Segment
Reinsurance
Odyssey Re restates financial earnings
October 18, 2006 by Canadian UnderwriterOdyssey Re Holdings Corp. (NYSE: ORH) has filed its Annual Report on Form 10-K/A for the year ended December 31, 2005 with the Securities and Exchange Commission (SEC), restating its consolidated financial statements as of and for the years ended…
Aon Re: Homeowner business hasn’t covered capital costs
October 11, 2006 by Canadian UnderwriterAlthough they’ve improved steadily in the past four years, returns in the homeowners insurance business still aren’t adequate to cover the cost of capital, according to a new report prepared by Aon Re.Sharp increases in homeowners’ rates after the 2004…
Australian regulator releases guides for pandemic preparedness
October 10, 2006 by Canadian UnderwriterThe Australian Prudential Regulation Authority (APRA) has released an information paper and prudential practice guide (PPG) to assist APRA-regulated institutions including insurers and reinsurers with their planning for a potential pandemic.“The advice is being released following consultation with industry and…
Reinsurance capacity “not nearly enough,” RAA
October 5, 2006 by Canadian UnderwriterThe Reinsurance Association of America (RAA) commends the President’s Working Group (PWG) on Financial Markets for its Terrorism Risk Insurance report and its contribution to the assessment of the private terrorism insurance market. The RAA says the report builds on…
S&P’s cites benefits of rating insurance captives
October 2, 2006 by Canadian UnderwriterSetting up captive insurance companies, if done properly, can be an effective application of enterprise risk management, according to Standard & Poor’s.In an Oct.2 press release announcing its participation in the September 2006 Rims Canada conference in Calgary, Standard &…
Debate over U.S. collateral requirements persists
September 29, 2006 by Canadian UnderwriterRepresentatives of the insurance industry are tied in debate over U.S. collateral requirements for alien reinsurers, according to a recent A.M. Best roundtable discussion.The focus of the roundtable debate is the new initiative, which was implemented by the National Association…
What’s New: In brief (September 29, 2006)
September 29, 2006 by Canadian UnderwriterThe board of directors of Transatlantic Reinsurance Co., a subsidiary of Transatlantic Holdings, Inc. (NYSE: TRH), recently elected new officers. The appointments in the New York office include: Timothy Butts, vice president; Richard Boivin, assistant vice president; Tonya Davies, assistant…
Former RenRe execs charged with finite “sham”
September 27, 2006 by Canadian UnderwriterThe US Securities and Exchange Commission has filed securities fraud charges against three former RenaissanceRe Holdings Ltd. Executives regarding an alleged finite reinsurance “sham” used to “smooth earnings.”Charges of securities fraud were laid in a Manhattan federal court against RenaissanceRe’s…
What’s New: In brief (September 26, 2006)
September 26, 2006 by Canadian UnderwriterAon Re Global has appointed Elliot Richardson as the new head of its global cedant facultative reinsurance activities. Richardson recently resigned from his role as head of facultative reinsurance at Benfield. Based in London, he will reportto Michael O’Halleran, chairman…
A.M. Best to rate the “basis risk” of parametric cat bonds (September 25, 2006)
September 25, 2006 by Canadian UnderwriterA.M. Best Co. has released a new methodology for rating the “basis risk” associated with parametric catastrophe bonds.The new methodology is designed to help the ratings agency determine the amount of reinsurance credit that can be claimed by the sponsors…
Swiss Re cuts 2,000 jobs
September 25, 2006 by Canadian UnderwriterSwiss Re has confirmed plans to further cut approximately 2,000 jobs worldwide, by the end of 2007.The cuts, which Swiss Re attributes to the integration of General Electric’s reinsurance company Insurance Solutions, will be implemented mainly in European and U.S.…
Syncro starts side car-style arrangement with Lloyd’s
September 22, 2006 by Canadian UnderwriterSyncro Limited, a Bermuda-based company, is establishing a Bermuda sidecar-like reinsurance arrangement to allow Lloyd’s managing agencies to increase their underwriting access to additional capacity at any point in the underwriting year. Structurally, the arrangement is similar to a side…