Reinsurance

Munich Reinsurance America Inc. announced it has changed its brand name from Munich Re America to Munich Re and adopted the Munich Re logo for all marketing materials.

As April 1 property catastrophe market renewals closed, rates continued the same soft market trend witnessed during Jan. 1 renewals, according to a report from reinsurance broker Aon Benfield.

With the exception of parts of Latin America, reinsurance rates for most of the world continued to decline at the April 1 reinsurance renewals period, a brokerage said.

Flagstone Reinsurance Holdings Limited announced its board of directors is recommending a plan to change the company's place of incorporation from Bermuda to Luxembourg.

Insurers with assets of more than $50 billion would not be subject to the pre-funding provisions of the resolution authority that would be created in Senate financial services reform legislation to deal with firms posing a systemic risk to the economy.

Sen. Chris Dodd, Conn., chairman of the Senate Banking Committee, announced that the committee will start work Monday on financial services legislation that would impose federal regulation on large insurers.