Reinsurance
AM Best puts negative outlook on Transatlantic subsidiaries
AM Best has affirmed the A++ (superior) financial strength rating of Transatlantic Holdings, but assigned a negative outlook to its reinsurance subsidiaries Transatlantic Re, Trans Re Zurich and Putnam Re.
Swiss Re opens DC office
Swiss Re has opened a new office in Washington DC in an effort to get closer to policymakers in the US capital.
Wellington Underwriting signs Xchanging deal
Wellington Underwriting's Lloyd's managing agency, Wellington Underwriting Agencies, has appointed Xchanging as its reinsurance claims handler.
Aon releases 2004 political risk map
Broker Aon has unveiled its latest political and economic risk map of the world.
AM Best revises The St Paul rating outlook
Rating agency AM Best has revised its review of the financial strength and debt ratings of The St Paul Companies from positive to developing.
GE Frankona Re announces restructure
GE Frankona Re has announced that it is streamlining its organizational structure and enhancing its strategy.
Partner Re hit by Algerian gas explosion
Bermudian reinsurer Partner Re has announced that it is facing a $27-30m claim from the explosion that wrecked a natural gas plant in Algeria on 20 January this year.
Brown retires from XL Capital
XL Capital has announced that Nicholas Brown, chief executive of the company's insurance operations, will be retiring on 1 April this year. He will be replaced by Clive Tobin, who is currently chief executive of XL Insurance Global Risk.
Moody's updates insurance liquidity model
Moody's Investors Service has published a new report on the US life insurance industry after updating its US life insurance liquidity model with 2002 year-end data.
Elborne joins ERC
ERC has announced that Mark Elborne is joining the company as general counsel.
CEA opposes gender equality insurance
The Comité Européen des Assurances (CEA) has published its reasons for opposing gender equality in insurance.
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.