Segment
Reinsurance
2006 kind to Bermuda reinsurers, Fitch says
November 21, 2006 by Canadian UnderwriterBermuda-based reinsurers saw their their 2006 net income soar and their combined operating ratios (COR) plummet and after a relatively mild hurricane season, according to a recent report by Fitch Ratings.Fitch noted the Bermuda reinsurers tend to derive most of…
A.M. Best gives SGI Canada an ‘A- (Excellent)’ rating
November 20, 2006 by Canadian UnderwriterA.M. Best Co. has affirmed the ‘A- (Excellent)’ financial strength rating (FSR) of SGI Canada.In addition, A.M. Best upgraded the strength ratings of SGI Canada Insurance Services Ltd. (SCISL), a subsidiary of SGI, and SCISL’s Atlantic Canada subsidiary, The Insurance…
OdysseyRe files registration for common stock offering
November 17, 2006 by Canadian UnderwriterOdysseyRe Holdings Corp. (NYSE: ORH) has filed a registration statement with the U.S. Securities and Exchange Commission related to a secondary offering of OdysseyRe’s common stock.OdysseyRe announced it filed the statement at the request of its majority shareholder, Fairfax Financial…
Guy Carpenter, Amlin complete first “paperless” claim settlement
November 16, 2006 by Canadian UnderwriterGuy Carpenter & Company Ltd., a global risk and reinsurance specialist, and Lloyd’s insurer Amlin (LSE: AML) say they have completed the Market’s first fully paperless claim settlement.The claim settlement was made possible through the successful implementation of Electronic Claims…
Reinsurers take advantage of mild hurricane season to boost capital
November 15, 2006 by Canadian UnderwriterGlobal reinsurers in took advantage of relatively mild weather conditions in 2006 to stabilize their balance sheets after a particularly tough 2005 season, a report by Standard & Poor’s observes.The report says reinsurers for the most part took steps to…
Fairfax fixes U.S. accounting error; buys more shares in Torstar
November 15, 2006 by Canadian UnderwriterFairfax Financial Holdings Limited has restated audited financial statements in 2005 and parts of 2006 to correct a U.S. GAAP accounting error.Also, it announced the acquisition of additional shares in Torstar Corporation, the parent company of the Toronto Star.Fairfax is…
Guy Carpenter advises on publicly rated cat bond
November 13, 2006 by Canadian UnderwriterGuy Carpenter & Company, Inc., a global risk and reinsurance specialist, has completed a $US200-million catastrophe bond that represents the industry’s first publicly-rated collateralized debt obligation of natural catastrophe risk.Guy Carpenter, part of the Marsh & McLennan Companies (NYSE: MMC),…
Scottish Re seeking new suitors after SCOR rejection
November 10, 2006 by Canadian UnderwriterScottish Re Group Ltd. (NYSE:SCT) is looking for potential buyers or investors after the French reinsurer SCOR Group said it wasn’t interested in acquiring the life reinsurer, A.M. Best says.“Scottish Re said it is exploring ‘strategic alternatives,’ including a possible…
Munich Re boosts profit in 2006
November 7, 2006 by Canadian UnderwriterMunich Re has recorded a profit of EUR2.86 billion (Cdn$4.12 billion) in the first nine months of 2006, compared to a EUR1.39-billion (Cdn$2-billion) profit during the first nine months of 2005.Gross premiums written amounted to EUR28.1billion (Cdn$40.5 billion), which, after…
RenaissanceRe bounces back from 2005 hurricanes
November 6, 2006 by Canadian UnderwriterRenaissanceRe Holdings Ltd. (NYSE: RNR) has reported a 2006 Q3 profit of US$251.1 million, compared to a net loss in 2005 Q3 of US$287.3 million.“We are very pleased to report another strong quarter with record results,” RenaissanceRe CEO Neill A.…
Allstate’s 2006 Q3 results show rebound from 2005 Katrina losses
November 3, 2006 by Canadian UnderwriterOne year after sustaining enormous catastrophe losses, The Allstate Corporation posted a net profit in 2006 Q3 of about US$1.2 billion.That’s compared to a $US1.5-billion loss registered during 2005 Q3, in the wake of Hurricane Katrina’s destruction in New Orleans…
Fairfax reports 2006 Q3 net loss of US$359.2 million
November 3, 2006 by Canadian UnderwriterFairfax Financial Holdings Limited (TSX and NYSE: FFH) has announced a net loss of US$359.2 million for 2006 Q3, and net earnings of US$68.4 million for the first nine months of 2006. The combined ratios of the company’s insurance and…