Segment
Reinsurance
Fairfax reports 2006 Q3 net loss of US$359.2 million
November 3, 2006 by Canadian UnderwriterFairfax Financial Holdings Limited (TSX and NYSE: FFH) has announced a net loss of US$359.2 million for 2006 Q3, and net earnings of US$68.4 million for the first nine months of 2006. The combined ratios of the company’s insurance and…
Pricing discipline must be priority for insurers’ risk managers
November 2, 2006 by Canadian UnderwriterAchieving price discipline and not preparing for catastrophes should be the primary focus for insurers and reinsurers when considering their own risk management practices, Aon Re Services president Bryon G. Ehrhart told the Aon Re Canada’s Rendezvous 2006 in Mississauga.Ehrhart…
S&P’s assigns ‘BBB+’ rating to PartnerRe stock issuance
November 2, 2006 by Canadian UnderwriterStandard & Poor’s Ratings Services assigned its ‘BBB+’ preferred stock rating to PartnerRe Ltd.’s (NYSE:PRE) issuance of US$250 million in junior subordinated capital efficient notes due in 2066.At the same time, Standard & Poor’s affirmed its ‘A’ counterparty credit rating…
Aon 2006 Q3 profit down; organic revenue growth up
November 2, 2006 by Canadian UnderwriterAon Corporation (NYSE: AOC) has reported a 2006 Q3 net income of US$106 million, compared to $122 million during the same period last year.The company’s risk and insurance brokerage services revenue increased 5%, to US$1.3 billion, with organic revenue growth…
Marsh 2006 Q3 profits skyrocket
November 1, 2006 by Canadian UnderwriterMarsh & McLennan Companies, Inc. (MMC) has reported its 2006 Q3 consolidated net income more than doubled, from US$69 million last year to US$176 million in 2006. In addition, consolidated revenues for 2006 Q3 stood at US$2.9 billion, an increase…
What’s New: In Brief (October 31, 2006)
October 31, 2006 by Canadian UnderwriterThe SCOR group has received the approval of the China Insurance Regulatory Commission (CIRC) for a reinsurance licence in China.The license will enable SCOR to open a branch in Beijing for the purpose of conducting property & casualty reinsurance transactions.The…
Arch Capital Group reports healthy 2006 earnings
October 27, 2006 by Canadian UnderwriterBuoyed by a relatively quieter hurricane season in 2006 than in 2005, Arch Capital Group Ltd. (NASDAQ: ACGL) reports that net income available to common shareholders was US$185.8 million for 2006 Q3.In contrast, the group reported a net loss of…
Bermuda reinsurers Q3 results up
October 26, 2006 by Canadian UnderwriterBermuda-based reinsurers Montpelier Re Holdings Ltd. And Endurance Specialty Holdings Inc. have both experienced increases in their net income for the third quarter of 2006.Montpelier Re’s net income for Q3 of 2006 is US$180.7 compared to a net loss of…
Could a ’98 Ice Storm event happen in this El Nino year?
October 24, 2006 by Canadian UnderwriterHeading into an El Nino year, Canadian insurers and reinsurers should be reminded that the 1998 Ice Storm which caused more than $CD1 billion in damage losses in eastern Ontario and Quebec also happened during an El Nino year, panelists…
Better financial results for Bermuda reinsurers
October 24, 2006 by Canadian UnderwriterEverest Re Group Ltd. recently reported a net income of US$634.5 million for the third quarter of 2006, a distinct improvement from the net loss of US$56.5 million reported for the same period in 2005. These results indicate a trend…
PartnerRe reports solid 2006 3Q income
October 23, 2006 by Canadian UnderwriterPartnerRe Ltd. (NYSE: PRE) has reported net income of US$235.8 million for 2006 3Q. In comparison, the reinsurer reported an after-tax net loss of US$288.7 million in 2005 3Q, reflecting the record catastrophe activity in that period. The company reported…
New cat models can help prevent underinsuring properties
October 23, 2006 by Canadian UnderwriterNew catastrophe-modeling capabilities can help insurers avoid the painful consequences of underinsuring properties, according to a panelist at A.M. Best’s Insurance & Technology Conference, e-Fusion, in Boston.In its report on the conference, A.M. Best cites George Davis, a vice president…