Topic
Insurance
Bermuda reinsurers show solid profits in 2006
September 8, 2006 by Canadian UnderwriterSupply shortages, low catastrophe losses and buoyant investment income resulted in record first-half profits of US$4.5 billion for Bermuda’s reinsurers, according to the latest Benfield Bermuda Quarterly report.Modest catastrophe losses held the average combined ratio to 89.2%, little changed from…
Aon to accept contingent compensation
September 8, 2006 by Canadian UnderwriterAon Corp. is the newest of a number of brokers who have the go-ahead to accept profit-based commissions from insurers under the terms that the broker is acting as the insurers managing general agent or underwriting manager.The agreement, reached with…
Catlin’s net income increases
September 8, 2006 by Canadian UnderwriterRising premiums and foreign exchange earnings contributed to a 32.5% increase in insurer Catlin Group’s first-half net income.The Bermuda-based insurers second quarter net income was $147.3 million, which represents an increase of US$111.2 million.The insurer says it expects it’s 2006…
What’s New: In brief (September 08, 2006)
September 8, 2006 by Canadian UnderwriterAmerican International Group Inc. recently hired Anastasia D. Kelly as its new executive vice-president, general counsel and senior regulatory and compliance officer. Kelly most recently served as executive vp and general counsel at MCI/WorldCom. Previously, she was the senior vp…
Reinsurers stand their ground
September 7, 2006 by Canadian UnderwriterGlobal pricing in the property catastrophe reinsurance market has been significantly influenced by extreme rate peaks in the U.S. and Mexico, which absorbed the majority of the losses from the 2005 storms, according to a recent report published by Guy…
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…