What’s New: In Brief (March 11, 2009)

A spokesman for America’s Watchdog says homeowners from several communities in B.C.’s Lower Mainland have joined a chorus of calls to investigate the use of Chinese drywall in buildings.
Thomas Martin, president of America’s Watchdog, is quoted by Chris Montgomery of CanWest News Service as saying that about a dozen Lower Mainland callers in the past two weeks have all reported experiencing the same nose bleeds, breathing problems and allergy-type symptoms that have affected homeowners across the United States.
The U.S. Consumer Product Safety Commission said last week it was investigating complaints about the Chinese-made drywall.

Hannover Re Group’s non-life reinsurance segment reported a 2008 Q4 profit of EUR17. 1 million (Cdn$28.2 million) but took a loss for the year of EUR160.9 million (Cdn$265.5 million).
The non-life segment reported its net investment income “plunged by 98.6%” in 2008 to EUR11.1 million (Cdn$18.3 million). In contrast, in 2007, its investment income amounted to EUR783.3 million or Cdn$1.3 billion.
In fact, the decline in investments played a major role in Hannover Re’s characterization of 2008 in a press release as “a lost year.”
“The fact that 2008 was a lost year for our company can be attributed entirely to the problems on the investment side,” CEO Wilhelm Zeller said. “The development of our underwriting business, on the other hand, was satisfactory.”
The gross premium written in the non-life segment in 2008 contracted 3.9%, to EUR5 billion (Cdn$8.3 billion). The combined ratio in 2008 was 95.4% (73.6% in 2008 Q4).