coverage for its first insurance-linked security relating to life insurance risk.
Rating agencies keep eye on Scor actions
Rating agencies Moody's and Fitch have both announced that they are taking no rating actions following Scor's announcement of a fully underwritten rights issue.
AM Best downgrades Commercial Risk Partners
Rating agency AM Best has downgraded the financial strength rating of Commercial Risk Reinsurance and its US subsidiary Commercial Risk Re-Insurance, together known as Commercial Risk Partners, from B+ (very good) to B (fair), with a negative outlook.
Mapfre Re announces capital increase
Madrid-based Mapfre Re has announced that it will be carrying out a €150m capital increase in the first four months of 2004.
Scor's ratings get boost
Rating agencies Standard & Poor's (S&P) and AM Best have both upgraded the financial strength ratings of troubled French reinsurer Scor.
Ace announces IPO plans
Ace has unveiled plans for an initial public offering (IPO) of its financial guaranty business.
Benfield links up with Factiva
Reinsurance intermediary Benfield has chosen electronic information company Factiva to provide its employees with news and business bulletins.
Scor EGA votes for capital increase
Troubled French reinsurer Scor has held an extraordinary general assembly to approve a package of measures to strengthen the company.