Segment
Reinsurance
Reinsurers stand their ground
September 7, 2006 by Canadian UnderwriterGlobal pricing in the property catastrophe reinsurance market has been significantly influenced by extreme rate peaks in the U.S. and Mexico, which absorbed the majority of the losses from the 2005 storms, according to a recent report published by Guy…
Benfield profits up, as is global demand for cat insurance
September 7, 2006 by Canadian UnderwriterBenfield Group Limited (“Benfield” or “the Group”), an independent reinsurance and risk intermediary, has reported its group operating revenue has increased 28.5% over the first half of 2006 to 252.1 million (CD$524.6 million).The Group also reported an increase of 35.3%…
Swiss Re’s net income, P/C income climbs in 2006
September 6, 2006 by Canadian UnderwriterSwiss Re has reported a 2006, first-half net income of CHF 1.6 billion (CD$1.43 billion) up 16%, compared to a strong first half of 2005. Annualized return on equity was 13.9% and shareholders’ equity increased 18% to CHF 27.1 billion…
Reinsurers head-to-head with P&C cycle
September 5, 2006 by Canadian UnderwriterManaging the property and casualty cycle is said to be the most difficult endeavor that reinsurers will face throughout 2006 and 2007, according to a recent report published by Fitch Ratings Agency.The report “Reinsurance Review and Outlook: Cycle ManagementA Bumpy…
Swiss Re gets stable, A+ rating after GE acquistion
August 23, 2006 by Canadian UnderwriterA.M. Best Co. has affirmed the financial strength rating (FSR) of A+ (Superior) and the issuer credit rating (ICR) of “aa” of Swiss Reinsurance Company (Swiss Re) (Switzerland) and its rated subsidiaries, following the company’s completed acquisition of GE Insurance…
US alien reinsurers see premium growth
August 23, 2006 by Canadian UnderwriterThe total U.S. premium ceded to alien reinsurers was US$62.1 billion and ceded recoverables totaled US$123.9 billion in 2005, which represents a 16.9% increase in premiums and 16.2% growth in recoverables since 2004, according to a recent report from the…
US$5-billion underwriting loss for U.S. P/C industry in 2005
August 21, 2006 by Canadian UnderwriterThe U.S. property and casualty industry reported a US$5-billion underwriting loss and a combined ratio of 100.9% in 2005, according to a recent study by rating agency A.M. Best.The result represents a US$10.5-billion reversal from 2004’s underwriting profit, and a…
Hurricane losses humble reinsurers, A.M. Best
August 14, 2006 by Canadian UnderwriterThe global reinsurance industry is still struggling to manage its catastrophe exposure even almost a year after hurricanes Katrina, Rita and Wilma struck, according to a recent report from A.M. Best Co.The 2006 global reinsurance report called “Reinsurers Humbled, But…
AXA reports 4% increase in 2006 first-half earnings
August 3, 2006 by Canadian UnderwriterAXA reported its property and casualty revenues increased by 4% during the first half of 2006 to EUR10.8 million (CD$15.6 million). AXA also reported its overall combined ratio improved 0.6 points to 96.9%.“AXA’s performance in the first half of 2006…
Fairfax announces 2006 Q2 earnings of US$223 million
July 28, 2006 by Canadian UnderwriterFairfax Financial Holdings Limited (TSX and NYSE:FFH) announced 2006 Q2 earnings of US$223.6 million, and has decided on the commutation of its Swiss Re cover worth US$1 billion.In a press release, the company also said it will issue a restatement…
A.M. Best lists its 2006 top reinsurers
July 25, 2006 by Canadian UnderwriterMunich Re, Swiss Re Group, Berkshire Hathaway Group, Hannover Re and Lloyd’s of London are A.M. Best’s Top 5 reinsurers in 2006, based on consolidated gross premium written in 2005, according to the ratings agency.“Ranked by 2005 gross written premium…
What’s New: In brief (July 21, 2006)
July 21, 2006 by Canadian UnderwriterR. Scott Donovan has been named Odyssey Re Holdings Corp.’s executive vp and chief financial officer. Donovan replaces Robert Giammarco, who will effectively resign Aug. 15 to pursue other interests, according to the company. For four years Donovan has been…