Reinsurance

QBE says it has completed its acquisition of Balboa Insurance from Bank of America.

Nineteen reinsurers belonging to the Reinsurance Association of America saw a combined 2011 first-quarter net loss of $100.6 million, compared to 2010 first-quarter net income of $2.4 billion.

Although Florida’s property insurance bill SB 408 became law May 17 upon the signature of Gov. Rick Scott, not all the provisions became effective that day.

While Florida insurers have long used catastrophe models to assess portfolio-level catastrophe risk, leading carriers assess catastrophe risk before the policy is underwritten. Incorporating catastrophe modeling into the underwriting process is easier than most assume.

Moody’s Investors Service has changed PartnerRe Ltd.’s outlook to negative from stable due to the company’s “outsized” first-quarter catastrophe losses relative to its peers.

Florida Office of Insurance Regulation approves another reinsurer under reduced-collateral terms.

Florida Office of Insurance Regulation approves another reinsurer under reduced-collateral terms.

Insurers are beginning to embrace the results of the new catastrophe model from Risk Management Services after getting over the initial shock of higher collateral reserves insurers may have to accept.