Segment
Reinsurance
Swiss Re raises funds for GE reinsurance acquisition
May 11, 2006 by Canadian UnderwriterSwiss Reinsurance Co. has raised over $1 billion in a capital market transaction to finance its bid to take over General Electric Co.’s (GE) reinsurance arm. Swiss Re placed 13.9 million new shares at CHF92.25 apiece with shareholders and investors.…
Munich Re’s profits rise
May 9, 2006 by Canadian UnderwriterProfits for German reinsurer Munich Reinsurance Co. spiked this year, increasing 41.7% from the first quarter in 2005 to reach US$1.70 billion (979 million ) in the same period of 2006.This profit, according to Munich Re, is a result of…
Odyssey Re appoints Peter Bennett to board
May 5, 2006 by Canadian UnderwriterOdyssey Re Holdings Corp. (NYSE: ORH) has elected Peter M. Bennett to serve on its board of directors. Mr. Bennett has more than 40 years of experience in the insurance industry. He was president of Canadian International Reinsurance Brokers from…
RenaissanceRe reports 1Q net premiums up
May 4, 2006 by Canadian UnderwriterRenaissanceRe Holdings Ltd. (NYSE: RNR) today reported US$195.7 million in 2006 first-quarter operating income, compared to US$54.5 million in the first quarter of 2005.Net premiums earned for the first quarter of 2006 were US$351.7 million, compared to US$301.5 million for…
Kingsway sets own Q1 record for underwriting profit
May 4, 2006 by Canadian UnderwriterKingsway Financial Services Inc. (TSE:KFS, NYSE:KFS) reported its net operating income in 2006 1Q increased 11% to US$30 million, compared to US$27 million in 2005 Q1.Underwriting profit during this year’s first quarter set a Q1 record of US$16.4 million, Kingsway…
Marsh reports 1% decrease in 2006 1Q revenues
May 3, 2006 by Canadian UnderwriterMarsh & McLennan Companies, Inc. (MMC) reported its consolidated revenues in 2006 1Q were US$3 billion a 1% decline from 2005 1Q. Overall net income in 2006 1Q was US$416 million, compared with US$134 million in 2005. “A number of…
Guy Carpenter unveils e-file claims initiative for UK reinsurers
May 2, 2006 by Canadian UnderwriterGuy Carpenter & Company, Inc., a global risk and reinsurance specialist, and a part of the Marsh & McLennan Companies (NYSE: MMC), is launching an Electronic Claims File (ECF) initiative for reinsurers in the London market.Guy Carpenter has been involved…
Odyssey Re reports 2006 1Q earnings
May 1, 2006 by Canadian UnderwriterOdyssey Re Holdings Corp. (NYSE: ORH) has reported investment and net income increases for 2006 1Q, as well as a significant improvement in its combined operating ratio (COR) over the same period last year.Odyssey Re reported net income available to…
Fairfax reports 2006 1Q earnings of US$172.1 million
May 1, 2006 by Canadian UnderwriterFairfax Financial Holdings Limited (TSX:FFH.SV) (NYSE:FFH) had net earnings of US$172.1 million during the first quarter of 2006, compared to US$35.2 million in 2005, the company has announced. “Despite some softening in market conditions, the combined ratio of the company’s…
Arch reports 2006 1Q net income increase
April 28, 2006 by Canadian UnderwriterArch Capital Group Ltd. (NASDAQ: ACGL) reports that net income available to common shareholders for the 2006 first quarter was US$129.6 million, or $1.71 per share, compared to $115.9 million, or $1.57 per share, for the 2005 first quarter.Gross and…
ACE settles with investigators, reports 2006 1Q results
April 27, 2006 by Canadian UnderwriterBermuda-based reinsurer ACE Limited (NYSE: ACE) has reported a record net income for the first quarter ended Mar. 31, 2006, of US$489 million.The net income figure includes, the company reported, “a US$80-million pre-tax charge pertaining to the imminent settlement with…
In memorium: Dr. Rolf Robert Kern
April 27, 2006 by Canadian UnderwriterOn Friday, Apr. 21, Dr. Rolf Robert Kern, a key figure in the rise of the Gerling Global General and Reinsurance companies, succumbed to heart failure and passed away peacefully at St. Michael’s Hospital in Toronto.Born on Aug. 5, 1927…