Reinsurance

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A recent study by Benfield Group Ltd. entitled “Global Reinsurance:  Capital Consequences-Billion Dollar Question” predicts a hardening in reinsurance pricing for the coming year, given reinsurers increasing exposure to recent catastrophes, such as Hurricane Ike, and the fallout from the global credit crisis.  Click here to review a copy of

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Read More Pricing in Insurance, Reinsurance Markets Shifting

The Property Casualty Insurers Association of America (the “Association”) recently predicted that a confluence recent events hitting the property and casualty insurance market could result in higher premiums. 

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Read More Recent Events Affecting P&C Insurance Market Could Result in Higher Premiums, Says Industry Association

The XXII Congreso de Aseguradoras de Centroamerica y El Caribe took place this week in Managua, Nicaragua, with participation by nearly 300 representatives from insurers, reinsurers, regulators and industry associations.  The event was hosted by the Asociacion Nicaraguense de Aseguradoras Privadas (ANAPRI), an autonomous association representing the individual insurance companies of Nicaragua. …
Read More 22nd Congress of Central American and Caribbean Insurers Comes to Close in Nicaragua

Last month, Representative Richard Neal (D- Mass.) introduced H.R. 6969 in response to concerns voiced by the Coalition for Domestic Insurance Industry (the “Coalition”) alleging that favorable tax treatment for foreign insurance groups is making it increasingly difficult for U.S. insurers to compete.  H.R. 6969 attempts to reduce the purported competitive advantage by altering the tax code to disallow deductions for a portion of reinsurance premiums ceded to affiliated insurance companies not subject to U.S. taxation. …
Read More Representative Neal Introduces Reinsurance Tax Legislation

The Reinsurance Directive was adopted in 2005 and was to be implemented by member states no later than 10 December 2007 (with some provisions coming into force by 10 December 2008). Although a number of member states missed the 2007 deadline, most have now completed their implementation or are expected to do so by December 2008. …
Read More UK: EAPD Publishes Updated Guidance Note on Implementation of the Reinsurance Directive

On October 16, 2008, the Superintendent of the New York State Insurance Department (the “Department”), Eric R. Dinallo, issued Circular Letter No. 20 (2008) (the “Circular Letter”) setting forth “contract certainty” expectations for property/casualty policies and reinsurance contracts. 

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Read More New York Insurance Department Sets Expectations of Contract Certainty for Insurance Policies and Reinsurance Contracts

As the current worldwide economic turmoil has taken its toll on insurance markets, a number of Latin American regulators and commentators have expressed the opinion that the peculiarities of the Latin American insurance markets may make them particularly resilient in the face of a potential global downturn.  According to these sources, despite the current crisis, Latin American insurance markets remain stable and likely to continue to grow. 

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Read More How Will The Credit Crisis Affect Latin American Insurance Markets?

Don’t forget to RSVP for the U.S. Reinsurance Under 40s Group’s ReIndustry Speak on October 23 in New York from 6:00 – 9:00 p.m.  The event, which is sponsored by Swiss Re, will feature hear Jim Fiore (QBE the Americas, Chief Operating Officer) and Alan J Levin (Edwards Angell Palmer & Dodge, co-chair of Insurance & Reinsurance Department), as they speak about the reinsurance industry.  They will speak about how the industry has changed over the years, where the industry is going, and will give advice about climbing the ladder of (reinsurance) success. 

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Read More Reinsurance Under 40s Group’s ReIndustry Speak on October 23 in New York