The vote to extend the U.S. Terrorism Risk Insurance Act (TRIA) beyond its December 2005 sunset could come sooner rather than later. The House Financial Services Committee is slated to hold hearings on the act beginning September 29. Insurers this…
Two new reports look at emerging trends in property catastrophe reinsurance, just as the U.S. awaits the arrival of Ivan, the third major hurricane of the year.Rating agency Standard & Poor’s notes that the onslaught of new property catastrophe reinsurance…
Insurance securitizations, once perceived as a competitive threat to reinsurers, have become a complementary product to traditional reinsurance coverage, notes a new report by Standard & Poor’s.“Insurance securitizations have long been viewed as an alternative for of risk transfer to…
A new study by Analysis Group, commissioned by U.S. insurers and reinsurers, finds if the Terrorism Risk Insurance Act is not extended beyond 2005, and a catastrophic terrorist attack occurs, tens of thousands of jobs would be lost and thousands…
Rating agency Moody’s says it has revised the outlook on the global reinsurance market to stable from negative on the back of favorable underwriting and more stable investment results.While rating agencies have been liberally handing out ratings downgrades over the…
Despite a downturn in the insurance pricing environment, the London market is expected to maintain its record-setting profits and capacity through 2004 and 2005, according to the annual London Insurance Market survey by PricewaterhouseCoopers.However, insurers will be tested to maintain…
In the wake of a ratings downgrade, Coverium says it will not add additional capacity to it Converium Insurance (North America) Inc. operations to offset the run-off of Coverium Reinsurance (North America).This means effectively the company will no longer write…
Bermuda is becoming a “market of choice” for both reinsurance and primary cover as its capacity continues to grow in the wake of September 11, notes a new report by A.M. Best.In “Bermuda Building Capacity”, the rating agency notes that…
U.S. reinsurers saw their net income drop slightly to US$2.56 billion in the first six months of 2004, compared to US$2.59 billion for the same period a year prior, according to results compiled by the Reinsurance Association of America (RAA).One…
A mixture of positive and negative effects is leaving the global reinsurance market in a relatively stable ratings position, according to a new report by A.M. Best.The rating agency says while reserve issues continue to plague the industry, current underwriting…
Rating software vendor Compu-Quote is releasing its Alberta update for its AutoRater to respond to new legislation coming into effect October 1. Senior vice president James Nickelo says the new “premium grid” being implemented in the province may actually bring…
General Electric, parent of GE Employers Re, has re-branded its reinsurance and commercial insurance segments as GE Insurance Solutions.At a gathering in Toronto Tuesday, Peter Borst, chief agent in Canada for the reinsurance operation of GE Insurance Solutions welcomed Ken…