Segment
Reinsurance
Swiss Re’s non-life insurance portfolio swells as result of acquisition
February 13, 2007 by Canadian UnderwriterSwiss Re’s non-life insurance portfolio has grown by 14% as a result of renewals of business acquired through the purchase of Insurance Solutions. The increase works out to CHF1.3 billion [approximately CDN$1.215 billion].The January renewal season accounts for 67% of…
Willis draws on earth simulator to better handle catastrophes
February 13, 2007 by Canadian UnderwriterIn order to help insurers understand the frequency and severity of natural catastrophes, Willis Research Network has joined forces with internationally renowned universities in a research program on climate simulations at the NEC Earth Simulator in Yokohama, Japan. The research…
Scor Reinsurance reports 10% increase in global premium income
February 12, 2007 by Canadian UnderwriterScor records an increase of around 10% in worldwide premium income for non-life reinsurance renewed at 1 January 2007, according to a press release.Property and casualty reinsurance renewals at 1 January 2007 were conducted in full accordance with the underwriting…
AON releases 2006 financial results
February 9, 2007 by Canadian UnderwriterAON Corporation (NYSE: AOC) has reported a 2006 Q4 profit of US$224 million, compared with a 2005 Q4 net income of US$224 million.Throughout all of 2006, AON reported a net income of US$721 million, compared to a reported net income…
What’s New: In Brief (February 09, 2007)
February 9, 2007 by Canadian UnderwriterInsurers have handled more than 1,000 claims with property/casualty losses estimated at US$68 million in the week following a string of 7 tornadoes that struck Florida last week, reported A.M. Best.Michal Connolly, a spokesperson for State Farm Florida Insurance Co.,…
Swiss Re calls for action following release of IPCC report
February 2, 2007 by Canadian UnderwriterThe Intergovernmental Panel on Climate Change (IPCC)’s fourth assessment report on climate change have debunked myths and confirmed Swiss Re’s view that human activity is a major contributor to climate change.Ivo Menzinger, Swiss Re’s head of sustainability, held a conference…
Insurance industry “proactive” in mild 2006 storm season
January 31, 2007 by Canadian UnderwriterThe benign 2006 storm season bodes well for investors in catastrophe-focused carriers and in alternative risk-transfer vehicles, according to a recent Moody’s Investors Service report.Entitled “Current Trends in Insurance Catastrophe Risk Management,” the report says the reduced storm activity could…
Guy Carpenter expert predicts slowing down of cat bond and side car activity
January 30, 2007 by Canadian UnderwriterLast year was a record year for cat bond activity, but Chris McGhee, managing director of Guy Carpenter’s investment banking specialty practice in New York, predicts that 2007 will see a slowing-down in both cat bond and side car activity.McGhee,…
Insurers should set rates with heavy 2007 storm system in mind
January 30, 2007 by Canadian UnderwriterInsurers and reinsurers can expect a worse hurricane season in 2007 than in 2006, and should set their rates accordingly, Omega Insurance Holdings CEO Philip H. Cook predicted at the CIP Society-Toronto Chapter’s PROedge Industry Trends Breakfast Series in Toronto.In…
Competition in store for reinsurance market
January 30, 2007 by Canadian UnderwriterMunich Re renewed about two thirds of its property-casualty treaty business (i.e. excluding facultative reinsurance), which corresponds to a premium volume of around 9billion, according to a press release.The prices, terms and conditions negotiated on the reinsurance treaties were again…
The Co-operators primed for potential bond upgrade: S&P’s
January 29, 2007 by Canadian UnderwriterCo-operators General Insurance Company is among 32 global insurance companies listed among Standard & Poor’s most recent index of 398 global companies in line for potential bond upgrades.“Financials [i.e. including insurers] maintained their preeminent position among sectors most likely to…
What’s New: In Brief (January 29, 2007)
January 29, 2007 by Canadian UnderwriterHannover Re says it expects losses in the range of EUR120-180 million (Cdn$180-275 million) from winter storm Kyrill.Many of the losses come from claims originating in Germany, the company reported in a press release.Winter storm Kyrill swept across large parts…