RAA Elects Officers for 2012-2013
James Few, president of Aspen Re and chief executive officer of Aspen Bermuda Ltd., was elected Chair of the Board of Directors of the RAA at the 44th Annual Meeting of Members on April 26, 2012 in Kiawah Island, SC. Elected to serve with Mr. Few are Vice Chair Tad Walker, president and chief executive officer, PartnerRe North America, and Tad Montross, chairman and chief executive officer, General Re, who will serve as Secretary-Treasurer. Read the press release.
Trades Urge Long Term Extension of NFIP
Trade associations, representing the insurance, banking, real estate industries, among others, have urged the Senate to reauthorize the National Flood Insurance Program to avoid further stress on struggling real estate markets. The House passed a bi-partisan measure in July 2011, and in September 2011, the Senate Banking Committee unanimously approved a version of the 5-year bill. Both proposals include a long-term reauthorization and important reforms that will optimize the current program, make needed improvements to floodplain mappying, and other key reforms. Read the press release.
Posted May 8, 2012
RAA Supports Mortgage Finance Act of 2011
The RAA supports the "Mortgage Fiance Act of 2011," introduced by Senator Johnny Isakson (R-GA) as a comprehensive bill to reform the government sponsored enterprises (GSEs), Fannie May and Freddie Mac.
Read the press release and the RAA's letter to Senator Isakson.
Posted May 4, 2012
CAS Seminar on Reinsurance
Three general sessions addressing the current state of the reinsurance market headline the program of the annual Casualty Actuarial Society (CAS) Seminar on Reinsurance, scheduled for June 4-5 at the Hyatt Regency in Cambridge, Massachusetts. The program is intended primarily for experienced industry professionals with knowledge of reinsurance. Sessions will discuss pricing, reserving, and modeling issues as well as broader reinsurance topics. Additional details can be found on the CAS Web Site.
Posted May 2, 2012
12 Months Underwriting Results Available
Click here to get the 2011 year-end results.
Posted March 22, 2012
Trades Urge Congressional Support for FIO
Industry trades, including the RAA, are urgiing the Subcommittee on Financial Services and General Government Appropriations to support the important work of the Federal Insurance Office, especially in international forums, noting that "global regulatory issues and international standard setting organizations have the potential to impact the U.S. insurance and reinsurance industries like never before." Click here to read the letter.
Posted March 22, 2012
Insurance Data and Analytics Summit 2012
ACORD and Reactions Magazine will host the Insurance Data and Analytics Summit 2012 at The Harmonie Club in New York City on April 25. Learn more about the program.
Posted March 6, 2012
Insurers See Growing Risks and Costs from Climate Change
In a press conference today on Capitol Hill, industry leaders joined Senators Bernie Sanders (I-VT) and Sheldon Whitehouse (D-RI) in calling for renewed cooperation in addressing global warming and its mounting financial impact on the world economy. Read about the press conference.
Posted March 1, 2012
SmarterSafer Supports Senate Effort for Long-Term NFIP Reauthorization
SmarterSafer, a coalition of insurance, reinsurance and environmental groups, came out in support of a letter written by David Vitter (R-LA) and Jon Tester (D-MO) to Senate Majority Leader Harry Reid (D-NV) and Senate Minority Leader Mitch McConnell (R-KY) urging the Senate to pass a long-term reauthorization of the National Flood Insurance Program. Read the press release.
Posted February 14, 2012
FIO Delays Report on Insurance Regulation
The Federal Office of Insurance has delayed issuing its report on insurance regulation to ensure all the issues and varying viewpoints about the current regulatory environment are well understood. The report was officially due on January 21, 2012. There is no word on when the report will be released. Read this for more about the report.
Posted February 3, 2012
Coalition Wants President to Push NFIP Reform
Americans for Smart Ntural Catastrophe Policy (SmarterSafer.org) has called upon President Obama to urge Congress to undertake meaningful reform of the National Flood Insurance Program, stating that it should be a priority given the program is currently $18 billion in debt to federal taxpayers and has over $1.25 trillion in exposure. Click here to read SmarterSafer's press release.
Posted January 19, 2012
Groups Urge Reform of Florida Cat Fund
Consumer, business and insurer associations are urging Floridians to support important Cat Fund legislation. In an effort to educate people about "hurricane taxes" and the dangers of over-relying on unfunded debt to pay claims in the wake of the next big hurricane, the group supported a video that describes the risks of the current Fund and the need for immediate reform. Click here to view the press release and see the video.
Posted January 19, 2012
CPCU Society Symposium on Reinsurance
The CPCU Society and the Reinsurance Interest Group will host a Symposium on Reinsurance--An Industry in Transition on Wednesday, March 14 at the Union League of Philadelphia. Click on the link above for details about the symposium and to register.
Posted January 12, 2012
IBHS Rates the States
The Insurance Institute for Business & Home Safety has released "Rating the States." the report evaluates building codes in 18 hurricane-prone states located along the Gulf of Mexico and Atlantic Ocean. In addition to evaluating state codes, the report offers a roadmap with specific details for states to update and improve their code systems. Read Rating the States.
Posted January 9, 2012
RAA Member Companies Release Market Reports
Good reads on the impact 2011 will have on 2012 and beyond.
Swiss Re's Global Insurance Review 2011 and Outlook 2012/2013
Willis Re's 1st View, Change is in the Wind, January 2012
Aon Benfield's Reinsurance Market Outlook, Value Creating Capital, January 2012
Guy Carpenter's Catastrophes, Cold Spots and Capital-Navigating for Success in a Transitioning Market
Posted January 5, 2012
Munich Re Promotes Socio-Economic Benefits of Insurance
Munich Re America touts the socio-economic contributions made by insurers in a recently produced video. Check it out here.
Posted January 4, 2012
RAA Analysis: P/C Reinsurance Not a Significant Source of Systemic Risk
In response to the Department of Treasury's proposed rulemaking regarding the criteria for identifying nonbank financial institutions that could pose a threat to the financial stability of the U.S., the RAA has submitted an analysis to Secretary Geithner that clearly demonstrates that property casualty reinsurance is not a significant source of systemic risk given the small size of the industry's outbound credit exposure relative to the financial markets.
Click here to read the RAA's letter to Secretary Geithner and the analysis.
Posted 12/16/2011
Treasury Hosts Conference on Insurance Regulation
The U.S. Treasury Department held a conference on December 9th on "Insurance Regulation in the United States: Modernization and Improvement." The conference focused on the Federal Insurance Office (FIO), consumer protection concerns for insurance, areas for insurance regulatory reform, international developments in insurance, and prudential standards for insurance. Click here to read a report by Williams and Jensen on the conference.
Posted December 12, 2011
3rd Quarter Statutory Results Available
Click here to see quarterly results for nine months ended September 30th, 2011.
Click here to see older quarterly reports.
Posted November 28, 2011
RAA's Cat Models--The New Risk
The program for Cat Models--The New Risk, is taking shape. Check out the agenda and register for the February 14-16, 2012 conference in Orlando.
Posted November 28, 2011
SmarterSafer Says NCOIL Cat Fund Model Should Fade Away
SmarterSafer, a diverse coalition of environmental groups, taxpayer advocates, and insurance interests has urged the National Council of Insurance Legislators to allow its Natural Disaster Catastrophe Fund Model Act to sunset, noting that cat fundsharm taxpayers and damage the environment.
Click here to read the Letter.
Posted November 15, 2011
NAIC Approves Reinsurance Collateral Model Law
In a move long endorsed by industry trade associations, the National Association of Insurance Commissioners (NAIC) voted to adopt the Credit for Reinsurance Model Law in a unanimous voice vote during the fall NAIC meeting in Washington, D.C. The law addresses how state insurance commissioners should go about approving reinsurance companies based outside the U.S. for posting lower collateral than currently required in most states. Click to read a story from insurancenewsnet.com.
Posted November 7, 2011
Willis Re Publishes 2012 Marketplace Forecast
Willis Re has released its 2012 marketplace report, "Marketplace Realities: Solid Footing and a Foundation for Growth." Click here to access the report.
Posted November 3, 2011
FIO Director Testifies before House Subcomitteee
Michael McRaith, newly-appointed Director of the Federal Insurance Office, testified before the House Subcommittee on Insurance, Housing and Community Opportunity on October 25th, focusing on the mandate for FIO, the need for clarity in international insurance regulatory matters, and FIO's role on the Financial Stability Oversight Council.
Click here to read McRaith's Testimony
Posted October 26, 2011
RAA Focused on Dodd-Frank and Consumer Protection Act
In a recent interview with Business Insurance Senior Editor Mark Hofmann, Frank Nutter discusses the RAA legislative goals; in particular, implementation of Dodd-Frank, the Consumer Protection Act, and NFIP. In the interview, Nutter also shares his concerns about state funds that complete with or pre-empt the private reinsurance market.
Click here to read the interview.
Posted October 24, 2011
Senate Confirms Woodall
The Senate has approved Roy Woodall's nomination to serve a six-year term as a voting member of the Financial Stability Oversight Council (FSOC). Woodall--the former Commissioner of the Kentucky Insurance Department--will be an indpendent member with insurance expertise to serve on FSOC as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Posted September 28, 2011
Nutter to Address State of the Industry
Frank Nutter will speak to the state of the industry at the Efficiency in Reinsurance Operations - Your Business, Your Future conference on September 22 at the New York offices of Swiss Re. Also on the program are ACORD President and CEO Greg Maciag, Lawrence Danielson, Principal from Deloitte, and executives from Charter, Guy Carpenter, Partner Re, Swiss Re, XL Re, among others. To learn more about the conference and to register, contact Marc Codispoti at mcodispoti@acord.org.
Posted September 13, 2011
RAA Releases Offshore Report
The RAA has released "Offshore Reinsurance in the U.S. Market," an analysis of reinsurance premium ceded to, or reinsurance recoverable from, more than 4400 reinsurers in 106 jurisdictions outside the United States for calendar year 2010. The report is free to RAA members and available for purchase by non-members for $250. Read more about the report.
Posted September 12, 2011
RAA Supports Senate Flood Insurance Reform
In a letter to the Chairman of the Committee on Banking, Housing, and Urban Affairs, the RAA strongly endorses language in the Senate's Flood Insurance Reform and Modernization Act of 2011 that addresses the program's voliatility and exposure to extreme events as well as dependence on taxpayers and federal debt by using reinsurance and capital markets.
Click here to read the letter.
The RAA, as part of the SmarterSafer Coalition, also addressed the need for a long-term reauthorization of the NFIP in a letter to Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell.
Click here to read the letter.
Posted September 8, 2011
ABATeleconference Series Commemorating 9/11
The American Bar Association's Tort Trial and Insurance Practice Session will host a series of webinars and teleconferences focused on lessons learned and progress made in commemoration of the 10th anniversary of September 11, 2001. The sessions will focus on disaster preparedness, recovery and clean-up mass litigation, changes in insurance underwriting and claims handling since 9/11, among other topics. Click here to review the series and to register.
Posted August 30, 2011
Six Months Underwriting Report Released
Download it here.
Posted August 29, 2011
Congress Should Focus on Disaster Mitigation
Frank Nutter implores Congress to focus on disaster mitigation and private sector solutions to protect lives and taxpayers in an op ed recently published in The Hill. Read Frank's op ed.
Posted August 29, 2011
Support the Insurance Regulator Educational Foundation
Each year, the Illinois State University's Katie School of Insurance hosts the regulator training program as part of the Insurance Regulator Educational Foundation. The training program is the only university-based educational program for regulators in the country. Over 500 regulators have benefited from the program since its inception twenty years ago. The annual golf tournment is the primary fundraiser for the Foundation. This year the tournament will be held at the Panther Creek Country Club in Springfield, Illinois on September 12. The RAA encourages you to support the Foundation. If you cannot play, you can still contribute. Contact Janet Patrick at the Illinois Insurance Association for more information. jpatrick@illinoisinsurance.org.
Posted August 23, 2011
3rd Annual Risk and Capital Management Conference
Reactions will host the 3rd Annual Risk and Capital Management Conference at The Harmonie Club in New York city on September 27, 2011. The Conference will analyze key issues for insurer and reinsurer capital adequacy, risk management and compliance. Click here for additional information about the program and to register.
Posted August 8, 2011
Financial Stability Oversight Council Releases Annual Report
The Financial Stability Oversight Council, established by the Dodd-Frank Wall Street Reform and Consumer Protection Act, has released its first annual report. The report details the current state of the U.S. financial system and includes recommendations to strengthen it. Click here to review the report.
Posted August 3
Senate Fails to Extend NFIP
The Senate adjourned on August 3rd without acting on legislation to extend the National Flood Insurance Program. The NFIP expires on September 30 and to get an extension, the Senate and House will have to reconcile the differences in their respective bills. Click here to learn more.
Posted August 3, 2011
Busy Week on the Hill
With the debt ceiling crisis front and center, members of Congress are focused on reducing government spending. Last week, Frank Nutter, president of the RAA, testified before the Senate Appropriations Committee's Subcommittee on Financial Services and General Government on ways to improve the financing of recovery from natural disasters, and Eric Smith, president and ceo of Swiss Re, testified before the House Financial Services Committee's Subcommittee on Insurance, Housing and Community Opportunity about the impact of insurance-related public policy on U.S. consumers, businesses and jobs.
Click here to read Frank Nutter's testimony; click here to read Eric Smith's testimony.
Posted August 1, 2011
RAA Releases 2010 Reinsurance Underwriting Review
The RAA has published the Reinsurance Underwriting Review: A Financial Review of U.S. Reinsurers (2010 Data). The 2010 report summarizes the underwriting and operating results of the nation's major property/casualty reinsurers, and includes tables and analytics on reinsurance recoverables, reserve and leverage ratios, and invested assets.
The report is available at no charge to member companies; at a cost of $250 for non-members. Contact Geneva Green at green@reinsurance.org to request a copy or click here to download.
Winning Team
Legislators attending last week's National Conference of Insurance Legislators (NCOIL) summer meeting in Newpo.jpg) rt, Rhode Island, learned first-hand what's involved in running an insurance company. Playing Gen Re's PRIME game, a simulated management exercise, the legislators assumed the role of an insurance company CEO facing decisions that ultimately determine the success or failure of the company. The winning team--Rep. George Keiser, ND; Rep. Susan Westrom, KY; Rep. Brian Kennedy, RI; and Senator Travis Holdman, IN.
Posted July 17, 2011
House Passes NFIP Reform Act
The House of Representatives has passed the National Flood Insurance Program Reform Act by a 406-22 vote. The bill authorizes the purchase of reinsurance, and requires the NFIP test the private market by seeking contracts for private reinsurance within six months of enactment. Spencer Bachus, Chairman of the House Financial Services Committee, was instrumental in defeating efforts to repeal the program entirely, arguing the reinsurance provisions would allow the NFIP to move toward a private sector risk-bearing role rather than a taxpayer debt-financed one.
Posted July 14, 2011
Munich Re: Year of Record Cat Losses
The first six months of 2011 produced unprecedented cat losses according to a press release issued by Munich Re. Approximately $265 billion in economic losses were recorded through six-months 2011, exceeding 2005 which accounted for $220 billion in losses for the entire year. Most of the losses were attributable to the March 11 Japan quake.
Click to read the press release.
Posted July 12, 2011
"Reinsurance is a Good Thing"
In a recent interview on WBMA television in Birmingham, Alabama, Bob Hartwig, president of the III, opined on the value of reinsurance. Click here to hear the interview.
Posted July 11, 2011
National Flood Insurance Program (NFIP) Needs a Fix
In an OpEd for The Hill's Congress Blog, Frank Nutter makes the case for an urgently needed, long term fix for the NFIP. Read the OpEd.
Posted June 30, 2011
RAA Welcomes a New Life Member
Hannover Life Reassurance Company of America is a new member of the RAA.
Posted June 9, 2011
RAA Releases Q1 2011 Underwriting Results
The RAA recently released underwriting results for the first quarter of 2011. Click here to review results.
Posted June 3, 2011
RAA Members Forum on Reinsurance, National Security and Terrorism
The RAA will convene a members-onlyForum on Reinsurance, National Security and Terrorism on Thursday, July 21 at the law offices of Edwards Angell Palmer & Dodge in New York City. The Honorable Michael Mukasey, former U.S. Attorney General, will be the keynote speaker. Other topics on the program include:
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Why we are surprised by national security and terrorism developments;
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The market for terrorism insurance ten years after 9/11;
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OFAC compliance and enforcement;
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Private litigation against terrorists, sponsors and financiers;
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Threats arising from social networking--the power of the thumb;
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Cyber security--is the public/private sector working?
Click here to learn more about the program.
Posted June 1, 2011
RAA Supports Natural Disaster Act
The RAA has voiced support for the Natural Disaster Mitigation Act introduced in the House of Representatives on June 1 by Thomas Rooney (R-FL) and Bennie Thompson (D-MS). The legislation would provide a tax credit to qualified homeowners who live in communities prone to natural disasters such as hurricanes and earthquakes. The SmarterSafer.org Coalition has also endorsed the legislation.
Click here to read the RAA's press release.
Posted June 1, 2011
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Cat Modeling 2012 Sold Out!
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September 12-13, NY, NY
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November 7-8, NY, NY
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NEWLY RELEASED! "Offshore Reinsurance in the U.S. Market," an analysis of reinsurance premium ceded to, or reinsurance recoverable from, more than 4400 reinsurers in 106 jurisdictions outside the United States for calendar year 2010. The report is free to RAA members and available for purchase by non-members for $250. Read more about the report.
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