Reinsurance

Eight industry trade groups supporting an optional federal insurance charter told key members of Congress in a letter yesterday that financial services regulatory reform should include a dedicated federal insurance regulator.

The Reinsurance Association of America (RAA) said today that Jacques Bonneau, president and chief executive officer of Ace Tempest Re USA, has been elected board chairman.

Lloyd's said it is opening its office in Brazil today, a year after receiving approval from the Superintendence of Private Insurance (SUSEP) to become the first admitted reinsurer in the country.

An investment bank analysis of the property-casualty insurance market finds that the outlook for this year is improving modestly but declines can be expected in earnings per share.

Moody's Investors Service, citing the impact of stock market declines, downgraded the insurance financial strength rating of National Indemnity Company and the long-term issuer rating of its ultimate parent, Berkshire Hathaway Inc.

Pushed up by limited capacity, U.S. property-catastrophe reinsurance rates for April 1 renewals had increases up to 14 percent for national programs, a reinsurance brokerage reported.