Canadian Underwriter


News Insurance

U.S. reinsurers post US$3.1 billion profit for 2003

March 22, 2004 by Canadian Underwriter

Last year, U.S. reinsurers’ profit grew by almost 500%, to US$3.08 billion from just US$628 million the year prior, reports the Reinsurance Association of America (RAA), which represents 29 domestic U.S. companies.Substantially improved underwriting results were the key, with the

News Climate ChangeInsurance

Munich Re posts 2003 loss on tax charges

March 19, 2004 by Canadian Underwriter

The world’s largest insurer, Munich Re, is posting a loss of EUR434 million (Cdn$710.9 million), despite a strong underwriting performance.“With the net loss for 2003, we are drawing a line under three difficult years impacted above all by the bear

News Insurance

Reinsurance recoverables dragging p&c industry recovery: E&Y

March 15, 2004 by Canadian Underwriter

Questions about the long-term sustainability of p&c industry profitability linger in the wake of an already waning hard market, suggests a new report by Ernst & Young LLP. The “Financial Services Market Overview” notes that rate increases are expected for

News InsurancePersonal Lines

Reinsurers continue to expect downgrades: S&P

March 12, 2004 by Canadian Underwriter

Reinsurers may be blanching at a new “North American Insurance Industry Report Card” by Standard & Poor’s which suggests the sector can expect to see downgrades outweigh upgrades this year.Commenting on the reinsurance sector, for which S&P maintains a negative

News Climate ChangeInsurance

Uniform data standard needed for risk modelers: EQECAT

March 2, 2004 by Canadian Underwriter

Just as insurers work toward uniformity of data transmissions on the distribution end, they should also be asking risk modeling firms to work toward uniform data standards. So says EQECAT Inc. president Rick Clinton at the risk modeling company’s recent

News Insurance

Insurers seeking diversity in reinsurance buying: Aon

February 26, 2004 by Canadian Underwriter

A review of the 2004 reinsurance treaty renewal season shows primary insurers are looking at diversifying their spread of reinsurance, as well as focusing on reinsurer security ratings. Reinsurers, for their part, are looking for transparency from their primary company

News Climate ChangeInsurance

WTC “occurrence” trial will not affect ratings

February 20, 2004 by Canadian Underwriter

Regardless of the outcome of the trial now underway to determine how much will be paid out on the World Trade Center (WTC) destruction, insurers involved will not see a ratings impact, says Standard & Poor’s.The jury trial will decide

News Insurance

Mix of premium growth, investment gains builds Odyssey Re 2003 earnings

February 13, 2004 by Canadian Underwriter

New York-based Odyssey Re Holdings Corp. (part of Fairfax Financial) saw premium growth of 35%, with progress in all of its four global business segments, to boost net income for 2003. For the year ending December 31, 2003, the reinsurer

News Insurance

Insurers & reinsurers headed for conflict: S&P

February 4, 2004 by Canadian Underwriter

Insurers and reinsurers are on the path to a major conflict over recoverables as reinsurers lag in the recognition of reserve problems, says a new report by Standard & Poor’s.The rating agency says “The warning signs are coming thick and

News Insurance

Reinsurance price stability predicted for 2004: Benfield Group

January 22, 2004 by Canadian Underwriter

U.K.-based reinsurance broker Benfield Group is predicting reinsurers will maintain price discipline through 2004, with some leveling off of rates but slim chance of a dramatic softening.Speaking of the 2003-2004 renewal season, the broker notes that reinsurers did continue the

News Insurance

XL takes US$694 million reserve charge on US reinsurance business

January 14, 2004 by Canadian Underwriter

Bermuda-based XL Capital Ltd. is leading the pack, taking a reserve charge of US$694 million on its fourth quarter results to deal with prior year claims.After an extensive claims review, the company says it must take the charge, which amounts

News Insurance

SCOR back in brokers’ good books

December 12, 2003 by Canadian Underwriter

French reinsurer says it is back on the security lists of the world’s biggest reinsurance brokers. Following announcement of SCOR’s EUR 349 million loss for the first nine months of the year, the company faced ratings downgrades and a negative