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Archive Stories
Archived stories from Dec 2019

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Reinsurer removes itself from its own reinsurance panel

A leading reinsurer, Adulta Re, has told RISKbitz that it was no longer able to pay claims and has been forced to remove itself from its own reinsurance panel. ?For years we've taken the lead on our own reinsurance, but this year we simply cannot guarantee to pay the claims - we're skint basically, so we've had no option but to remove ourselves from our panel,? said a spokesman.

?Our reinsurance criteria are very strict - we expect our reinsurers to be solvent, trading normally, rated ZZZ+ or higher, and regulated by someone or other. Sadly, we are none of these things so we have only ourselves to blame,? the spokesman added. ?The writing was on the wall when we moved the HQ to Costa Rica. I mean, you can't trust a reinsurer like that. Something well dodgy was clearly going on.?

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Other news from Dec 2019
 
Travelating the Wave of Insurability
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