Segment
Reinsurance
Swiss Re study shows potential in agricultural insurance
January 26, 2007 by Canadian UnderwriterAgricultural insurance schemes can provide more economic security to the agricultural community and support the sector’s development, according to Swiss Re.Agricultural insurance is largely underdeveloped, even though agriculture remains a key sector in many emerging economies. Emerging market economies continued…
PartnerRe sees continuing signs of higher retentions
January 25, 2007 by Canadian UnderwriterPartnerRe Ltd. (NYSE: PRE) is reporting a slight decline of premium as of the Jan. 1, 2007 renewal season because insurers are continuing a trend of retaining more risk.PartnerRe has indicated on its Web site that during the Jan.1, 2007…
A.M. Best advises caution, despite strong 2006 profits
January 22, 2007 by Canadian UnderwriterRates for catastrophe-prone areas in the U.S. will remain elevated, despite the limited catastrophe losses in 2006, reflecting conservative pricing, reduced capacity for certain segments and higher reinsurance costs, says A.M. Best’s 2007 Property/Casualty Review/Preview.A soft market prevailed in most…
Swiss Re supports independent agency to aggregate European claims
January 22, 2007 by Canadian UnderwriterSwiss Re advocates the establishment of an independent agency to aggregate European claims data and provide the insurance industry with an efficient market loss index for natural catastrophe risks, according to a recent report. This industry-wide effort will facilitate the…
Hannover Re taps capital market to generate capacity
January 17, 2007 by Canadian UnderwriterHannover Re is once again drawing on the capital market to obtain underwriting capacity for catastrophe risks, boosting the volume of last year’s “K5” risk securitisation to US$520 million.The reinsurer’s latest transaction was placed with institutional investors in North America,…
BI&I appoints new executive members
January 17, 2007 by Canadian Underwriter**CORRECTON NOTICE**[Editor’s Note: The following news item corrects errors that appeared in a Jan. 16, 2007 item entitled ‘What’s New: In Brief.’] John R. Mulvihill has been appointed chief operating officer and senior vice president of the Boiler Inspection and…
Swiss Re obtains US$705 million of extreme mortality risk protection
January 16, 2007 by Canadian UnderwriterSwiss Re has transferred US$705 million of extreme mortality risk to the capital markets through its Vita Capital securitization program, according to a press release. This is Swiss Re’s third mortality catastrophe bond that has been issued privately to institutional…
Reinsurance industry regains “calm” in 2007, Benfield says
January 15, 2007 by Canadian UnderwriterThe reinsurance market has regained “a universal, if fragile calm” in 2007, according to a report by reinsurance intermediary Benfield.The report, entitled ‘Global Reinsurance Market Overview: Pick ‘N Mix,’ noted “an acute shortage of catastrophe capacity at U.S. mid-year renewals.”…
Marsh launches property catastrohpe sidecar
January 11, 2007 by Canadian UnderwriterMarsh Inc. announced the creation of MaRI (Marsh Risk Innovations), a reinsurance sidecar that will provide additional capacity to the depleted property catastrophe insurance market.Sidecars have gained popularity in the wake of Hurrican Katrina and are essentially financial structures created…
Fitch outlines new Core Capital Adequacy Ratio
January 9, 2007 by Canadian UnderwriterFitch Ratings has published details about its new financial guaranty capital model called Matrix.The key measure in the model is the Core Capital Adequacy Ratio (CCAR), which is derived from the following two basic measures: The total Adjusted Claims-Paying Resources…
ACE Tempest Re launches Canadian operations
January 8, 2007 by Canadian UnderwriterThe ACE Tempest Re Group has expanded into Canadian markets with the establishment of ACE Tempest Re Canada.The Montreal-based, wholly owned managing underwriter will write all lines of property and casualty reinsurance for the Canadian market.Constantin Petalas has been appointed…
What’s New: In brief (January 05, 2007)
January 5, 2007 by Canadian UnderwriterBCAA reported more than five-times the normal wind-related claim rate throughout November and December following the string of storms that pummelled the Pacific Northwest.During the two-month period the firm received nearly 600 claims of this nature with an average cost…