Segment
Reinsurance
AXA SA cedes AXA Re business to Paris Re
June 6, 2006 by Canadian UnderwriterAXA SA has signed a definitive agreement to cede the business of AXA Re to Paris Re Holdings Limited.The announcement follows the receipt of a binding offer on April 6, 2006, and after AXA SA consulted with the relevant workers’…
What’s New: In Brief (May 31, 2006)
May 31, 2006 by Canadian UnderwriterTrisura Guarantee Insurance Company has started up in Toronto, according to 2006 Q1 licensing data released by the Financial Services Commission of Ontario (FSCO).The company is licensed for the following lines of business: Boiler and Machinery, Fidelity, Legal Expense, Liability,…
Cavell Insurance wind-up lands in Ontario Appeal Court
May 30, 2006 by Canadian UnderwriterThe wind-up of the reinsurance business of Cavell Insurance Company became the centre of a recent Ontario Court of Appeal judgment concerning the enforcement of foreign court orders.The Ontario Appeal Court decision upheld a U.K. court order, even though the…
2006 Canadian Insurance Congress cancelled
May 26, 2006 by Canadian UnderwriterThe Canadian Insurance Congress, scheduled for Charlottetown, Prince Edward Island on June 25-27, 2006, has been cancelled.Don Smith, the Congress organizer, announced the decision as a result of registration response. “I could not possibly ask our speakers to come all…
Q1 2006 reinsurer underwriting results
May 26, 2006 by Canadian UnderwriterAccording to a recent survey of reinsurers’ statutory underwriting results, a group of 24 property-casualty reinsurers wrote US$6.6 billion of net premiums during the three months ended March 31, 2006.The report, conducted by the Reinsurance Association of America (RAA), indicates…
Swiss Re and core subs on negative watch
May 26, 2006 by Canadian UnderwriterThe long-term counterparty credit and insurer financial strength ratings on Swiss Reinsurance Co. and its core operating companies will remain on CreditWatch with negative implications, according to Standard & Poor’s Ratings Services. Swiss Re and its entities were placed on…
S&P’s affirms PartnerRe’s ‘A’ rating; outlook negative
May 25, 2006 by Canadian UnderwriterStandard & Poor’s Ratings Services affirmed the ‘A’ counterparty credit rating on Bermuda-based reinsurer PartnerRe Ltd. (NYSE: PRE), but changed its outlook on the reinsurer from’stable’ to ‘negative.’According to the ratings agency, “the revised outlook reflects PartnerRe’s operating capital adequacy,…
Moody’s affirms Swiss Re’s financial strength; outlook negative
May 19, 2006 by Canadian UnderwriterMoody’s Investors Service has confirmed the Aa2 insurance financial strength and senior debt ratings of Swiss Reinsurance Company in anticipation of the closing of Swiss Re’s acquisition of GE Insurance Solutions.Moody’s also changed Swiss Re’s ratings outlook to negative.“The decision…
Look both ways for reinsurance side-cars (May 17, 2006)
May 17, 2006 by Canadian UnderwriterReinsurance “side-cars” special-purpose reinsurers are likely to become increasingly important to the business strategy of insurers and reinsurers, according to a recent Moody’s report.In its report, Reinsurance Side-Cars: Going Along for the Ride, Moody’s notes reinsurance side-cars are “a recent…
EGI Financial reports 2006 1Q increases
May 15, 2006 by Canadian UnderwriterEGI Financial Holdings Inc. (TSX:EFH) announced strong results for the first quarter ended Mar. 31, 2006, including “solid increases in net written premiums, investment income and income before extraordinary gains, as the company continues to build its specialty general insurance…
Hannover Re’s Q1 profits rise
May 12, 2006 by Canadian UnderwriterAn increase in premiums during the first quarter 2006 caused net profit’s for reinsurer Hannover Re to spike 7% reaching US$134 million (105 million).However, forecasts had quoted a greater profit of around US$149.3 million (117 million).Hannover Re’s gross written premiums…
Swiss Re raises funds for GE reinsurance acquisition
May 11, 2006 by Canadian UnderwriterSwiss Reinsurance Co. has raised over $1 billion in a capital market transaction to finance its bid to take over General Electric Co.’s (GE) reinsurance arm. Swiss Re placed 13.9 million new shares at CHF92.25 apiece with shareholders and investors.…