Stone Point Capital LLC recently placed a binding offer through the new company Paris Re Holdings Ltd. to acquire AXA Re from AXA SA. AXA received the offer of US$14.2 million from Stone Capital for the entire share capital of…
Swiss Re has introduced a new dimension to the conventional combined ratio, called the “economic combined ratio” [ECR].According to Swiss Re, the ECR presents the following advantages when compared to the conventional combined ratio: The ECR isolates the underwriting results…
The U.S. property and casualty insurance industry will report a deterioration in profitability for 2005, Fitch rating agency predicts.“While operating performance was on a record-setting pace in the first half of the year, insurers encountered unfavorable surprises in the form…
If catastrophe damage losses continue to escalate as expected, the insurance industry may have to re-evaluate its model for risk-sharing, panelists told an audience attending an Ontario Risk and Insurance Management Society meeting in Toronto.A new model may, for example,…
Following losses of US$11.3 billion from hurricanes Katrina, Rita and Wilma, Bermuda’s reinsurers registered a total net loss of US$2.8 billion in 2005 compared with a profit of US$5.5 billion the previous year, according to the latest Benfield Bermuda Quarterly…
Fitch ratings service believes that the life insurance sector will take a much bigger hit than the non-life sector in the event of a global bird flu pandemic.A recent Fitch report, posted online, notes the P&C sector would more likely…
Hannover Re says “an unparalleled burden” of natural catastrophe losses in 2005 produced “historically unprecedented major loss expenditures in excess of EUR1 billion (US$1.2 billion).”Hurricanes Katrina, Rita and Wilma alone inflicted a net loss on the company of almost EUR800…
Falling commercial insurance rate levels and expanding insurance capacity have led to a slowing of new captive insurance company formations, according to a recent study by Advisen, a company that provides data to the insurance industry. “Right on cue, the…
Aided by investment income, SCOR reported its net income for 2005 has increased 75% over 2004. “Net income after tax for 2005 amounted to EUR131 million ($US158.2 million), compared to EUR75 million (US$90.6 million) in 2004, representing an increase of…
A group of 26 U. S. property-casualty reinsurers wrote $25.3 billion of net premiums during the 12 months ended Dec. 31, 2005, according to a survey of reinsurers’ statutory underwriting results conducted by the Reinsurance Association of America (RAA). Among…
In the wake of the worldwide surge in natural catastrophes over the past few years, the insurance industry is turning more frequently to catastrophe bonds, according to a Standard & Poor’s report.The bonds are designed to mitigate the catastrophe risk…
Converium Holding AG has seen a profitable year, reporting a net profit of US$68.7 million for 2005 following a reported loss of US$582.5 million for 2004.Weather-related losses including hurricanes Katrina, Rita and Wilma as well as the European floods, and…