Canadian Underwriter

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Reinsurance


News Insurance

Fairfax issues US$300 million in shares

October 28, 2004 by Canadian Underwriter

Fairfax Financial Holdings Ltd. announces that in its bid to buy back debt, it is issuing US$300 million, or 2.4 million in subordinate voting shares to a number of institutional investors including Southeastern Asset Management and Markel Corp. (no relation

News Insurance

Fairfax earnings wiped out by hurricanes

October 28, 2004 by Canadian Underwriter

The quartet of U.S. hurricanes this fall, as well as bad weather here in Canada, have produced a net loss in the third quarter for financial giant Fairfax Financial Holdings Ltd. (TSX, NYSE: FFH). Fairfax reports the four hurricanes Charley,

News Insurance

What’s new: In brief (October 26, 2004)

October 26, 2004 by Canadian Underwriter

The Property-Casualty Insurers Association of America (PCI), says the issue of broker commissions has become confused the long-standing practice of contingent commissions is being lumped in with alleged acts of wrongdoing which are not accepted by the industry. “While those

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What’s new: In brief (October 25, 2004)

October 25, 2004 by Canadian Underwriter

Insurance Search Bureau of Canada (ISB) and CGI Group have signed an agreement for the reciprocal distribution of accident and occurrence police reports to create a North American-wide network for p&c insurers to retrieve these reports. The agreement allows insurers

News Insurance

Reinsurers face “key test” with 2005 renewals: A.M. Best

October 25, 2004 by Canadian Underwriter

The upcoming renewal season will be a “key test” of reinsurers’ resolve to maintain price discipline, says rating agency A.M. Best.Cedants and brokers will be expecting price softening, Specifically in the property line, despite the rash of catastrophe losses seen

News Insurance

What’s new: In brief (October 21, 2004)

October 21, 2004 by Canadian Underwriter

A.M. Best has added issuer credit ratings to complement its financial strength ratings on insurers. The ICRs have already been assigned to non-operating holding companies, but will now be added for operating companies in the reinsurance and some non-U.S. markets.

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Windstorm losses will enforce reinsurer discipline: Benfield

October 21, 2004 by Canadian Underwriter

In an analysis of the impact of the 2004 Atlantic hurricane season, broker Benfield Group says significant catastrophe losses this year should help enforce pricing discipline as the latest renewal period looms.Benfield notes that comments from reinsurer CEOs indicate an

News Climate ChangeInsurance

What’s new: In brief (October 20, 2004)

October 20, 2004 by Canadian Underwriter

Insurers are expected to tap the Florida Hurricane Catastrophe Fund for US$3 billion to reinsure losses from three major hurricanes which hit the state in August and September (losses from Hurricane Frances will not apply as they are below US$4.5

News Insurance

Aon Re Rendezvous: “Status quo” for reinsurance renewals

October 19, 2004 by Canadian Underwriter

It should be a case of “status quo” for reinsurance renewals, despite reports of market softening and the impact of hurricanes hitting the U.S. this fall.Speaking at the 3rd annual Aon Re Rendezvous in Mississauga Tuesday, Aon Re Americas vice

News InsurancePersonal Lines

Aon Re Rendezvous: Industry likely to maintain discipline

October 19, 2004 by Canadian Underwriter

The insurance industry may defy predictions that it will sink rapidly back into price competition given the number of lingering issues still hampering the industry.Speaking at the 3rd annual Aon Re Rendezvous, A.M. Best vice president John Andre says the

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What’s new: In brief (October 17, 2004)

October 17, 2004 by Canadian Underwriter

A spot of good news for Converium AG, which saw its rating raised by Standard & Poor’s to “BBB+” from “BBB”. The announcement follows successful completion of the reinsurer’s bid to raise US$420 million in capital through a rights issue.

News InsurancePersonal Lines

What’s new: In brief (October 14, 2004)

October 14, 2004 by Canadian Underwriter

Along with other changes now in place in Alberta’s auto insurance system, the government this week said a new complaint-handling procedure is in place. The system works in conjunction with the General Insurance OmbudService (GIO) and encourages consumers with a