Topic
Climate Change
Softening in reinsurance ceased due to hurricanes
February 20, 2006 by Canadian UnderwriterA.M. Best Co.’s expectation that significant price increases are mainly limited to business lines affected by the U.S. hurricanes, whereas European treaties (which account for approximately two-thirds of the renewable portfolio) saw relatively stable premium rates, has been confirmed by…
A.M. Best assigns negative outlook to U.S. P/C market
February 17, 2006 by Canadian UnderwriterA.M. Best has extended its negative outlook for the 2006 U.S. commercial insurance market. “A.M. Best anticipates there will be few rating upgrades or positive rating outlooks assigned in 2006 due to pricing deterioration in 2005, the expectation of continued…
ICBC donates $10,000 to Hope, B.C. rescue team
February 17, 2006 by Canadian UnderwriterICBC presented a $10,000 cheque recently to a search and rescue team in Hope, B.C. to help replace the community’s Jaws of Life, the Hope Standard reported recently. According to the newspaper, a thief had stolen the team’s search and…
US and Bermuda reinsurers receive negative outlook
February 16, 2006 by Canadian UnderwriterA.M. Best Co. has extended its negative outlook for the US and Bermuda reinsurance markets to 2006 as the ratings agency says it anticipates there will be few, if any, rating upgrades or positive rating outlooks assigned throughout the year.…
P&C insurance suffers underwriting loss
February 13, 2006 by Canadian UnderwriterThe property and casualty insurance industry in the US has suffered an underwriting loss of US$2.8 billion for the first nine months of 2005 as a result of Hurricane Katrina, reversing the $3.4 billion underwriting gain reported during the same…
Fairfax incurrs significant Q4 losses
February 10, 2006 by Canadian UnderwriterFairfax Financial Holdings Ltd. has reported a net loss of $318.1 million in the fourth quarter of 2005 and $497.9 million for 2005. The Toronto-based company says the losses were incurred as a result of the harsh Hurricanes Katrina, Rita…
Renaissance Re reports $207 million operating loss
February 8, 2006 by Canadian UnderwriterRenaissanceRe Holdings Ltd. (NYSE: RNR) has incurred a net operating loss attributable to common shareholders of $206.9 million in the Q4 of 2005, which the Company says mainly reflects a $313.9 million net negative impact from hurricane Wilma. These results…
Construction theft increases after hurricanes
February 7, 2006 by Canadian UnderwriterCould it be that catastrophe modeling may soon have to deal with factors such as “construction theft” when calculating rebuilding costs in the wake of natural disasters?According to A.M. Best, the widespread rebuilding effort along the U.S. Gulf coast in…
Terrorism risk management tools help insurers respond
February 3, 2006 by Canadian UnderwriterRisk Management Solutions (RMS) has reaffirmed that terrorism risk management products can assist insurers in responding to the terrorism section of the ‘2005 Statement Year Supplemental Rating Questionnaire’ (SRQ), recently issued by rating agency A.M. Best Co.In December 2005, TRIA…
Fitch affirms St Paul Travelers Companies’ ratings
February 3, 2006 by Canadian UnderwriterFitch Ratings has affirmed all ratings of The St. Paul Travelers Companies, Inc. (STA), including the ‘A-‘ long-term issuer rating, ‘A-‘ ratings on STA’s senior unsecured notes, and ‘BBB+’ ratings on STA’s subordinated notes and capital securities.Additionally, Fitch has affirmed…
Guy Carpenter notes ratings, reinsurance changes post-Katrina
February 1, 2006 by Canadian UnderwriterUnprecedented catastrophe losses in 2005 were true ‘market-changing’ events for the property segment, with substantial short- and long-term consequences for pricing, capitalization, reinsurance and insurance ratings, according to Guy Carpenter & Company Inc.The 2005 catastrophes “have led reinsurers to readjust…
Validus Re reports premiums of US$220 million
January 31, 2006 by Canadian UnderwriterBermuda start-up Validus Reinsurance Ltd. has reported gross written premiums of US$220 million during the January 2006 renewal season a performance that the company describes as exceeding expectations.The holding company formed on Dec. 12, 2005, to add capacity to the…