Canadian Underwriter

Topic Catastrophes

News Catastrophes

Pandemic scenerios underestimate severity

May 9, 2006 by Canadian Underwriter

In response to increasing concerns of a flu pandemic, Risk Management Solutions (RMS) has completed a probabilistic model for assessing the risk of influenza pandemics across multiple countries. While there are currently a number of other studies illustrating effects of

News Catastrophes

Severe 2006 hurricanes anticipated

May 8, 2006 by Canadian Underwriter

Canadian and U.S. forecasters are warning the 2006 hurricane season, beginning June 1, will once again result in major storms including around five major hurricanes with winds of 180 km/h or greater. To date, the 2005 hurricane season is the

News Catastrophes

RenaissanceRe reports 1Q net premiums up

May 4, 2006 by Canadian Underwriter

RenaissanceRe Holdings Ltd. (NYSE: RNR) today reported US$195.7 million in 2006 first-quarter operating income, compared to US$54.5 million in the first quarter of 2005.Net premiums earned for the first quarter of 2006 were US$351.7 million, compared to US$301.5 million for

News CatastrophesMergers and Aqcuisitions

ICBC’s costs continue to rise in 2006 1Q

May 3, 2006 by Canadian Underwriter

ICBC has reported net income of CD$85 million for 2006 1Q, compared to CD$93 million for the same period last year.“Increases in the amount ICBC is paying out to customers with injury claims have continued into the new year,” ICBC

News CatastrophesMergers and Aqcuisitions

ING Canada seeking future acquistions

May 2, 2006 by Canadian Underwriter

Following its recent acquisition of Allianz, ING Canada is seeking further opportunities to expand, ING Canada president and CEO Claude Dussault told an annual general meeting of the company’s shareholders recently.“With the acquisition of Allianz, ING Canada solidified its leading

News CatastrophesMergers and Aqcuisitions

Odyssey Re reports 2006 1Q earnings

May 1, 2006 by Canadian Underwriter

Odyssey 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

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ICBC launches motorcycle awareness campaign

May 1, 2006 by Canadian Underwriter

ICBC 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

News Catastrophes

Suncor settles business interruption claims for CD$980 million

April 26, 2006 by Canadian Underwriter

Suncor 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

News Catastrophes

Chubb 2006 1Q results “most profitable in history”

April 25, 2006 by Canadian Underwriter

The 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

News Catastrophes

Partner Re’s 1Q 2006 results improve over 1Q 2005

April 25, 2006 by Canadian Underwriter

PartnerRe 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

News CatastrophesMergers and Aqcuisitions

Soft P&C market to continue in U.S., survey says

April 24, 2006 by Canadian Underwriter

Even 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

News CatastrophesMergers and Aqcuisitions

SGI Canada expands; posts CD$35-million profit

April 24, 2006 by Canadian Underwriter

SGI 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