Segment
Reinsurance
Top companies not using captives to full potential
June 26, 2007 by Canadian UnderwriterContrary to popular belief, the captive market remains underdeveloped and more than half of the world’s top 1,500 companies (G1500) do not currently own a captive, according to research by Aon Global Risk Consulting.This means that insurance buyers within the…
Guy Carp offers multi-territory, multi-event cat bond
June 22, 2007 by Canadian UnderwriterGuy Carpenter & Company, Ltd and MMC Securities Ltd. announced the completion of a multi-territory, multi-event catastrophe bond transaction.The bond will pay Brit Insurance Holdings PLC principal subsidiary, Brit Insurance Limited, up to US$200 million [approximately Cdn$214 million] in the…
What’s New: In Brief (June 21, 2007)
June 21, 2007 by Canadian UnderwriterKingsway Financial Services Inc. has announced its newly-formed, wholly-owned subsidiary, Kingsway 2007 General Partnership, has filed a preliminary short form prospectus with the securities regulatory authorities in each of the provinces and territories of Canada for a proposed public offering…
Bermuda reinsurers showed Q1 profits, despite softening market
June 20, 2007 by Canadian UnderwriterBermuda reinsurers continued the 2006 trend of bolstering balance sheets with record profits during 2007 Q1, according to the Benfield Bermuda Quarterly report, despite a softening market.According to Benfield, light losses and reserve release helped Bermuda’s 16 leading reinsurers produce…
RMS launches reinsurance software
June 20, 2007 by Canadian UnderwriterRisk Management Solutions (RMS) has launched a software platform that aims to enable insurance industry professionals to gain a more comprehensive view of their portfolio risk. “The Reinsurance Platform will help insurance, reinsurance, and catastrophe management professionals to reduce uncertainty…
What’s New: In Brief (June 18, 2007)
June 18, 2007 by Canadian UnderwriterThe Risk and Insurance Management Society (RIMS) has sponsored publication of a new handbook to help people make sense out of that nebulous area known as Enterprise Risk Management (ERM). The title of the book which would be familiar to…
What’s New: In Brief (June 18, 2007)
June 18, 2007 by Canadian UnderwriterAon Reed Stenhouse Inc. has announced the appointment of Christine Lithgow as executive vice president, national client service, market relations for Aon Reed Stenhouse and as a member of the national executive committee. Lithgow began her career at Reed Stenhouse…
Allocating 2007 hurricane losses: primary insurers or reinsurers?
June 15, 2007 by Canadian UnderwriterClimactic conditions are ripe for an active storm season and obviously an active storm season increases the likelihood that the insurance industry will incur losses, according to a June 2007 report by Fitch Ratings, entitled Hurricane Season 2007: A Desk…
Cat model updates increase demand surge assumptions
June 15, 2007 by Canadian UnderwriterThe catastrophe models in 2007 have updated their demand surge assumptions and industry exposure levels, resulting in an increase in estimated average annual losses, according to Fitch Ratings Hurricane Season 2007: A Desk Reference for Insurance Investors.Because catastrophe losses fell…
Canada goes against global terrorism insurance trend
June 11, 2007 by Canadian UnderwriterThe Canadian government has failed to follow the global trend of becoming more involved in mitigating the risk exposure of insurance and reinsurance companies, according to a Guy Carpenter & Company, LLC report. While a number of countries have developed…
What’s New: In Brief (June 07, 2007)
June 7, 2007 by Canadian UnderwriterA.M. Best Co. has placed the financial strength rating (FSR) of A- (Excellent) of Lincoln General Insurance Company and Kingsway Reinsurance Corporation (KRC), a subsidiary of Kingsway Financial Services Inc. (KFSI), under review with negative implications.The under review status of…
AIR updates U.S. hurricane model to better estimate business interruption
June 5, 2007 by Canadian UnderwriterAIR Worldwide has updated its United States hurricane model to include an enhanced methodology for estimating business interruption (BI) losses.In the aftermath of the 2004 and 2005 hurricane seasons, which devastated wide swaths of the Gulf Coast and put countless…