AIG announced that it has entered into a reinsurance transaction with Compass Re Ltd., which will provide $400 million of peak-zone protection against U.S. hurricanes and earthquakes. To fund its potential obligations to AIG, Compass Re Ltd. issued a $400 …
XL announced its preliminary net loss estimate related to Storm Sandy of $350 million, pretax and net of reinsurance and reinstatement premiums. Approximately 60 percent of the Company’s estimated loss relates to the reinsurance segment. Within the reinsurance segment, the …
According to its new Florida Roof Age Report, BuildFax estimates 45 percent or more of the roof ages currently on file for carriers may be miscalculated by one or more years. The new report lists the top 10 Florida counties …
The EU’s Solvency II regulations get most of the headlines, but there are other regulatory bodies, which are trying to modernize and harmonize the regulations for global insurance companies. Their task has been made even more difficult by the prolonged …
Cincinnatti, Ohio-based Great American Insurance Group hired John W. Tholen as vice president of reinsurance. Tholen will lead the reinsurance function for the company’s Property & Casualty operations. His responsibilities encompass a broad array of activities, including purchasing corporate catastrophe …
Members of Mississippi’s wind pool board are in London this week to seek low reinsurance rates – a key factor in the cost of policyholders’ premiums. The Mississippi Press reports that they left Saturday and are expected to return Friday. …
Warren Buffett’s entry into the bidding for Transatlantic Holdings is drawing fresh attention to the reinsurance industry, which specializes in writing insurance for insurers in a way that frees up those companies to take on more risk. With cheap valuations …
Pedro Purm Jr. has been selected to serve as chief executive officer for its commercial property and casualty insurance operations in Brazil, announced Argo Group International Holdings, Ltd., an international underwriter of specialty insurance and reinsurance products. Purm will oversee …
The bailed-out Dutch insurer Aegon NV says it has agreed to sell the reinsurance business of its Transamerica arm to France’s Scor SE for $1.4 billion in cash and capital. The Hague, Netherlands-based Aegon said it will use the proceeds …
The bulk of Chartis’ legacy asbestos liabilities will be transferred to National Indemnity Company (NICO), a subsidiary of Berkshire Hathaway Inc., as part of Chartis’ ongoing strategy to de-risk, Chartis announced. The transaction with NICO covers potentially volatile U.S.-related asbestos …