Reinsurance

Insurers with assets of more than $50 billion would not be subject to the pre-funding provisions of the resolution authority that would be created in Senate financial services reform legislation to deal with firms posing a systemic risk to the economy.

Flagstone Reinsurance Holdings Limited announced its board of directors is recommending a plan to change the company's place of incorporation from Bermuda to Luxembourg.

Sen. Chris Dodd, Conn., chairman of the Senate Banking Committee, announced that the committee will start work Monday on financial services legislation that would impose federal regulation on large insurers.

The amount of U.S. property and casualty reinsurers' net premiums written last year was flat at $23.9 billion, a survey by the Reinsurance Association of America found.

Validus Holdings, Ltd. said its initial maximum estimate of losses from the recent earthquake in Chile and European Windstorm Xynthia was $300 million.

Ariel Holdings has announced that its founder, Donald Kramer, is stepping down as chief executive officer of the company and that George Rivaz will take over that position.