Topic
Climate Change
Odyssey Re reports 2006 1Q earnings
May 1, 2006 by Canadian UnderwriterOdyssey Re Holdings Corp. (NYSE: ORH) has reported investment and net income increases for 2006 1Q, as well as a significant improvement in its combined operating ratio (COR) over the same period last year.Odyssey Re reported net income available to…
ICBC launches motorcycle awareness campaign
May 1, 2006 by Canadian UnderwriterICBC is starting a public awareness campaign in May 2006 to raise awareness of collisions involving motorcycles.According to the ICBC, in 2004, about 1,250 people were injured and 43 were killed in motorcycle-related crashes. Many fatalities are the result of…
Suncor settles business interruption claims for CD$980 million
April 26, 2006 by Canadian UnderwriterSuncor Energy Inc. has settled business interruption insurance claims related to a January 2005 fire at the company’s oil sands facilities for a total amount of CD$980 million (US$830), the company has announced in a press release.Of this total, approximately…
Chubb 2006 1Q results “most profitable in history”
April 25, 2006 by Canadian UnderwriterThe Chubb Corporation [NYSE: CB] has reported a 2006 1Q net income of US$672 million, compared to US$470 million in IQ 2005.The 2006 1Q combined loss and expense ratio improved to 82.9% in 2006 from 89.4% in 2005. “This was…
Partner Re’s 1Q 2006 results improve over 1Q 2005
April 25, 2006 by Canadian UnderwriterPartnerRe Ltd.’s 1Q 2006 results compare favorably with those of the 1Q 2005 results, thanks to a relative absence of large losses during the 2006 first quarter, the reinsurer reported recently.Last year, Partner Re (NYSE: PRE) suffered losses as a…
Soft P&C market to continue in U.S., survey says
April 24, 2006 by Canadian UnderwriterEven though property and general liability insurance rates increased in the first quarter of 2006, all indications point to a continuing soft commercial insurance market according to the RIMS Benchmark Survey, a comprehensive survey of current policy renewal prices as…
SGI Canada expands; posts CD$35-million profit
April 24, 2006 by Canadian UnderwriterSGI Canada had its second-best year on record in 2005, posting a consolidated profit of more than CD$35 million, despite record storm costs of more than CD$28 million in Saskatchewan, according to SGI’s 2005 annual reports recently tabled with the…
AIG to sell shares of Bermuda reinsurer IPC
April 21, 2006 by Canadian UnderwriterAIG intends to sell up to 15.4 million of the common shares (24.2% of outstanding shares) it owns of reinsurer IPC Holdings in a public offering, subject to market conditions.AIG was the sponsoring shareholder of Bermuda-based reinsurer IPC in 1993.…
Benfield, Merrill Lynch team up to offer cat bonds
April 21, 2006 by Canadian UnderwriterBenfield, an independent reinsurance and risk intermediary, has formed a relationship with Merrill Lynch to offer insurers and reinsurers catastrophe (cat) bonds as a form of alternative capital for peak risk exposures.Recent hurricane losses, likely revisions to cat models and…
The Co-operators reports record revenues in 2006
April 20, 2006 by Canadian UnderwriterConsolidated revenues for The Co-operators Group Limited reached a record CD$2.7 billion in 2005 up from CD$2.6 billion the previous year. Net income was down slightly from 2004 to CD$138 million, with a return on equity (ROE) of 15.4%The Co-operators…
Munich Re reports 2005 profit of US$3.34 billion
April 19, 2006 by Canadian UnderwriterMunich Reinsurance Company has reported a 2.7 billion (US$3.34 billion) profit for 2005, paving the way for a record dividend payout of 707 million (US$875.3 million).“Given its outstanding result for the business year 2005, Munich Re is paying out a…
Allstate reports strong 2006 first quarter
April 19, 2006 by Canadian UnderwriterBuoyed by improved underwriting numbers, Allstate Corp reported an “excellent start to 2006” with strong 2006 1Q results.Allstate’s 1Q property liability premiums written grew 2.2% over the first quarter of 2005, driven by Allstate brand standard auto and homeowners increases…