What’s new: In brief (June 16, 2004)

A.M. Best has affirmed the “A++” (superior) financial strength rating of General Re Group, as well as the “a++” senior debt rating of parent General Re Corp. All ratings have a stable outlook. The rating agency says the rating reflects the support of parent Berkshire Hathaway Inc., and the company’s strong earnings capability.

Insurers dodged a bullet Tuesday with no reports of injury or damage as a result of a 5.2 magnitude earthquake in the San Diego area. The earthquake struck at about 3:30 in the afternoon PDT, with its epicenter located in the Pacific Ocean, 95 km southwest of San Diego. This was followed by a 3.6 magnitude quake some two hours later. A small earthquake, 3.7 magnitude, hit southern Missouri just after 11:00 Tuesday night.

The Geneva Association and the International Insurance Society (IIS) have formed a new research program aimed at insurance industry issues. “In the insurance area, we often see distinguished theoretical research, but our aim is to spotlight some of the practical, daily issues of concern to business around the world, including capital risk, insurance cycles and regulatory issues,” says Geneva Association secretary general Patrick Liedtke. Outstanding papers could receive awards as high as US$10,000 and will be presented at the upcoming IIS Conference in Hong Kong in 2005. Other sponsors include AIG and Partner Re.