Segment
Reinsurance
Munich Re implements new IT platform
September 21, 2006 by Canadian UnderwriterMunich Re has replaced its legacy systems with a new IT platform, Gloria (Global Reinsurance Application) platform. This new platform is intended to standardize business processes and the handling of reinsurance business. Munich Re says the new IT platform should…
Max Re Opens Aviation Unit
September 20, 2006 by Canadian UnderwriterMax Re Capital Ltd.’s subsidiary, Max Re, has launched an aviaition insurance unit.The aviaition unit, which will be based in the Company’s Dublin office, will be led by senior vice-president Olivier Marre. Previousy Marre the was general manager of underwriting,…
Risk managers to turn toward credit financing in future
September 20, 2006 by Canadian UnderwriterOver the next 15 years, risk managers may be looking more towards credit financing as a means to backstop major catastrophes, rather than relying on more traditional forms of insurance or reinsurance, a panelist told participants at the 2006 RIMS…
Popularity of reinsurance modelling increases
September 19, 2006 by Canadian UnderwriterCompanies attempting to optimize their reinsurance programs are turning to reinsurance modeling more and more, A.M. Best reports.The ratings agency notes Raju Bohra, a senior vice president at Willis Re Inc., made the observation at the 111th National Association of…
Tao Re A+ financial strength rating affirmed
September 18, 2006 by Canadian UnderwriterA.M. Best Co. has affirmed the financial strength rating of A+ (Superior) and the issuer credit rating of “aa-” of The Toa Reinsurance Company, Ltd.The ratings agency says Tao’s ratings, which both have a negative outlook, reflect the reinsurers “strengthened…
Oxygen Holdings introduces reinsurance broker
September 13, 2006 by Canadian UnderwriterOxygen Holdings P.L.C. recently introduced a reinsurance broker, Oxygen Re that will serve buyers of non-marine, marine and aviation treaty reinsurance and retrocessional covers.In addition, London-based Oxygen Holdings says it will introduce third-party capital in various forms to support underwriting.The…
Increased sea temperatures linked to stronger hurricanes
September 13, 2006 by Canadian UnderwriterCritics may dismiss the dangers of global warming, but increasing sea temperatures are nonetheless linked to more intense Atlantic hurricanes, according to the 2006 edition of the annual publication, the Hazard & Risk Science Review.Researched and edited by Professor Bill…
Swiss Re bows out of retrocession business
September 12, 2006 by Canadian UnderwriterThe property retrocession business Swiss Reinsurance Co acquired when it purchased GE Insurance Solutions, will not be renewed.The reason the reinsurer is not renewing the business is related to the dissolution of the retrocession market. The decision of Swiss Re…
The retrocession rut hinders P&C insurers
September 11, 2006 by Canadian UnderwriterThe capacity shortage in retrocessional property catastrophe reinsurance protection has “materially disrupted” the property and catastrophe insurance industry, according to an article recently published by Standard & Poor’s Ratings Services. The article “Responding To The Retrocessional Squeeze” reports that the…
Global reinsurers’ financial strength declines
September 11, 2006 by Canadian UnderwriterFinancial strength in the global reinsurance sector has declined over the past five years to the point that, when taken on a stand-alone basis, no reinsurer is currently rated higher than ‘AA-,’ according to a recent report published by Standard…
Reinsurers’ electronic data portrayed as a legal landmine
September 11, 2006 by Canadian UnderwriterReinsurers need to remember that electronic records represent potential legal landmines and should be treated cautiously, attendees of a New York reinsurence conference heard recently.“Reinsurance once was thought of as a business governed by gentlemen’s agreements sealed with handshakes in…
Bermuda reinsurers show solid profits in 2006
September 8, 2006 by Canadian UnderwriterSupply shortages, low catastrophe losses and buoyant investment income resulted in record first-half profits of US$4.5 billion for Bermuda’s reinsurers, according to the latest Benfield Bermuda Quarterly report.Modest catastrophe losses held the average combined ratio to 89.2%, little changed from…