Rating an excess of loss treaty for long-tail business such as motor liability or general third party liability is an almost impossible task, since it involves estimating the loss amount that will be awarded by a court in 10 to 20 years' time. To do so, we would need to...
DAVID BLUMER has been appointed head of financial markets and a member of SWISS RE'S executive board, replacing ROGER FERGUSON. [ILLUSTRATION OMITTED] Blumer, who had been chief executive of asset management and a member of the executive board of Credit...
OLDWICK, N.J. -- A.M. Best Co. has removed from under review with negative implications the financial strength rating of A+ Superior and the issuer credit ratings ICR of "aa" of Swiss Reinsurance Company Swiss Re Switzerland and its similarly rated subsidiaries. At the same time, A.M. Best has affirmed the...
Warren Buffett's Berkshire Hathaway bought a 3.03% stake in Swiss Re for an undisclosed sum, while also taking on 20% of Swiss Re's property and casualty reinsurance exposure through a quota share arrangement. Swiss Re said the Omaha-based company had contacted it on...
SWISS RE has named RICHARD SCHNEIDER as the head of its Mexico office in Mexico City. Schneider succeeds CARLOS BOELSTERLI as the office head of Swiss Brokers Mexico, and will manage operations and regional client operations for the Zurich, Switzerland-based reinsurer, the company...
OLDWICK, N.J. -- A.M. Best Co. has withdrawn the financial strength rating FSR of A+ Superior and issuer credit rating ICR of "aa" of Westport Insurance Corporation Westport (Jefferson City, MO) and assigned a category NR-5 Not Formally Followed to the company. These rating actions follow the announcement that Westport...
SWISS RE has created a motor insurance team for Asia. Based primarily in Hong Kong, the team will aim to increase the profitability of what Swiss Re describes as a rapidly growing, high volume motor insurance sector by building risk management and reducing claims. ...
OLDWICK, N.J. -- A.M. Best Co. has placed the financial strength rating of A+ Superior and the issuer credit ratings of "aa" of Swiss Reinsurance Company Swiss Re Switzerland and its similarly-rated subsidiaries under review with negative implications. Concurrently A.M. Best has placed all debt issued or guaranteed by Swiss...
OLDWICK, N.J. -- A.M. Best Co. has assigned a financial strength rating of A+ Superior and an issuer credit rating ICR of "aa" to Swiss Re Europe S.A. SRE. The outlook on both ratings is stable. SRE (formerly Luxembourg European Reinsurance S.A.) is a subsidiary of Swiss Reinsurance...
OLDWICK, N.J. -- A.M. Best Co. has affirmed the financial strength rating FSR of A+ Superior and the issuer credit ratings ICR of "aa" of Swiss Reinsurance Company Swiss Re Switzerland and its rated subsidiaries. Concurrently, A.M. Best has affirmed all debt ratings either issued or guaranteed by Swiss Re....
[ILLUSTRATION OMITTED] It's been called a "green" giant, a think tank and the House of 1,000 Specialties. In its home country of Switzerland, it is called Schweizerische Ruckversicherungs-Gesellschaft. In English, it is simply known as Swiss Re. With $28.4...
OLDWICK, N.J. -- A.M. Best Co. has commented that the ratings of Swiss Reinsurance Company Swiss Re remain unchanged following the announcement that it has agreed with Standard Life plc to acquire certain Resolution plc closed life books if Standard Life's offer to purchase Resolution is completed. The...
Connecticut Attorney General Richard Blumenthal has sued reinsurance broker Guy Carpenter & Company L.L.C., claiming the company pocketed more than $80 million in illicit profits by arranging inflated insurance prices as much as 40 percent above the industry average. Blumenthal claims Guy Carpenter & Co. conspired with other reinsurance...
OLDWICK, N.J. -- While 2007 should be another good year for the global reinsurance sector, A.M. Best Co. believes the outcome depends on how well reinsurers manage catastrophic exposures relative to capital at risk. The softening market and competition, however, are complicating prospects for beyond 2007. Also covered...
Swiss Re Group edged out Munich Re for the top position in A.M. Best's 2007 ranking of the top 35 global reinsurance groups based on 2006 gross premium written. In addition to Swiss Re and Munich Re, Berkshire Hathaway Group, Hannover Re and Lloyd's of London ...
Swiss Re's Commercial Insurance has joined with Bisys, one of the nation's largest managing general agencies, to re-introduce an insurance program for tow truck operators.The insurance covers commercial auto liability, physical damage, general liability, inland marine and property. Under-written by Swiss Re's Westport Insurance Corp.,...
Byline: RUPAL PAREKH Growth in the life sector helped to lift worldwide insurance premiums in 2006, according to a report from Swiss Reinsurance Co. Global insurance premiums increased by more than 5% in 2006 to $3.723 trillion. Of that figure, $2.209 trillion...
July 2001: Silverstein Properties Inc. closes on 99-year lease for the World Trade Center and binds $3.55 billion in insurance coverage, though most final policy documents are not issued and various insurers bind to different coverage wordings. Sept. 11, 2001: Terrorists fly two commercial...
Byline: Rupal Parekh NEW YORK-An array of U.S. and European insurers and reinsurers took part in the $3.55 billion property and business interruption program for the World Trade Center. The program featured a $1 million deductible, a $10 million primary layer...
OLDWICK, N.J. -- A.M. Best Co. has assigned a rating of "a+" to the proposed perpetual step up-loan notes (approximately USD 500 million issued in AUD) to be issued by ELM B.V., a bankruptcy remote repackaging vehicle based in the Netherlands, and which are secured over perpetual subordinated step-up loan...
Articles 2007-04-24
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