Segment
Reinsurance
Swiss Re calls for TRIA extension
December 12, 2006 by Canadian UnderwriterSwiss Re urged for the renewal of the Terrorism Risk Insurance Act (TRIA) during the reinsurer’s 2006 year-end economic forum and 2007 insurance industry review.Swiss Re based its position on the belief that the insurance industry isn’t equipped to deal…
US reinsurers see declining loss ratio
December 8, 2006 by Canadian UnderwriterNet income for 13 major U.S. reinsurers rose to US$6 billion for the first nine months of 2006, compared to a break-even position during the same period last year, according to Benfield.The reinsurance and risk intermediary’s U.S. quarterly report revealed…
What’s New: In Brief (December 07, 2006)
December 7, 2006 by Canadian UnderwriterThe Canadian team at Willis Group Holdings has appointed Joe Beesack as the senior vice-president of its alternative risk solutions practice. Beesack’s focus will be on loss forecasting, deductible optimization, risk modeling, captive assessment and feasibility studies. His area of…
Strong balance sheets for 2007, Swiss Re predicts
December 5, 2006 by Canadian UnderwriterYear 2007 promises to be profitable for the insurance industry, experts at Swiss Re’s recent economic forum predict. “Balance sheets of most non-life insurers are very strong going into 2007 and we expect this to improve in 2007,” said Thomas…
New Brunswick, insurers agree on 13.5% rate decrease
December 4, 2006 by Canadian UnderwriterThe government of New Brunswick has come to an agreement with the province’s insurance industry that will see premiums drop an average of 13.5% by Mar. 1, 2007.As promised in Premier Shawn Graham’s Charter for Change, the plan involves eliminating…
Marsh opens technical centre of excellence in Halifax
November 30, 2006 by Canadian UnderwriterMarsh has announced it is opening an office in Halifax, Nova Scotia, creating up to 150 new jobs.The risk and insurance company is establishing a technical centre of excellence to provide high-level financial administrative support for its captive solutions business.Nova…
Reinsurers resilient after 2005, IAIS says
November 28, 2006 by Canadian UnderwriterEven though the reinsurance industry suffered major losses as a result of natural disasters in 2005, it succeeded in posting profits nevertheless, according to a new report published by the International Association of Insurance Supervisors (IAIS). “The reinsurance sector has…
High oil prices provide opportunities for risk underwriting
November 28, 2006 by Canadian UnderwriterThe high price of oil in recent years has led to rising investment in the energy sector, providing opportunities for risk underwriting, according to a Swiss Re advisory panel.“Those insurers and reinsurers with specialist skills across many disciplines, as well…
Moody’s monitoring U.S. financial guarantee insurance investigation
November 24, 2006 by Canadian UnderwriterMoody’s Ratings Service is carefully monitoring U.S. financial regulators’ subpoenas against parents of several financial guaranty insurance companies in connection with an ongoing criminal investigation of alleged bid-rigging of awards of municipal guaranteed investment contracts.“Inherent wrongdoing is not indicated but…
What’s New: In Brief (November 24, 2006)
November 24, 2006 by Canadian UnderwriterFairfax Financial Holdings (Fairfax) has announced an underwritten public offering to sell 9 million common shares of Odyssey Re Holdings Corp. Fairfax will grant the underwriters an option to purchase up to 1.4-million additional shares of common stock to cover…
What’s New: In brief (November 23, 2006)
November 23, 2006 by Canadian UnderwriterIndependent insurance brokers representing The Dominion of Canada General Insurance Company will have the opportunity to meet the flammable-liquid-detecting dog they sponsor through Ottawa Fire Services. The Dominion signed an agreement earlier this year to sponsor the pooch in an…
RMS calls for more U.S. landfall hurricanes over next five years
November 23, 2006 by Canadian UnderwriterDespite the “docile” hurricane season in 2006, increased hurricane activity and landfall is likely to continue in 2007 and beyond, according to catastrophe modeler Risk Management Solutions (RMS).RMS is reaffirming its five-year outlook of increased storm risk after presenting a…