Canadian Underwriter

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Climate Change


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Benfield, Merrill Lynch team up to offer cat bonds

April 21, 2006 by Canadian Underwriter

Benfield, an independent reinsurance and risk intermediary, has formed a relationship with Merrill Lynch to offer insurers and reinsurers catastrophe (cat) bonds as a form of alternative capital for peak risk exposures.Recent hurricane losses, likely revisions to cat models and

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The Co-operators reports record revenues in 2006

April 20, 2006 by Canadian Underwriter

Consolidated revenues for The Co-operators Group Limited reached a record CD$2.7 billion in 2005 up from CD$2.6 billion the previous year. Net income was down slightly from 2004 to CD$138 million, with a return on equity (ROE) of 15.4%The Co-operators

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Munich Re reports 2005 profit of US$3.34 billion

April 19, 2006 by Canadian Underwriter

Munich Reinsurance Company has reported a 2.7 billion (US$3.34 billion) profit for 2005, paving the way for a record dividend payout of 707 million (US$875.3 million).“Given its outstanding result for the business year 2005, Munich Re is paying out a

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Allstate reports strong 2006 first quarter

April 19, 2006 by Canadian Underwriter

Buoyed by improved underwriting numbers, Allstate Corp reported an “excellent start to 2006” with strong 2006 1Q results.Allstate’s 1Q property liability premiums written grew 2.2% over the first quarter of 2005, driven by Allstate brand standard auto and homeowners increases

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Aon Re provides insight into earthquake loss potential

April 18, 2006 by Canadian Underwriter

Aon Re recently developed a comprehensive Earthquake Viewing Guide following the success of its Hurricane Viewing Guide, which was utilized during the 2004/2005 hurricane seasons.The viewing guide provides a range of potential loss outcomes based on possible earthquake events throughout

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PLUS foundation offers hurricane relief grants

April 18, 2006 by Canadian Underwriter

The Professional Liability Underwriting Society (PLUS) Foundation recently granted over US$90,000 to support its members and other insurance related hurricane relief efforts. The PLUS Foundation identified all members residing in the federally designated disaster areas following the hurricanes of 2005

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Regulation of micro-insurance required, IAIS says

April 17, 2006 by Canadian Underwriter

Regulation and supervision of micro-insurance is a key factor for the further development of the insurance market, according to the International Association of Insurance Supervisors (IAIS).Micro-insurance is the provision of insurance to low-income households following basic insurance standards. These standards

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Commonwealth Insurance adopts EQECAT platform

April 17, 2006 by Canadian Underwriter

Commonwealth Insurance Company, a Canadian-based insurance company, has signed a licensing agreement to create an integrated catastrophe management system using EQECAT’s WORLDCATenterprise(TM) platform and XML interface technology. Financial terms of the agreement were not disclosed.“To give our underwriters the most

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Risk distribution for catastrophes must change: Munich Re

April 13, 2006 by Canadian Underwriter

A recent Munich Re report says “existing mechanisms for distributing the risk between the private insurance sector, the state, and the federal government should be reconsidered” in light of the hurricane seasons of 2004 and 2005.The report, entitled ‘The 1906

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A.M. Best softens cat stress test for prepared insurers

April 11, 2006 by Canadian Underwriter

A.M. Best Co. is making modifications to its catastrophe stress test, which in some cases will require less capital for a company to support its catastrophe exposure. The ratings agency says “those companies that would be afforded additional leeway in

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P&C insurers CAT risk assessments amended

April 6, 2006 by Canadian Underwriter

Standard & Poor’s Ratings Services has revised its criteria for measuring the catastrophe risk of primary property and casualty insurance companies, according to a recent S&P’s article. The article “Property/Casualty Insurance Criteria: Primary Insurer Catastrophe Capital Charges Revised” says that

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Lloyd’s reports net US$180 million loss after hurricanes

April 6, 2006 by Canadian Underwriter

Citing net claims of 3.309 billion (US$5.79 billion) as a result of the “most severe hurricane season on record,” Lloyd’s of London reported a net loss of 103 million (US$180 million) in 2005, compared to a profit in 2004 of