Segment
Reinsurance
Hannover Re generates best result in history in 2006
March 14, 2007 by Canadian UnderwriterHannover Re said it generated the best result in the company’s history in 2006.The Group reported a 2006 net income of EUR514.4 million [Cdn$799.8 million] and a return on equity of 18.7%. The companys combined ratio in 2006 stood at…
Guy Carpenter launches portfolio-based product
March 13, 2007 by Canadian UnderwriterGuy Carpenter & Company has launched SelectCat, an index-based product designed to provide reinsurers with capacity, flexibility and rational pricing for managing their property catastrophe risks. SelectCats pricing and loss index is developed from a synthetic layer, structured for a…
Benfield Group Limited boosts profit, revenues in 2006
March 13, 2007 by Canadian UnderwriterBenfield Group Limiteds profits in 2006 increased to 38.4 million [Cdn$87 million], compared with a 34.9 million [Cdn$79.1 million] profit in 2005.Overall, the Groups reinsurance broking revenue increased by 12.9% (to 299.4 million, or Cdn$678.5 million), up from 265.1 million…
Aon Re and Benfield reach settlement over defections
March 12, 2007 by Canadian UnderwriterAon Re Global and Benfield Group have reached a global and comprehensive settlement with Benfield Group of all the litigation relating to the defection of former Benfield facultative reinsurance employees to Aon Re.Under the amicable settlement, Benfield will receive payments…
2006 is third-mildest catastrophe loss year since 1990
March 8, 2007 by Canadian UnderwriterAt US$15.9 billion, insured catastrophe damage in 2006 represented the third-mildest loss year since 1990, according to a Swiss Re sigma report [No 2/2007].Of these insured losses worldwide, natural catastrophes accounted for US$11.8 billion of the total. Storms caused insured…
Enhanced data collection for 2007 catastrophe modelling essential
March 7, 2007 by Canadian UnderwriterEnhancing data collection for catastrophe modeling is imperative for insurers and reinsurers in 2007, according to Ernst & Youngs Quarterly Insurance Industry Outlook.The 2004 and 2005 hurricane seasons revealed weaknesses in commonly used catastrophe risk modeling techniques, the report notes.…
What’s New: In Brief (March 07, 2007)
March 7, 2007 by Canadian UnderwriterING Insurance Company of Canada is continuing to support the Broker Identity Program [BIP] as a full partner, the Insurance Brokers Association of Canada [IBAC] announced in a press release.IBAC launched the BIP program in 1989. More than 20 insurance…
A.M. Best seeks input on risk management ratings methodology
March 7, 2007 by Canadian UnderwriterA.M. Best Company Inc. has put out a call for comments from market participants in the insurance industry and other interested parties on a draft of its Risk Management and the Rating Process for Insurance Companies.The draft methodology outlines how…
Guy Carpenter report finds record cat bond activity in 2006
March 5, 2007 by Canadian UnderwriterGuy Carpenter & Company, LLC, released its fifth annual joint study of natural catastrophe bond transaction activity and trends and market dynamics which found that the market momentum resulting from the record storm activity of 2004 and 2005 continued into…
Swiss Re reports CHF4.6 billion profit in 2006
March 2, 2007 by Canadian UnderwriterSwiss Re delivered record earnings in 2006, announcing a 98% increase in profits to CHF4.6 billion [Cdn$4.4 billion].Swiss Re CEO Jacques Aigrain said in 2006 Swiss Re achieved a record result, based on disciplined underwriting in property and casualty, consistent…
2007 reinsurance outlook stable
March 1, 2007 by Canadian UnderwriterA.M. Best Co.s 2007 outlook for the global reinsurance sector is stable, changing from a negative outlook originally assigned nearly two years ago.This outlook revision implies that the majority of 2007 reinsurer rating actions are likely to be affirmations with…
Munich Re reports record profit in 2006 of EUR3.5 billion.
February 28, 2007 by Canadian UnderwriterMunich Re has reported posting a record profit totalling EUR3.5 billion [Cdn$5.4 billion].The company also reported reducing its combined ratios in reinsurance (92.6%) and primary insurance (90.8%) to new record lows.“A record profit for the third time in a row…