This paper explains about reinsurance. In the simplest of terms, reinsurance can be described as "insurance for insurance companies." While in a traditional insurance relationship the insured seeks to transfer the risk to an insurance company, the reinsurance relationship takes this risk transfer another step and further transfers it to...
How different or special is the reinsurance relationship compared to other business transactions? Does it rise to the level of trust normally associated with a fiduciary relationship like that of a trustee and beneficiary? Are there special rules of behavior that apply only to the reinsurance relationship? Commentators and courts...
HAMILTON, Bermuda -- American Safety Reinsurance, Ltd., ASRE announced that Mr. Nicholas Pascall has joined the Company as Chief Underwriting Officer. Mr. Pascall will be responsible for further developing relationships with key reinsurance intermediaries, as well as overseeing the underwriting function of the reinsurance division. "Mr. Pascall brings...
Two companies form correspondent broker relationship MINNEAPOLIS & RIO DE JANEIRO, Brazil -- U.S.-based Collins, ranked among the world's top 10 reinsurance brokers, and Brazil-based Especializada Re have entered into an agreement under which the two companies will serve as exclusive correspondent brokers for the placement of reinsurance...
HAMILTON, Bermuda -- RAM Holdings Ltd. (Nasdaq:RAMR) responded today to Standard and Poor's (S&P's) ratings action. On September 24, 2008, S&P downgraded to A+, from AA, the insurance financial strength rating of RAM Reinsurance Company Ltd. RAM Re. In the same rating action, S&P also downgraded the rating of the...
* Reinsurer to utilize comprehensive data analysis and reporting capabilities * Arrangement offers Presidio clients exclusive access and pricing options SAN FRANCISCO -- Medical risk assumed by insurance companies and their reinsurance partners continues to evolve in a challenging market. Timely access to claim and health...
[ILLUSTRATION OMITTED] JONATHAN PRINN was named managing director, strategic carrier relationships, at Willis Group Holdings. Prinn will be based out of the global broker's headquarters in London and will work on its Shaping Our Future Marketing initiative, which is geared toward improving carrier relationships for the sake of...
[ILLUSTRATION OMITTED] Successful reinsurance brokers in the 21st century will not be those who just sip champagne or drink cup after cup of espresso entertaining dozens of clients at the Card de Paris in Monte Carlo at the annual fall reinsurance Rendez-Vous de Septembre. Reinsurance brokers...
Brokerage firm WILLIS GROUP has extended the employment contract of its chairman and chief executive officer, JOSEPH PLUMERI, to 2011. Plumeri also promoted GRAHAME MILLWATER, Willis' chief operating officer, to the new role of president. PATRICK REGAN, currently chief financial officer, was named...
[ILLUSTRATION OMITTED] * The News: High-profile employee defections have sparked a wave of lawsuits among rival brokers and insurers. * The Background: The lawsuits raise questions about a possible talent shortage in the industry. * The...
HAMILTON, Bermuda -- Flagstone Reinsurance Holdings Limited (NYSE:FSR) announced today that it has agreed to purchase, via a subsidiary, up to 29.9% of Alliance International Reinsurance Public Company Limited ("Alliance Re") from current shareholders. The transaction, subject to regulatory approvals, satisfactory due diligence and closing conditions, is expected to close...
ARMONK, N.Y. -- MBIA today announced that Fred C. Pastore has been named managing director and treasurer of MBIA Inc. and MBIA Insurance Corporation. Mr. Pastore reports to C. Edward Chuck Chaplin, chief financial officer, and is responsible for rating agency relationships, capital and liquidity management, cash management and reinsurance....
Mumbai-based General Insurance Corporation of India has opened its first branch in the UK and is now able to write reinsurance business from London. The reinsurance specialist, which formally began trading business on 2 January, is one of the world's 25 largest reinsurers...
PEMBROKE, Bermuda -- Endurance Specialty Holdings Ltd. (NYSE:ENH), a Bermuda-based specialty provider of property and casualty insurance and reinsurance, today announced that Robert Needle will join Endurance Specialty Insurance Ltd. as Executive Vice President Excess Casualty and Professional Lines, subject to approval by the Bermuda Department of Immigration. ...
Norton Norton Broker Services appoints Natalie Daniels as key account manager. She previously worked in the multilenders department and as airline cabin crew before joining Norton Finance in 2003. Jenni Mulgrew becomes customer relationship manager and was previously an underwriter. Open GI Open GI has appointed...
Traditionally, insureds have little to do with reinurers, even those who have taken on some of their risk. Reinsurance is really insurance for insurance companies. So even though you probably do not have a contractual relationship with reinsurers, or feel compelled to know much about them, ignore them at your...
OAKLAND, Calif. -- EQECAT, Inc., a subsidiary of ABSG Consulting Inc. ABS Consulting, and the leading authority on extreme-risk modeling, announced today that Benfield (LSE: BFD), the world's leading independent reinsurance and risk intermediary, signed a multiyear renewal agreement to license all of EQECAT's currently available WORLDCATenterpriseTM earthquake and wind...
PEMBROKE, Bermuda -- Endurance Specialty Holdings Ltd. (NYSE:ENH), a Bermuda-based provider of property and casualty insurance and reinsurance, announced today that Patrick Aeschbacher will join Endurance Worldwide Reinsurance to lead the further development of our reinsurance business in Asia and Australia. Mr. Aeschbacher has 23 years of experience in the...
HAMILTON, Bermuda -- Flagstone Reassurance Suisse SA, a wholly owned subsidiary of Flagstone Reinsurance Holdings Limited (NYSE:FSR), today announced that they have entered into a Technical Underwriting Agreement with Imperial Reinsurance Company Limited. In support of this agreement, Flagstone Re will provide technical underwriting, modeling, and actuarial support to Imperial...
I've got a lot of time for Bob Clements. He's the brains and financial brawn behind Ace, XL Capital, Mid-Ocean, Arch Capital and Ironshore--all among Bermuda's largest insurers and reinsurers, or part of companies larger still--and, oh, yes, he started Integro too. In the last few years, Bob...
Articles 2007-09-01
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