Segment
Reinsurance
What’s New: In Brief (September 05, 2007)
September 5, 2007 by Canadian UnderwriterEQUECAT, Inc., a subsidiary of ABSG Consulting Inc. is warning that a category 5 storm with a track through the heart of the Gulf of Mexico U.S. offshore energy platforms could generate producer damage and loss of more than $65…
Benfield creates division dedicated to non-traditional risk transfer
September 4, 2007 by Canadian UnderwriterBenfield has launched a new division within Benfield Advisory, for all forms of non-traditional risk transfer solutions, including sidecars, cat bonds, industry loss warranties (ILWs), collaterized reinsurance and other indexed linked securities.With the convergence of the capital and reinsurance markets…
Hurricanes churning as forecasters maintain predictions for a season of high activity
September 4, 2007 by Canadian UnderwriterAs Hurricane Felix slammed into Nicaragua and Hurricane Henriette barrels towards Mexico, researchers at Colorado State University (CSU) maintain their prediction of above average activity for the remainder of the hurricane season.<br>Hurricane Felix made landfall with maximum sustained winds of…
What’s New: In Brief (August 31, 2007)
August 31, 2007 by Canadian UnderwriterGuy Carpenter & Company, LLC has launched a new branding campaign, Capital Ideas, and has announced that its logo will change to bring the look in-line with that of parent company Marsh & McLennan Companies (MMC).The new campaign – including…
What’s New: In Brief (August 22, 2007)
August 22, 2007 by Canadian UnderwriterPartnerRe Ltd. (NYSE: PRE) has announced that Partner Reinsurance Europe Limited, a wholly-owned subsidiary of PartnerRe Ltd., based in Dublin, Ireland, will, from Jan.1, 2008, be the principal reinsurance carrier for PartnerRe’s business underwritten in France, Ireland, Switzerland and Canada.Under…
OSFI issues letter clarifying amendments related to foreign insurers
August 20, 2007 by Canadian UnderwriterPending changes to the way the Canadian Office of the Superintendent of Financial Institutions (OSFI) oversees foreign property and casualty (P&C) insurers, OSFI will presume that as of Jan. 1, 2009, unless otherwise established, all risks reported on the books…
A.M. Best releases methodology for rating securities
August 20, 2007 by Canadian UnderwriterCriteria for rating securities collateralized by reinsurance recoverables has been described in a methodology released by A.M. Best Co., Securitization of Reinsurance Recoverables. This methodology outlines A.M. Bests criteria in rating securities that are backed by reinsurance recoverables. A large…
A.M. Best predicts continued growth of insurance-linked securities market
August 13, 2007 by Canadian UnderwriterThe global reinsurance market is stable, and A.M. Best predicts continued growth in the insurance-linked securities market, moderating cyclicality and amplitude in global reinsurance pricing.In A.M. Bests Global Reinsurance 2006 Market Review researchers note that 2006 set a record for…
Fairfax reports Q2 profit of Cdn$168.1 million
August 10, 2007 by Canadian UnderwriterFairfax Financial Holdings Limited (TSX: FFH) announced a 2007 Q2 profit of Cdn$168.1 million, down from 2006 Q2 earnings of Cdn$229.2 million. Northbridge Financial Corporation (TSX: NB) and Odyssey Re Holdings Corp, Fairfaxs respective primary insurance and reinsurance operations, announced…
Cataclysmic infrastructure collapse: Who pays?
August 10, 2007 by Canadian UnderwriterA recent Minneapolis bridge collapse and New York steam pipe explosion, both of which collectively caused the deaths of at least six people and more than US$250 million in damages, has brought infrastructure liability to the fore, according to a…
Swiss Re reports 68% increase in profits over 2006 Q2
August 7, 2007 by Canadian UnderwriterSwiss Re reported a 68% increase in its property and casualty business over 2006 Q2, with a total earnings of CHF 1.2 billion [approximately Cdn$1.05 billion] throughout 2007 Q2.Overall, compared to 2006 Q2, premiums earned increased 17% to CHF 8…
What’s New: In Brief (August 01, 2007)
August 1, 2007 by Canadian UnderwriterThe Economical Insurance Group is maintaining its investment as a full partner of the Broker Identity Program for 2007, the Insurance Brokers Association of Canada (IBAC) has announced.By investing in the program, The Economical supports the message being delivered every…