Reinsurance

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.

The UK Financial Services Authority announced last week that a tribunal upheld its decision prohibiting the former chief executive at a General Reinsurance Group unit from working in financial services.

A.M. Best Co. said it has removed the "under-review" status from the "A-minus" financial strength ratings of the operating subsidiaries of Ironshore after assessing management's execution of a new business plan.

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

Sidney, Australia-based QBE Insurance Group Limited announced that John Rumpler, currently group general manager for credit and surety, will assume the post of chief executive officer of its Americas Division in June.

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