Topic Catastrophes
RenaissanceRe bounces back from 2005 hurricanes
November 6, 2006 by Canadian UnderwriterRenaissanceRe Holdings Ltd. (NYSE: RNR) has reported a 2006 Q3 profit of US$251.1 million, compared to a net loss in 2005 Q3 of US$287.3 million.“We are very pleased to report another strong quarter with record results,” RenaissanceRe CEO Neill A.…
2006 a “banner year” for U.S. P&C industry: RIMS
November 6, 2006 by Canadian UnderwriterEchoing a similar trend in Canada, commercial insurance premiums in the United States are declining in 2006 Q3, continuing a phenomenon over the past two quarters, according the quarterly RIMS Benchmark Survey, prepared by the industry analyst Advisen.In the United…
Allstate’s 2006 Q3 results show rebound from 2005 Katrina losses
November 3, 2006 by Canadian UnderwriterOne year after sustaining enormous catastrophe losses, The Allstate Corporation posted a net profit in 2006 Q3 of about US$1.2 billion.That’s compared to a $US1.5-billion loss registered during 2005 Q3, in the wake of Hurricane Katrina’s destruction in New Orleans…
Pricing discipline must be priority for insurers’ risk managers
November 2, 2006 by Canadian UnderwriterAchieving price discipline and not preparing for catastrophes should be the primary focus for insurers and reinsurers when considering their own risk management practices, Aon Re Services president Bryon G. Ehrhart told the Aon Re Canada’s Rendezvous 2006 in Mississauga.Ehrhart…
Lloyd’s warns: Don’t sacrifice underwriting discipline for diversity
November 1, 2006 by Canadian UnderwriterLloyd’s franchise performance director, Rolf Tolle, has warned underwriters not to sacrifice underwriting discipline in the drive for portfolio diversity.Tolle was interviewed prior to his appearance at an annual meeting. His remarks were posted on Lloyd’s Web site.In his posted…
Manitoba Public Insurance prepares children for Hallowe’en
October 31, 2006 by Canadian UnderwriterManitoba Public Insurance (MPI) is helping trick-or-treaters stay visible by distributing 120,000 light-up devices to schools across the province.The safety flashers/whistles can be hung around the necks of children, or easily attached to jackets or backpacks, so children can “light…
What’s New: In Brief (October 31, 2006)
October 31, 2006 by Canadian UnderwriterThe SCOR group has received the approval of the China Insurance Regulatory Commission (CIRC) for a reinsurance licence in China.The license will enable SCOR to open a branch in Beijing for the purpose of conducting property & casualty reinsurance transactions.The…
Hub International reports increased revenue in 2006
October 27, 2006 by Canadian UnderwriterHub International Limited (NYSE: HBG) (TSX: HBG) has announced strong improvement in both revenue and key expense ratios for the three months and nine months ended Sept. 30, 2006.Revenue increased 29%, to US$126.5 million in 2006 Q3, compared to the…
Arch Capital Group reports healthy 2006 earnings
October 27, 2006 by Canadian UnderwriterBuoyed by a relatively quieter hurricane season in 2006 than in 2005, Arch Capital Group Ltd. (NASDAQ: ACGL) reports that net income available to common shareholders was US$185.8 million for 2006 Q3.In contrast, the group reported a net loss of…
Allianz “upset” about U.S. court ruling in 9/11 insurers’ case: ARC panelist
October 27, 2006 by Canadian UnderwriterAllianz was perhaps the only insurer to finalize exclusions in its World Trade Center (WTC) policy coverage prior to the building’s 2001 destruction in a terrorist attack, but ended up paying out anyway because a lower U.S. court didn’t recognize…
Calgary receives disaster recovery fund
October 26, 2006 by Canadian UnderwriterThe province of Alberta has approved a CD$1 million disaster recovery program that will help residents of Calgary and De Winton recover from severe storms and heavy rainfall that occurred on June 21, July 6, July 9 and August 3,…
Could a ’98 Ice Storm event happen in this El Nino year?
October 24, 2006 by Canadian UnderwriterHeading into an El Nino year, Canadian insurers and reinsurers should be reminded that the 1998 Ice Storm which caused more than $CD1 billion in damage losses in eastern Ontario and Quebec also happened during an El Nino year, panelists…