Topic
Climate Change
Colorado State downgrades 2006 hurricane predictions
September 5, 2006 by Canadian UnderwriterColorado State University’s hurricane forecast team has downgraded its original 2006 forecast for the Atlantic basin based on changing climate signals and below-average activity in the first third of the season.The forecasting team of Philip Klotzbach and William Gray has…
Canadian travellers warned of hurricane season
August 30, 2006 by Canadian UnderwriterCanadians are being urged to review their travel plans and take necessary precautions when visiting regions forecasted to be affected by hurricanes.The warning comes from The Honourable Peter MacKay, Minister of Foreign Affairs and Minister of the Atlantic Canada Opportunities…
Global warming to complicate control of wildland fires
August 30, 2006 by Canadian UnderwriterA recent report published by an assembly of global fire ecologists indicates recent climate change will hinder our ability to manage wildland fire and apply prescribed fire across the landscape.The Association for Fire Ecology’s report, “San Diego Declaration on Climate…
Aon places FM Global cat bond
August 29, 2006 by Canadian UnderwriterFM Global privately placed its second US$300 million catastrophe bond, in response to the increasingly unusual earthquake activity in the U.S. and Canadian Pacific Northwest regions. Aon Capital Markets served as lead manager to place the most recent cat bond.FM…
Swiss Re gets stable, A+ rating after GE acquistion
August 23, 2006 by Canadian UnderwriterA.M. Best Co. has affirmed the financial strength rating (FSR) of A+ (Superior) and the issuer credit rating (ICR) of “aa” of Swiss Reinsurance Company (Swiss Re) (Switzerland) and its rated subsidiaries, following the company’s completed acquisition of GE Insurance…
US$5-billion underwriting loss for U.S. P/C industry in 2005
August 21, 2006 by Canadian UnderwriterThe U.S. property and casualty industry reported a US$5-billion underwriting loss and a combined ratio of 100.9% in 2005, according to a recent study by rating agency A.M. Best.The result represents a US$10.5-billion reversal from 2004’s underwriting profit, and a…
Fitch notes U.S. P&C industry’s resilience in 2005
August 15, 2006 by Canadian UnderwriterThe U.S. property/casualty insurance industry “exceeded all expectations in 2005,” Fitch Ratings says in a recent report, “demonstrating considerable resiliency by reporting record net income for the second consecutive year despite enduring the highest insured catastrophe losses in recorded history.”…
Hurricane losses humble reinsurers, A.M. Best
August 14, 2006 by Canadian UnderwriterThe global reinsurance industry is still struggling to manage its catastrophe exposure even almost a year after hurricanes Katrina, Rita and Wilma struck, according to a recent report from A.M. Best Co.The 2006 global reinsurance report called “Reinsurers Humbled, But…
What’s New: In brief (August 09, 2006)
August 9, 2006 by Canadian UnderwriterZurich North America Commercial, a unit of the Zurich Financial Services Group, will welcome Mike Foley of McKinsey & Co. to the position of chief operating officer as of Sept. 1. Foley’s responsibilities will include taking charge of all operating…
The Co-operators reports increased net income in 2006 Q2
July 31, 2006 by Canadian UnderwriterCo-operators General Insurance Company has reported a 2006 Q2 consolidated after-tax net income of CD$49.6 million, compared to the CD$32.4 million profit for the same period in 2005.Gross written premium in the second quarter increased 4.3%, to CD$602.8 million, compared…
Fairfax announces 2006 Q2 earnings of US$223 million
July 28, 2006 by Canadian UnderwriterFairfax Financial Holdings Limited (TSX and NYSE:FFH) announced 2006 Q2 earnings of US$223.6 million, and has decided on the commutation of its Swiss Re cover worth US$1 billion.In a press release, the company also said it will issue a restatement…
LCBO helps raise money for traffic injury research
July 27, 2006 by Canadian UnderwriterStarting Aug. 1, the public can make donations to the Traffic Injury Research Foundation (TIRF) at all 600 LCBO stores throughout Ontario. Donation boxes for TIRF will be displayed at LCBO checkout counters until Aug. 31.“We thank the LCBO, its…