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A group of European insurers and reinsurers, including Allianz, AXA, Munich Re, Swiss Re and Zurich, have established PERILS AG, based in Zurich, to collect and provide industry-wide European catastrophe insurance data. PERILS is intended to provide a service similar to that provided by Property Claims Services (PCS) in relation to US catastrophes. …
Read More PERILS AG: European Catastrophe Data Company Established

The U.S. Reinsurance Under 40s Group, Inc. invites you to our next event, which will take place on March 12 at QBE the Americas’ office in downtown New York.  The Re Under 40s Group welcomes Frank Nutter, President of the Reinsurance Association of America (RAA), and his daughter Alycia Kiley, Vice President at Riggs, Counselman, Michaels & Downes (RCM&D), as they present insights on hot industry topics and lead a discussion about how reinsurance companies and organizations can better communicate with young professionals in today’s networked world. …
Read More The U.S. Re Under 40s Presents “It’s Not Your Father’s Reinsurance Anymore – Putting Reinsurance in Your Terms” – a Complimentary Event on March 12

The Privacy Group at Edwards Angell Palmer & Dodge LLP invites you to a complimentary webinar on the new security and privacy requirements and federal Red Flag duties which are both effective May 1, 2009. …
Read More Free Webinar on New Federal Red Flag, Massachusetts and Other State Data Security Rules

The FSA issued a statement on 15 January 2009, in response to the Parliamentary Ombudsman’s report into the regulation of Equitable Life. In this statement, the FSA accepted the report’s findings that appropriate standards of administration and regulation were not achieved, and therefore accepted the Ombudsman’s recommendation that individual policyholders that were affected by the maldministration should be compensated by the Government. The FSA apologised for its failings in the statement. 

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Read More UK: Government and FSA Responds to Ombudsman’s Enquiry into Equitable Life

The Chairman of the FSA, Lord Adair Turner, gave a speech on 21 January 2009 setting out his views of  the causes of the current financial crisis and outlining the future of financial regulation. Although the speech was about banking regulation, the key areas of future regulatory focus – capital adequacy and liquidity – are likely also to be applied to insurers. …
Read More UK: FSA Chairman Outlines Future of Financial Regulation

On January 20, 2009, Maiden Holdings, Ltd. (“Maiden Holdings”), a Bermuda based holding company, completed a private placement of trust preferred securities with a face amount of $260MM through Maiden Holdings North America, Ltd. (“Maiden NA”), wholly-owned subsidiary of Maiden Holdings. 

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Read More Maiden Holdings Completes Private Placement of Trust Preferred Securities

In May 2008, CEIOPS issued a questionnaire to member states on the treatment of third country reinsurers and equivalence measures. CEIOPS’ report on the findings to this questionnaire has recently been published. The questionnaire dealt with three elements of the relationship between Member States of the EEA and third countries – the treatment of reinsurance undertakings, equivalence provisions and co-operation agreements. 

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Read More EU: CEIOPS Releases Report of Third Country Reinsurance Equivalence Survey