Reinsurance

Insurers are increasingly offering products and promoting behavior that address the growing risk of climate change, according to presentations delivered at an insurance regulators' Climate Risk Summit.

U.S. reinsurers saw a slight decline in net premiums written during the first three quarters of 2009, but the business they wrote was far more profitable, a Reinsurance Association of America survey has revealed.

Thanks to changes supported by carriers and agents, most industry groups are now satisfied with legislation creating a Federal Insurance Office within the Treasury Department that was passed last week.

Four trade groups representing large insurers have sent a letter to the House Financial Services Committee opposing changes to legislation creating a Federal Insurance Office.

Nineteen U. S. property-casualty reinsurers wrote $18.7 billion of net premiums during the nine-months ended Sept. 30, 2009, compared to $19 billion for the same period in 2008, down less than 2 percent, according to the RAA.

Max Capital Group Ltd. said it has promoted Executive Vice President David Kalainoff to the post of president of reinsurance operations for Bermuda and Ireland