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What’s New: In Brief (April 24, 2008)


April 24, 2008   by Canadian Underwriter


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The Saskatchewan Mutual Insurance Company (SMI) is continuing its investment as a full partner of the Insurance Brokers Association of Canada (IBAC)’s Broker Identity Program.
“For many years, SMI has sponsored IBAC’s broker awareness campaign and we are proud to continue as a full partner,” SMI president and CEO Laura Wiebe said in a press release. “We believe that brokers provide valuable advice and expertise to Canadians and will continue to support the long-term growth of the broker channel.”

Transatlantic Holdings, Inc. (NYSE: TRH) reported a 2008 Q1 net income of US$115.7 million, compared to the US$107.2 million profit it made in 2007 Q1.
The combined ratio for 2008 Q1 was 94.1%, versus 97.7% in 2007 Q1.
Net premiums written increased to US$1.03 billion in 2008 Q1, as opposed to US$984.2 million in 2007 Q1, the company reported in a press release.
“Net premiums written grew modestly compared to the prior year period due largely to changes in foreign exchange rates and increased premiums written by our domestic regional offices,” Robert F. Orlich, president and CEO, said in the release.
“Transatlantic reported solid earnings for the quarter, reflecting increased underwriting profit that resulted from an absence of significant catastrophe costs in the current period.”
The annualized GAAP return on equity for the first quarter of 2008 was 13.7%.