Topic
Insurance
Standard & Poor’s increases rating cap on cat bonds
September 7, 2006 by Canadian UnderwriterStandard & Poor’s Ratings Services has revised its criteria for rating natural catastrophe bonds to increase the rating cap on such bonds to ‘AA.’ “The criteria revision is in response to the evolution of the natural catastrophe bond market,” S&P’s…
Benfield profits up, as is global demand for cat insurance
September 7, 2006 by Canadian UnderwriterBenfield Group Limited (“Benfield” or “the Group”), an independent reinsurance and risk intermediary, has reported its group operating revenue has increased 28.5% over the first half of 2006 to 252.1 million (CD$524.6 million).The Group also reported an increase of 35.3%…
What’s New: In brief (September 07, 2006)
September 7, 2006 by Canadian UnderwriterIn a survey conducted by US-based Flasphler Research Group, Hannover Re came out as the best overall reinsurer for the second time in succession. In addition the survey says the company’s standing showed further appreciable improvement in the assessment of…
Swiss Re’s net income, P/C income climbs in 2006
September 6, 2006 by Canadian UnderwriterSwiss Re has reported a 2006, first-half net income of CHF 1.6 billion (CD$1.43 billion) up 16%, compared to a strong first half of 2005. Annualized return on equity was 13.9% and shareholders’ equity increased 18% to CHF 27.1 billion…
New Brunswick’s election campaign raises auto insurance issue
September 6, 2006 by Canadian UnderwriterNew Brunswick’s election campaign is heating up, with calls by Liberal candidates for the insurance industry to come up with ways to reduce auto rates or face a public auto insurance system.According to a report by Canadian Press (CP), Greg…
P&C profitability anticipated for 2006, but decline expected through 2008
September 6, 2006 by Canadian UnderwriterThe Property & Casualty insurance industry can look forward to another year of overall industry underwriting profit in 2006, which a Conning Research and Consulting Inc. forecast report says will match the results of 2004. “Analysis of 2005 results for…
What’s New: In brief (September 06, 2006)
September 6, 2006 by Canadian UnderwriterKingsway Financial Services Inc. has appointed Denis Cloutier to the position of vice president and chief actuary, Canadian Operations as well as Tom Duffy to the position of vice president, Kingsway America Inc., and chief actuary, U.S. Operations. Cloutier joined…
Reinsurers head-to-head with P&C cycle
September 5, 2006 by Canadian UnderwriterManaging the property and casualty cycle is said to be the most difficult endeavor that reinsurers will face throughout 2006 and 2007, according to a recent report published by Fitch Ratings Agency.The report “Reinsurance Review and Outlook: Cycle ManagementA Bumpy…
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…
CARSTAR opens new Atlantic Canada location (September 05, 2006)
September 5, 2006 by Canadian UnderwriterCARSTAR Automotive Canada has opened a new location in Nova Scotia. CARSTAR announced it has welcomed MacKay’s CARSTAR Collision to its network of collision repair centres. The new location, which opened in August, joins a network of over 110 CARSTAR…
Crawford partners with MJM Investigations
September 1, 2006 by Canadian UnderwriterCrawford & Company (NYSE: CRDA; CRDB), an independent provider of claims management solutions, and MJM Investigations Inc. recently formed a global strategic alliance.MJM will become Crawford’s preferred provider for services including: insurance fraud mitigation and claims services as well as…
What’s New: In brief (September 01, 2006)
September 1, 2006 by Canadian UnderwriterWillis Group Holdings Ltd. recently reached an agreement with New York Attorney General Eliot Spitzer and New York Superintendent of Insurance Howard Mills that will allow the broker to accept extra profit-based commissions from insurers when it acts as a…