Reinsurance News
RAA
RAA endorses end to NFIP subsidies for new builds in flood risk areas
19th April 2021
The Reinsurance Association of America (RAA) has endorsed new legislation to end National Flood Insurance Program (NFIP) subsidies for newly-constructed properties in areas vulnerable to flooding. The Build for Future Disasters Act of 2021, reintroduced by Representatives Andy Barr and Scott Peters, would mean NFIP rates reflect up-to-date flood information for ... Read the full article
US P&C reinsurer’s net premium hit $65bn in 2020: RAA
29th March 2021
Data from the Reinsurance Association of America (RAA) shows that a group of 17 U.S. property and casualty (P&C) reinsurers wrote $65 billion of net premiums during 2020, an increase from the $57.7 billion recorded in 2019. However, despite writing more premiums the combined ratio of the collective did rise from ... Read the full article
RAA appoints Markel’s Jed Rhoads as Chair
24th September 2020
The Reinsurance Association of America (RAA) has announced that Jed Rhoads, President and Chief Underwriting Officer (CUO) at Markel Global Reinsurance, has been appointed as the new Chair of the RAA Board of Directors. Rhoads has worked for Markel for over 18 years, whilst holding the position of President and CUO ... Read the full article
US P/C reinsurers maintain underwriting profitability in Q1: RAA
29th May 2020
Despite the influence of the ongoing COVID-19 pandemic, a group of 17 U.S. property/casualty (P/C) reinsurers recorded a combined ratio of below 100% in the first-quarter of 2020, according to analysis by the Reinsurance Association of America (RAA). At 97.4%, the group's combined ratio did deteriorate from the 94.9% in the ... Read the full article
Hamilton Re’s Kathleen Reardon appointed Chair of RAA’s Board
28th April 2020
The Reinsurance Association of America (RAA) has announced the election of new officers for 2020-2021, including Kathleen Reardon, Chief Executive Officer (CEO) of Hamilton Re, Ltd., as Chair of the organisation's Board of Directors. Reardon, who was appointed CEO of Hamilton Re in 2014, takes over as Chair of the Board ... Read the full article
RAA-led coalition presses US gov for business recovery fund
1st April 2020
The Reinsurance Association of America (RAA), together with a coalition representing the US business community, has sent a letter to President Trump and Congressional leaders, urging them to support the Covid-19 Business and Employee Continuity and Recovery Fund. The Recovery Fund is a solution designed to to support businesses and employees ... Read the full article
EXIM Bank to expand pilot reinsurance program
18th March 2020
The Export-Import Bank of the United States (EXIM), the official US export credit agency (ECA) and a wholly owned federal government corporation, has revealed that it intends to expand on the pilot $1 billion reinsurance program it launched in April 2018. EXIM has now begun the process of looking for a ... Read the full article
US P&C reinsurers return to underwriting profitability: RAA
27th November 2019
A group of 17 U.S. property/casualty (P&C) reinsurers recorded an improved combined ratio of 96.2% for the first nine months of 2019, driven by improvements in both the expense ratio and loss ratio when compared with the same period in 2018, according to analysis by the Reinsurance Association of America ... Read the full article
NAMIC’s Paul Martin joins RAA as Vice President, State Relations
22nd October 2019
Paul Martin, previously of the National Association of Mutual Insurance Companies (NAMIC), has joined the Reinsurance Association of America (RAA) as Vice President of State Relations. Most recently, Martin served as Senior Regional Vice President, State Affairs with the NAMIC, and previously served as Lobbyist/Claim Attorney with State Farm Mutual Automobile ... Read the full article
Premiums, profits up for U.S P&C reinsurers: RAA
27th November 2018
A group of 18 U.S. property and casualty (P&C) reinsurance companies recorded $45.4 billion in net premiums written (NPW) during the nine-months ended 30 September 2018, according to a survey conducted by the Reinsurance Association of America (RAA). This figure represents a $11.2 billion increase from this point last year, when NPW ... Read the full article
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