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U.S. reinsurers see net income drop on premium declines

November 30, 2004 by Canadian Underwriter

U.S. reinsurers watch their net income fall in the first nine months of 2004 on the back of higher losses and decline in premiums, according to data released by the Reinsurance Association of America (RAA).For the first nine months of…

News Climate ChangeInsurance

Japanese non-life insurers’ balance sheets strong despite typhoons: S&P

November 30, 2004 by Canadian Underwriter

Despite one of the worst typhoon seasons in memory in 2004, Japanese non-life insurers maintain strong balance sheets and hold an overall stable outlook, according to a new report by Standard & Poor’s.In addition to the spate of typhoons weathered…

News Insurance

Optimism of Canadian insurers stronger than U.S. counterparts: KPMG

November 29, 2004 by Canadian Underwriter

A survey of Canadian life and non-life insurers shows a high level of confidence about their ability to beat expectations in the next year, says consulting firm KPMG.KPMG surveyed industry attendees at its 13th Annual Insurance Issues Conference in Toronto…

News Insurance

Anthony Clark restatement lowers 2003 earnings by 11%

November 29, 2004 by Canadian Underwriter

The restatement of 2003 yearend earnings by Calgary-based brokerage Anthony Clark International Brokers (TSX: ACL), has resulted in an 11% drop in earnings.The company previously reported a net loss of $933,000, but has now increased this loss to $1.05 million.…

News Insurance

S&P takes dim view of European insurers fortunes for 2005

November 29, 2004 by Canadian Underwriter

Despite improvement in the results posted by European insurers and reinsurers since 2002, next year promises to be a challenging one for the market, says rating agency Standard & Poor’s.In its report on the European market, S&P says European insurers…

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Storms hit European reinsurers’ earnings, but not balancesheets: Benfield

November 29, 2004 by Canadian Underwriter

The U.S. hurricanes and Japanese typhoons of the third quarter did deal a blow to the earnings of top European insurers, but balance sheets remained strong, according to the latest quarterly report by broker Benfield Group.In “Riders on the Storm”,…

News Insurance

Insurers lift net earnings more than double for 3-Q

November 28, 2004 by Canadian Underwriter

Canadian insurers produced an after-tax profit of $1.8 billion for the third quarter of this year, more than double the $890 million that companies reported for the same period in 2003, according to industry financial data collected by the Office…

News Climate ChangeInsurance

Hurricanes take small bite out of Bermuda players’ earnings: Benfield

November 28, 2004 by Canadian Underwriter

In its quarterly analysis of the top 16 Bermuda-based reinsurers, broker Benfield Group reports the third-quarter U.S. and Japanese hurricanes took their toll on earnings which have been persistently strong in the past few years.Net income dropped to US$3.3 billion,…

News Insurance

What’s new: In brief (November 28, 2004)

November 28, 2004 by Canadian Underwriter

A hearing by the New York Insurance Department into possible violations by brokerage Marsh has been postponed. The hearing, originally set for November 26 has now been moved into next year, rescheduled for January 18. The reason for the delay…

News Climate ChangeInsurance

Loss history inadequate for rating mega weather events

November 25, 2004 by Canadian Underwriter

Swiss Re’s latest annual hurricane report says that changing social, economic and weather patterns makes the use of loss history an inadequate rating tool when determining the risk and cost of large weather related events such as hurricanes. The report…

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European insurance industry ratings stabilizing

November 25, 2004 by Canadian Underwriter

The financial ratings of European insurers has continued to stabilize over 2004, says a report released by rating agency Standard & Poor’s (S&P). "Only five of the 20 groups covered in this report continue with a negative outlook, compared with…

News InsuranceMergers and Aqcuisitions

California tops all states for auto theft rates

November 25, 2004 by Canadian Underwriter

In what is surely a dubious distinction, California ranks as the top state for auto theft in 2003. According to the U.S. National Insurance Crime Bureau (NICB), six of the top ten worst metropolitan areas in terms of theft rates…