Reinsurance
Aspen expands US arm
Bermuda-based Aspen Insurance Holdings is expanding its US property reinsurance arm with the creation of a new property reinsurance team.
P/C industry leaders expect good 2004
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).
XL Capital hit by $694m pre-tax reserve charge
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 heads down under
Brit Insurance Holdings has joined up with Australian Reinsurance Underwriting Services (ARUS) to strengthen its ties with the Australian and New Zealand markets.
Willis looks to Copenhagen
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.
Atlantic to see stormy 2004
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.
S&P takes ERC Life off CreditWatch
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.
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.