Reinsurance industry players gathered recently in Monaco’s Monte Carlo for Les Rendez-Vous de Septembre, their annual get-together. Although songs such as Diamonds Are a Girl’s Best Friend and Big Spender played at the industry shindig, pundits say the reinsurance market is “rather soft.” Reports from the event claim reinsurance prices are declining, while others asserted …
At-work motor vehicle accidents account for a growing share of total workers’ compensation losses and, according to a new national study, are consistently among the most severe claims. The Catch-22 insurers and reinsurers now face is that as vehicle safety measures continue to develop, more work-related fatalities are likely to be downgraded to permanent total …
With the national terrorism reinsurance backstop fixed to sunset at the end of this year, the insurance industry is urgently rallying its lobbying corps to press Congress for a replacement mechanism. Most at risk if the Terrorism Risk Insurance Extension Act (TRIEA) expires is the workers’ comp industry, which is legally on the hook for …
The California Department of Insurance is suing seven former executive officers and directors of the defunct Fremont Indemnity Company. The suit accuses them of scheming to use reinsurance to under price business and saddle the company’s reinsurers with unsustainable losses and causing the reinsures to back out of the deals. The Department alleges the Fremont …
In a survey of 366 experts at leading reinsurance brokerage firms conducted by U.S.-based Flaspö Research Group, Hannover Re came out as the best overall reinsurer in the North American market for the second time in a row. According to a press release, the participating brokers rated Hannover Re as the best reinsurer in the …
A.M. Best Co. has affirmed the financial strength ratings of A++ (Superior) and the issuer credit ratings of “aa+” for the General Re Group of Delaware. These ratings apply to General Reinsurance Corporation and its core property/casualty and life reinsurance and insurance subsidiaries operating both in the United States and internationally. In addition, A.M. Best …
Citing the company’s “diversified underwriting portfolio in primary insurance and reinsurance markets, and favorable operating performance and good capital position,” among other factors, Fitch Ratings has affirmed all ratings related to Everest Re Group, Ltd., including the A+ issuer default rating and “A” senior debt rating of intermediate holding company Everest Reinsurance Holdings, Inc. Fitch …