Segment
Reinsurance
A.M. Best to review Swiss Re’s ‘A+’ financial strength rating
November 21, 2007 by Canadian UnderwriterA.M. Best Co. has placed the A+ financial strength rating of Swiss Reinsurance Company (Swiss Re) (Switzerland) and its similarly-rated subsidiaries under review with negative implications, following Swiss Res revelation that it took a loss linked to the subprime mortgage…
XL Insurance purchases Global Asset Protection Services (GAPS)
November 20, 2007 by Canadian UnderwriterXL Insurance, the global insurance operation of XL Capital Ltd (NYSE: XL), has reached an agreement with Swiss Re to purchase Global Asset Protection Services LLC (GAPS), a loss prevention consulting service provider. The transaction is expected to be completed…
Swiss Re reports CHF$1.2-billion hit arising from subprime fallout
November 19, 2007 by Canadian UnderwriterSwiss Re has reported a CHF1.2-billion, pre-tax, mark-to-market loss (about Cdn$1.058 billion) resulting from the U.S. subprime mortgage fallout.The reinsurer made its announcement following completion of its 2007 Q3 performance report.Swiss Re reported the loss came as a result of…
Benfield buys insurance business from Beaufort Group in Canada
November 13, 2007 by Canadian UnderwriterBenfield Corporate Risk has acquired the businesses of Beaufort International Insurance Inc. (BIII) and Beaufort Insurance Services Inc. (BISI), from Beaufort Group in Canada. The terms of the acquisition were not disclosed.Based in Calgary, Alberta, BIII and BISI provide specialist…
Munich Re posts profits exceeding Cdn$4.5 billion
November 8, 2007 by Canadian UnderwriterMunich Re Group has posted profit exceeding 3.3 billion (roughly Cdn$4.5 billion) in the first nine months of 2007. In the third quarter, we again posted excellent results, and are now harvesting the fruits of our strict profit orientation, John…
Swiss Re to reduce its amount of capital
November 6, 2007 by Canadian UnderwriterSwiss Reinsurance Company has reported a 5% decrease in its 2007 Q3 profits over last year and has announced its plan to reduce its capacity.Swiss Re is prepared to reallocate capital across business lines or return it to shareholders through…
What’s New: In Brief (November 05, 2007)
November 5, 2007 by Canadian UnderwriterJust one month after the Ontario government introduced a tough new, anti-street-racing law, more than 1,000 motorists have been charged under the act, the Metro newspaper in Toronto has reported.The new law introduces harsh penalties such as license suspension or…
Fairfax reports Q3 profits of $253.2 million
November 2, 2007 by Canadian UnderwriterFairfax Financial Holdings Ltd. has reported profits of Cdn$253.2 million for 2007 Q3, a dramatic increase from 2006s Q3 loss of Cdn$359.2 million. In the first nine months of 2007, net earnings increased to Cdn$532.2 million, compared to a reported…
Willis reports 2007 Q3 profits down, organic growth up
October 25, 2007 by Canadian UnderwriterWillis Group Holdings Limited (NYSE: WSH), a global insurance broker, reported a hit in its 2007 Q3 income based on a tax gain on the sale of its London headquarters and a significant expenditure on 2006 Shaping our Future initiatives.Shaping…
Canada’s legal culture will prevent “excesses” of U.S. legal system: Swiss Re seminar
October 24, 2007 by Canadian UnderwriterCanadas insurance industry is not in danger of seeing the same kinds of wild personal injury and product liability lawsuits launched in the United States, based on a number of reasons related to Canadas legal system and culture, a panelist…
What’s New: In Brief (October 23, 2007)
October 23, 2007 by Canadian UnderwriterA vehicle-tracking device manufactured by Boomerang Tracking Inc. has helped locate and recover more than 6,000 missing or stolen vehicles, representing a total value of approximately Cdn$300 million, according to a company release. Members of the insurance industry have endorsed…
PartnerRe reports increase in 2007 Q3 profit
October 23, 2007 by Canadian UnderwriterPartnerRe Ltd. has reported a 2007 Q3 profit of US$262.9 million, compared to a 2006 Q3 profit of US$235.8 million.Commenting on the 2007 Q3 and nine-month results, Patrick Thiele, president and CEO at PartnerRe, said, “PartnerRe’s third-quarter results set new…