Reinsurance News
asbestos
Compre assumes portfolio of asbestos insurance liabilities from Amerisure
18th March 2026
Compre Group Holdings Limited (Compre), the Bermuda-domiciled international specialty reinsurance group, has announced that it will assume a material portfolio of asbestos insurance liabilities from Amerisure. Amerisure is a provider of commercial property and casualty insurance solutions for U.S.-based construction, manufacturing, and healthcare businesses. The transaction involves the transfer of a significant ... Read the full article
Asbestos and environmental losses holding steady: AM Best
21st November 2024
A recent report by AM Best maintains its estimate of ultimate net asbestos losses at $100 billion and environmental losses at $46 billion, based on year-end 2023 data. AM Best observed that while incurred losses rose slightly in 2023, paid losses decreased significantly. The industry has now funded 96% of its ... Read the full article
Asbestos & Environmental loss reserves continue to decline: AM Best
16th November 2022
AM Best is maintaining its estimate for net asbestos losses at $100 billion and environmental losses at $46 billion as of year-end 2021, adding that given the relatively high but declining level of both paid and incurred losses, its estimate of ultimate losses remains on target. The firm states that the ... Read the full article
Crane Holdings to divest legacy asbestos liabilities
16th August 2022
Crane Holdings, Co. has announced that it has divested Redco Corporation - a wholly owned subsidiary that holds liabilities including asbestos liabilities and related insurance assets to Spruce Lake Liability Management Holdco LLC. The transaction indemnifies Crane for all legacy asbestos liabilities. At closing, Crane contributed approximately $550 million in cash to ... Read the full article
Asbestos losses showing signs of subsiding: AM Best
15th November 2019
Asbestos & environmental (A&E) loss reserves have declined steadily, but not significantly, over the past decade as loss payments have outpaced incurred losses, according to a new AM Best report. The rating agency reported that asbestos reserves declined 3.7% to $18.4 billion from 2017, while environmental reserves rose a slight 2.6% ... Read the full article
Enstar acquires legacy asbestos & environmental liabilities
30th October 2019
Bermuda-based re/insurance, run-off and legacy specialist, Enstar Group Limited, has announced that its Enstar Holdings (US) LLC division has acquired BorgWarner Morse TEC, LLC (Morse TEC) from BorgWarner Inc. This the second time that Enstar has purchased a non-insurance company, following its $91.5 million acquisition of Dana Companies, LLC for ... Read the full article
Asbestos and environmental claims continue to rise: A.M. Best
21st December 2018
Asbestos and environmental claims currently cost the property and casualty (P&C) re/insurance industry around $1.9 billion and $800 million in additional losses per year, respectively, and show no signs of slowing down, according to A.M. Best. The rating agency has raised its estimate of the ultimate net environmental losses for the ... Read the full article
Opioid lawsuits not comparable to asbestos: W.R. Berkley CEO
27th July 2018
W.R. Berkley’s Chief Executive Officer (CEO) Robert Berkley has said that prescription opioid drugs, which have come under scrutiny this year following a series of lawsuits against pharmaceutical manufacturers in the U.S, are not comparable to asbestos from a re/insurance point of view. “As far as an asbestos analogy, I think ... Read the full article
Projected asbestos industry losses up $10bn, reserves remain deficient: Fitch
18th July 2018
A Fitch Ratings report examining U.S. property and casualty re/insurers' asbestos liability exposures has led the agency to raise its projection for ultimate all-time industry incurred losses to $100 billion, up from $90 billion last year. Additionally, the U.S. industry's asbestos reserve deficiency is in the range of $8 billion - ... Read the full article
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