Segment
Reinsurance
Lloyd’s Market shaken, not stirred by 2005 hurricanes
July 17, 2006 by Canadian UnderwriterAs a result of enhanced risk management and three consecutive years of significant profit, Lloyd’s was well positioned to absorb the substantial claims arising from a second year of unprecedented natural catastrophes in 2005, according to an overview of the…
Life, non-life insurance sectors show different growth rates
July 13, 2006 by Canadian UnderwriterLife and non-life insurance sectors showed entirely different developments in 2005, a Swiss Re annual study of the global insurance market found.In 2005, the worldwide insurance industry wrote premiums to the tune of US$3.4 billion. According to a Swiss Re…
SCOR ‘A-‘ rating affirmed, S & P’s
July 5, 2006 by Canadian UnderwriterIn response to reinsurer SCOR S.A.’s plan to acquire reinsurer Revios Rckversicherung AG and its subsidiaries, Standard & Poor’s Ratings Services has affirmed SCOR’s ‘A-‘ long-term counterparty credit and insurer financial strength ratings.The deal between Paris-based SCOR and German life…
New national P&C conference to be launched in 2007
July 4, 2006 by Canadian UnderwriterA new Canadian insurance conference, planned for the end of September 2007, will bring together CEOs and senior executives of the property and casualty insurance industry.The inaugural National Insurance Conference of Canada (NICC) will be held in Montreal from Sept.…
Value of weather risk management contracts soars (June 28, 2006)
June 28, 2006 by Canadian UnderwriterThe notional value of weather risk management contracts increased nearly five-fold over the past year from US$9.7 billion in April 2005 to US$45.2 billion as of March 2006.The Weather Risk Management Association (WRMA), an international trade organization of the weather…
S&P’s changes Munich Re outlook to ‘positive’
June 27, 2006 by Canadian UnderwriterStandard & Poor’s Ratings Services has revised its outlook on Germany-based Munich Reinsurance Co. and its core operating entities to positive from stable. In addition, the ‘A+’ counterparty credit and insurer financial strength ratings on Munich Re and related core…
U.S. insurance CEOs worry about pricing, capacity
June 20, 2006 by Canadian UnderwriterProperty and catastrophe capacity, especially in U.S. areas highly prone to losses, was high on the list of concerns for panelists from the property and casualty (P/C) industry at Standard & Poor’s Ratings Services’ recent annual insurance conference, “Insurance 2006:…
Reinsurers squeezed for capacity
June 19, 2006 by Canadian UnderwriterReinsurance demand is up, capacity is down, and that has led to a focus on internal growth, a higher tolerance of lower-rated reinsurers, and a proliferation of alternative capital sources such as sidecars, catastrophe bonds and securitizations, according to a…
Benfield warns of 2007 capacity squeeze
June 16, 2006 by Canadian UnderwriterBermuda reinsurers have forecast that rates will continue to harden through the year and a capacity squeeze could even spread beyond the Florida market into other territories in 2007.Increased demand, revised catastrophe models and more stringent capital constraints continue to…
Legislative proposals leave out Bank Act issue
June 15, 2006 by Canadian UnderwriterInsurers are pleased that a federal government white paper released June 14 makes no mention of changing the Bank Act to allow banks to promote insurance products in their local branches.The finance ministry white paper is a blueprint for legislation…
Swiss Re launches Kyoto-related insurance
June 13, 2006 by Canadian UnderwriterSwiss Re has partnered with RNK Capital LLC (RNK), a New York-based private investment firm specializing in the U.S. and international environmental markets, to provide the carbon markets’ first insurance product for managing Kyoto Protocol-related risk in carbon credit transactions.…
Swiss Re finalizes GE acquisition
June 12, 2006 by Canadian UnderwriterSwiss Reinsurance Co. has acquired GE Insurance Solutions for US$7.4 billion.The acquisition, through which GE will be integrated into Swiss Re over the next 18 months, will allow Swiss Re to grow past Munich Re to become the world’s largest…