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Life reinsurance market marked by consolidation

August 22, 2004 by Canadian Underwriter

The Canadian and U.S. life reinsurance markets are characterized by consolidation, with three players Swiss Re, Munich Re and RGA dominating the market, according to a new report by A.M. Best. The result has been price and term discipline, but

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Odyssey Re net income drops on realized gain dip

August 2, 2004 by Canadian Underwriter

Following in the footsteps of parent Fairfax Financial Holding, Odyssey Re Holdings Corp. (NYSE: ORH) saw earnings drop as a result of a massive slide in realized gains in the second quarter ending June 30, 2004.Net income was down to

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What’s new: In brief (July 28, 2004)

July 28, 2004 by Canadian Underwriter

Fairfax Financial Holdings Ltd. says some of its affiliates have priced an offering of 3.1 million shares of common stock of Zenith National Insurance Corp. for gross proceeds of US$133 million. An overallotment of 400,000 shares was also offered to

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Fitch gives reinsurance sector stable outlook

July 27, 2004 by Canadian Underwriter

Global reinsurers are cleaning up their act, prompting Fitch Ratings to change its outlook on the sector to stable from negative, where it has been since 2001.Fitch says there should be fewer rating changes in the near term, and downgrades

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Stability in reinsurance sector challenged by soft market: A.M. Best

July 25, 2004 by Canadian Underwriter

The onset of the soft market will challenge reinsurers to maintain the stability shown in strong results over the past two years, according to a new report by A.M. Best.2003 was a strong year for reinsurers in the U.S., Europe

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Reinsurance recoverable expectations more than US$14 billion off the mark

July 20, 2004 by Canadian Underwriter

The gap between reinsurance recoverable expectations of cedants and reinsurers is widening, and is now estimated between US$14-$24 billion, according to a study by Conning Research and Consulting Inc. The estimate is based on expectations reported by cedants which are

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What’s new: In brief (July 19, 2004)

July 19, 2004 by Canadian Underwriter

Swiss reinsurer Converium AG and its subsidiaries have seen their counterparty credit and financial strength ratings lowered by Standard & Poor’s to “A-” from “A”. The downgrade is a result of Converium’s announcement that it would take an earnings hit

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Odyssey Re upgraded by Moody’s

July 14, 2004 by Canadian Underwriter

Fairfax’s reinsurance subsidiary, Odyssey Re has seen its financial strength rating upgraded to “A3” from “Baa1” by Moody’s Investor Service, concluding a review announced in mid-May.The rater points to Odyssey Re’s strong financial performance in the past two years in

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Actuaries say industry not ready to assume terrorism risk

July 14, 2004 by Canadian Underwriter

With the future of the Terrorism Risk Insurance Act (TRIA) currently being debated by U.S. legislators, the American Academy of Actuaries (AAA) says the insurance industry will not be prepared to assume the risk if TRIA is not renewed beyond

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What’s new: In brief (July 12, 2004)

July 12, 2004 by Canadian Underwriter

The Women in Insurance Cancer Crusade is hitting the track, the horse track that is, with a “Night at the Races” planned for Wednesday, September 1. The evening of fine dining and thoroughbred racing is slated for Toronto’s Woodbine racetrack,

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Continued improvement in Canadian commercial property line

July 11, 2004 by Canadian Underwriter

In 2003, Canadian commercial property writers saw across-the-board improvement with rising rates and declining loss ratios, according to a new report by A.M. Best.Best’s data shows the net loss ratio in commercial property dropped to 49.5% in 2003, a 12.3

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Bermuda market growth slows

July 7, 2004 by Canadian Underwriter

Not unexpectedly, growth of the Bermuda market slowed in the first half of 2004, with insurance company incorporations dropping compared to the first six months of 2003, according to data from the Bermuda Monetary Authority (BMA) Insurance Division published by