Segment
Reinsurance
Munich Re reports record profit in 2006 of EUR3.5 billion.
February 28, 2007 by Canadian UnderwriterMunich Re has reported posting a record profit totalling EUR3.5 billion [Cdn$5.4 billion].The company also reported reducing its combined ratios in reinsurance (92.6%) and primary insurance (90.8%) to new record lows.“A record profit for the third time in a row…
Marsh appoints new global leader, consumer business
February 27, 2007 by Canadian UnderwriterMarsh Inc. announced the appointment of Henry S. Allen as global leader, consumer business, which includes the firms affinity and program management businesses, as well as its private client services division.Allen joined Marsh in 2002 as practice leader for the…
Converium rejects SCOR’s offer of acquisition
February 26, 2007 by Canadian UnderwriterConverium has rejected an offer by SCOR for the whole of the share capital of the company.In a press release, Converium representatives said that the board of directors of Converium continues to be unanimous in its rejection of the offer.The…
Hannover Re securitizes reinsurance recoverables
February 26, 2007 by Canadian UnderwriterFollowing successful securitizations in property/casualty and life/health reinsurance business, Hannover Re has now for the first time transferred the risks deriving from so-called “reinsurance recoverables” to the capital market.Reinsurance recoverables the outstanding claims held by reinsurers against their retrocessionaires traditionally…
World Bank to offer catastrophe risk insurance to Caribbean countries
February 26, 2007 by Canadian UnderwriterThanks to donor countries such as Canada, the World Bank is expected to be able to offer catastrophe risk insurance to 18 Caribbean countries in time for the 2007 hurricane season.Associated Press has reported officials from Caribbean nations are meeting…
EGI Financial Holdings reports 2006 Q4 profit up 70%
February 22, 2007 by Canadian UnderwriterEGI Financial Holdings Inc. (TSX:EFH) announced a 2006 Q4 profit of $5.2 million an increase of 70% over its 2005 Q4 profit of $3.1 million.The improvement was primarily attributable to the year-over-year improvement in the combined ratio, as well as…
U.S. insurance industry facing obstacles to run-off
February 20, 2007 by Canadian UnderwriterThe U.S. insurance industry should be paying greater attention to the run-off market, according to a recent study published by PricewaterhouseCoopers’ (PwC) insurance restructuring group. Although the U.S. market is generally acknowledged as the largest in the world, with an…
Strong 2006 earnings leading to increased competition, A.M. Best says
February 19, 2007 by Canadian UnderwriterMost global reinsurers are anticipating strong 2006 earnings thanks in part to a benign 2006 catastrophe season, A.M. Best has said in a published comment on the January 2007 renewal season.Global insurers are also taking advantage of an attractive pricing…
What’s New: In Brief (February 16, 2007)
February 16, 2007 by Canadian UnderwriterJoseph A. Hardy has been appointed account development executive of Compliance Management Inc. (CMI). Working out of CMIs Markham office, Hardy will be responsible for compliance risk management in Canada. With more than 20 years working with large corporations in…
TSR technology can now predict rainfall amounts, locations
February 15, 2007 by Canadian UnderwriterTropical Storm Risk, a subsidiary of the Benfield Hazard Research Centre, has developed technology for its TSR Storm Tracker that can predict the amount of rainfall and where it will fall to a 60 km area.TSR Storm Tracker was developed…
Manulife reports 2006 Q4 earnings of $3.9 billion
February 14, 2007 by Canadian UnderwriterManulife Financial Corporation reported shareholders’ net income of $3.9 billion for 2006, an increase of 21% over the full year 2005. “The strong organic growth across all of our operations is encouraging and contributed to another year of record earnings,”…
Marsh & McLennan report 500% increase in profit
February 14, 2007 by Canadian UnderwriterMarsh & McLennan Companies Inc. (MMC) reported a hefty 2006 Q4 profit of US$226 million, an increase of more than 500% over 2005’s final quarter.Full-year consolidated net income was US$990 million, compared with US$404 million in 2005.Risk and insurance services…