Segment
Reinsurance
What’s New: In Brief (April 26, 2006)
April 26, 2006 by Canadian UnderwriterIt’s official: The European Commission has cleared Swiss Re’s acquisition of GE Insurance Solutions.In a statement, the commission “concluded that the transaction would not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it.”Swiss…
Chubb 2006 1Q results “most profitable in history”
April 25, 2006 by Canadian UnderwriterThe Chubb Corporation [NYSE: CB] has reported a 2006 1Q net income of US$672 million, compared to US$470 million in IQ 2005.The 2006 1Q combined loss and expense ratio improved to 82.9% in 2006 from 89.4% in 2005. “This was…
Partner Re’s 1Q 2006 results improve over 1Q 2005
April 25, 2006 by Canadian UnderwriterPartnerRe Ltd.’s 1Q 2006 results compare favorably with those of the 1Q 2005 results, thanks to a relative absence of large losses during the 2006 first quarter, the reinsurer reported recently.Last year, Partner Re (NYSE: PRE) suffered losses as a…
Swiss Re changes financing plans for acquiring GE
April 21, 2006 by Canadian UnderwriterSwiss Re says a “very strong capital position” has allowed it to adjust the way it plans to finance its proposed purchase of GE Insurance Solutions. “Swiss Re expects to raise US$3.9 billion instead of US$4.7 billion in equity securities…
AIG to sell shares of Bermuda reinsurer IPC
April 21, 2006 by Canadian UnderwriterAIG intends to sell up to 15.4 million of the common shares (24.2% of outstanding shares) it owns of reinsurer IPC Holdings in a public offering, subject to market conditions.AIG was the sponsoring shareholder of Bermuda-based reinsurer IPC in 1993.…
Benfield, Merrill Lynch team up to offer cat bonds
April 21, 2006 by Canadian UnderwriterBenfield, an independent reinsurance and risk intermediary, has formed a relationship with Merrill Lynch to offer insurers and reinsurers catastrophe (cat) bonds as a form of alternative capital for peak risk exposures.Recent hurricane losses, likely revisions to cat models and…
Munich Re reports 2005 profit of US$3.34 billion
April 19, 2006 by Canadian UnderwriterMunich Reinsurance Company has reported a 2.7 billion (US$3.34 billion) profit for 2005, paving the way for a record dividend payout of 707 million (US$875.3 million).“Given its outstanding result for the business year 2005, Munich Re is paying out a…
Allstate reports strong 2006 first quarter
April 19, 2006 by Canadian UnderwriterBuoyed by improved underwriting numbers, Allstate Corp reported an “excellent start to 2006” with strong 2006 1Q results.Allstate’s 1Q property liability premiums written grew 2.2% over the first quarter of 2005, driven by Allstate brand standard auto and homeowners increases…
Aon Re provides insight into earthquake loss potential
April 18, 2006 by Canadian UnderwriterAon Re recently developed a comprehensive Earthquake Viewing Guide following the success of its Hurricane Viewing Guide, which was utilized during the 2004/2005 hurricane seasons.The viewing guide provides a range of potential loss outcomes based on possible earthquake events throughout…
What’s New: In Brief (April 18, 2006)
April 18, 2006 by Canadian UnderwriterMartin Ouellet has been named regional sales manager for Canada at Applied Systems, Inc. Most recently, Ouellet was a senior sales consultant for Applied Systems Canada, devoting eight of his 12 years in technology sales and sales management to growing…
Risk distribution for catastrophes must change: Munich Re
April 13, 2006 by Canadian UnderwriterA recent Munich Re report says “existing mechanisms for distributing the risk between the private insurance sector, the state, and the federal government should be reconsidered” in light of the hurricane seasons of 2004 and 2005.The report, entitled ‘The 1906…
A.M. Best softens cat stress test for prepared insurers
April 11, 2006 by Canadian UnderwriterA.M. Best Co. is making modifications to its catastrophe stress test, which in some cases will require less capital for a company to support its catastrophe exposure. The ratings agency says “those companies that would be afforded additional leeway in…