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Lloyd’s results highlight strong rebound

May 24, 2004 by Canadian Underwriter

Official results for 2003 from Lloyd’s for 2003 highlight the London market’s strong rebound since 9/11, and give evidence to overall industry trends of strong underwriting performance dragged by lingering liability issues from prior years.Lloyd’s is reporting net pre-tax profit

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What’s new: In brief (May 20, 2004)

May 20, 2004 by Canadian Underwriter

French reinsurer SCOR reported overall net income of EUR31.8 million for the first quarter of 2004, with its non-life sector posting a combined ratio of 98.8%. This compares with 121.3% for the segment a year ago. However, operating income in

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European reinsurer results dragged down by investment weakness in 2004: Benfield

May 20, 2004 by Canadian Underwriter

Despite strong premium growth, many European reinsurers saw their results dragged by a lackluster investment environment, says a report by reinsurance broker Benfield Group.In the yearend review, “Impairment Drag”, Benfield notes, “The favorable trends in pricing and terms noted through

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US commercial reserves continue to haunt industry

May 11, 2004 by Canadian Underwriter

Despite strong profits achieved by U.S. property & casualty insurers in 2003, reserving issues continue to plague the industry, leading Standard & Poor’s to maintain its “negative” outlook on the commercial sector.Although commercial insurers added more than US$40 billion to

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What’s new: In brief (May 10, 2004)

May 10, 2004 by Canadian Underwriter

The World Trade Center insurance trial verdict will have far-reaching implications for commercial clients, says Wood & Bender LLP. While the decision highlights the need to have insurance negotiations finalized prior to completing major business transactions, it has also spurred

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ISO prepares terrorism exclusion wordings in advance of TRIA extension discussions

May 5, 2004 by Canadian Underwriter

With the future of the U.S. terrorism risk backstop up in the air, the Insurance Services Office (ISO) has filed conditional wordings for a terrorism insurance policy endorsement.The ISO is asking state regulators to approve the wording if Congress fails

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Swiss Re wins another round against Silverstein

May 4, 2004 by Canadian Underwriter

Swiss Re came out ahead in the latest legal round against World Trade Center leaseholder Larry Silverstein. A New York jury found in favor of the reinsurer that it is bound by the Wilprop policy form for its portion of

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Odyssey Re ROE hits 17%

May 3, 2004 by Canadian Underwriter

Fairfax’s Odyssey Re Holdings Corp. (NYSE: ORH) exceeded its own goals, posting return on equity of 17% for the first quarter of 2004.The reinsurer posted after-tax income of US$59.0 million (US$0.90 per share) for the first quarter, versus US$46.6 million

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Fairfax earnings down despite strong combined ratio

May 2, 2004 by Canadian Underwriter

Insurance giant Fairfax Financial Holdings (TSX. NYSE: FFH) is reported reduced net earnings for the first quarter of 2004, down to US$39.5 million from US$169.0 million for the same period a year before. This translates to earnings per share dropping

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Cat bond market grows 42% in 2003

April 27, 2004 by Canadian Underwriter

The global catastrophe bond market was up 42% in 2003, with total bond issuance hitting US$1.73, according to research by Guy Carpenter & Co. and MMC Securities Corp. 2002 saw total bond issuance of US$1.22 billion.The average size of transactions

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British Virgin Islands reports captive growth

April 19, 2004 by Canadian Underwriter

2003 saw 57 mew captive licenses approved in the British Virgin Islands (BVI), 23% growth over 2002, reports the BVI International Financial Centre (IFC).In total, 2003 saw the BVI reach 307 captives, maintaining it as the fifth largest captive domicile

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Insurers seek to limit asbestos fund contributions

April 18, 2004 by Canadian Underwriter

U.S. insurers and reinsurers are encouraging legislators not to increase the amount companies would contribute to a national asbestos litigation fund that could be established under Senate bill S.2290. Insurers made the appeal in a joint statement from the National