The leaders of the property/casualty (P/C) insurance industry are looking forward to an improvement in the market in 2004, according to a survey carried out by the Insurance Information Institute (III).
Bermuda-based (re)insurer XL Capital has announced that the company's fourth-quarter 2003 results will be hit by a $694m pre-tax reserve charge following a claims audit review.
Brit Insurance Holdings has joined up with Australian Reinsurance Underwriting Services (ARUS) to strengthen its ties with the Australian and New Zealand markets.
Willis has announced that it has agreed to acquire Copenhagen-based reinsurance broking company Kirecon. The exact terms of the deal have not yet been disclosed.
Hurricane activity in the Atlantic will be above average in 2004, according to the latest forecast from the Tropical Storm Risk (TSR) service at the Benfield Hazard Research Centre.
Standard & Poor's (S&P) has lowered the financial strength rating of ERC Life Reinsurance from A+ (strong) to A- (strong) and removed it from CreditWatch, where it had been since 3 September 2003.
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).
Troubled French reinsurer Scor has said that the capital increase it announced in December 2003 has been successful.
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.
The Association of Insurance and Reinsurance Services Providers (ASP) has announced the launch of Run-Off Solutions Ltd.
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.
The earthquakes, within days, in US and Iran, have highlighted the vulnerability of remote regions with unsophisticated building standards.
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…
The past year has been an average one for global catastrophes, according to a preliminary estimate from Swiss Re.
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.
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.
Philip Scott has been appointed one of the three vice presidents of the Comité Européen des Assurances' presidential council.
Xchanging has created a new London market executive to improve its customer focus.
Moody's Investors Service has revised the rating outlook for Skandia Insurance Company from developing to stable.
Swiss Re has sponsored $400m of coverage for its first insurance-linked security relating to life insurance risk.
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.
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.
Madrid-based Mapfre Re has announced that it will be carrying out a €150m capital increase in the first four months of 2004.
Rating agencies Standard & Poor's (S&P) and AM Best have both upgraded the financial strength ratings of troubled French reinsurer Scor.