Segment
Reinsurance
Retrocessional rates still high after 2004-05 hurricanes
May 15, 2007 by Canadian UnderwriterReinsurers are still feeling the pinch of high rates and tight capacity after disastrous losses between 2004 and 2005. In 2005 and 2006, pricing in the retro market did become extreme, David Priebe, head of specialty operations for reinsurance broker…
What’s New: In Brief (May 15, 2007)
May 15, 2007 by Canadian UnderwriterThe Co-Operators have appointed Bruce West as senior vice president and chief financial officer (CFO), effective June 4, 2007.West brings more than 25 years of progressive financial and managerial experience in operations, corporate development, and financial management to his new…
What’s New: In Brief (May 14, 2007)
May 14, 2007 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is sponsoring a symposium to discuss how to reduce the number of drivers on the road who are overtired. Police are able to pull over and charge those who are intoxicated, but there are…
What’s New: In Brief (May 14, 2007)
May 14, 2007 by Canadian UnderwriterAMAC Consultants Inc. announced the appointment of Paul M. Green as vice president, in a bid to strengthen its national presence.Green will primarily be responsible for growing the firms Ontario business and serving its clients in Easter Canada from AMACs…
Swiss Re reports 54% revenue increase in Q1 over 2006-Q1
May 8, 2007 by Canadian UnderwriterSwiss Re has increased its earnings by 54% in Q1-2007 over Q1-2006. The company has reported earnings of CHF1.3 billion (approximately Cdn $1.18 billion).Swiss Re had a good start to 2007, Jacques Aigrain, CEO for Swiss Re, said in a…
AIR sponsors hurricane simulator
May 7, 2007 by Canadian UnderwriterAIR Worldwide Corp, a global risk modelling company, has teamed with the International Hurricane Research Center (IHRC) to fund the AIR Turntable for the centres hurricane simulator.The AIR Turntable is a computer controlled, mechanical platform which will be used to…
Standard and Poor’s boosts Arch’s financial strength ratings
May 4, 2007 by Canadian UnderwriterStandard & Poor’s Ratings Services has raised its counterparty credit and senior debt ratings on Arch Capital Group Ltd. (NASDAQ:ACGL) to ‘BBB+’ from ‘BBB’. At the same time, Standard & Poor’s raised its counterparty credit and financial strength ratings on…
Manulife Financial’s reinsurance finances in 2007 Q1 still show effects of earlier hurricanes
May 3, 2007 by Canadian UnderwriterManulife Financial Corporation has reported 2007 Q1 earnings of US$986 million, including a one-time charge of US$69 million related to an asset realignment undertaken to more appropriately position Manulife Financials assest under the new financial accounting standards that became effective…
Swiss Re notes disconnect between risk and mitigation
May 1, 2007 by Canadian UnderwriterTheres a growing disconnect between risk and mitigation, and bold action must be taken to address it, a Swiss Re executive member told a panel discussion at RIMS 2007 in New Orleans.Agostino Galvagni, a member of Swiss Res executive board…
European bank, insurer team up to create new financial company, reinsurer
April 30, 2007 by Canadian UnderwriterIn a European marriage between banking and insurance, NATIXIS, an investments and projects bank, has partnered with the White Mountains Insurance Group, Ltd., to create Pentelia Capital Management (PCM), an asset management company based in Bermuda.In addition, the two companies…
Willis reports profits of $169 million for Q1
April 26, 2007 by Canadian UnderwriterWillis Group reported a net income of US$169 million [approximately Cdn$189 million] for 2007 Q1, as compared to US$140 million [approximately Cdn$156 million].Each business unit contributed to overall organic growth in commissions and fees in the first quarter, with global…
Aon celebrates 20th by building playgrounds across country
April 24, 2007 by Canadian UnderwriterIn celebration of its 20th anniversary on the New York Stock Exchange (AOC:NYSE), Aon Corporation has signed up to be a part of the People Helping People program, and has pledged to build a series of playgrounds across Canada.While the…