Segment
Reinsurance
PXRE reports net loss of $446.5 million
February 23, 2006 by Canadian UnderwriterPXRE Group Ltd. (NYSE:PXT) recently reported a net loss before convertible preferred share dividends of $446.5 million for the quarter ended Dec. 31, 2005 compared to net income before convertible preferred share dividends of $32.8 million in the fourth quarter…
Insurers must adjust for more extreme weather: report
February 23, 2006 by Canadian UnderwriterThe insurance industry must compensate for extreme changes in the number of tropical cyclones and hurricanes by assuming a different loss distribution for the current warm phase of the natural climate cycle than in the years before, according to a…
Lloyd’s likely to feel impact of UK robbery
February 23, 2006 by Canadian UnderwriterThe multimillion-pound armed robbery of a storage depot in the United Kingdom near London is likely to be felt within Lloyd’s, which has a worldwide reputation for writing insurance for this kind of risk, according to a report by A.M.…
Benfield announces Web platform for facultative reinsurance
February 22, 2006 by Canadian UnderwriterBenfield, an independent reinsurance and risk intermediary, today announced the launch of eCatFac, a new electronic placing platform designed to help place facultative reinsurance for cedants with large catastrophe exposures.“Facultative reinsurance is a highly customized tool that is increasingly being…
Munich Re reinsurance rates rise 3%
February 21, 2006 by Canadian UnderwriterMunich Re’s P&C contract rates as renewed in January 2006 saw an increase of 3%, even after the record 2005 hurricane season. Approximately 66% of Munich Re’s traditional non-life reinsurance business saw renewals in January with a premium volume of…
Softening in reinsurance ceased due to hurricanes
February 20, 2006 by Canadian UnderwriterA.M. Best Co.’s expectation that significant price increases are mainly limited to business lines affected by the U.S. hurricanes, whereas European treaties (which account for approximately two-thirds of the renewable portfolio) saw relatively stable premium rates, has been confirmed by…
Swiss Re, GE Insurance placed on CreditWatch
February 20, 2006 by Canadian UnderwriterStandard & Poor’s Ratings Services is keeping Swiss Reinsurance on CreditWatch with negative implications — and GE Insurance Solutions Corporation on CreditWatch with a positive outlook — pending Swiss Re’s completed acquisition of GE Insurance, expected in mid-2006.S&P recently placed…
US and Bermuda reinsurers receive negative outlook
February 16, 2006 by Canadian UnderwriterA.M. Best Co. has extended its negative outlook for the US and Bermuda reinsurance markets to 2006 as the ratings agency says it anticipates there will be few, if any, rating upgrades or positive rating outlooks assigned throughout the year.…
Swiss Re renewals premium volume grows
February 14, 2006 by Canadian UnderwriterSwiss Reinsurance Co. has achieved a 7% improvement in its economic profit due to focus on technical profitability and its volume of business written has grown to 9.3 billion Swiss francs (US$7.1 billion) in its January non-life contract renewals.Michel Lis,…
Odyssey Re restates financial results due to finite review
February 10, 2006 by Canadian UnderwriterOdyssey Re Holdings Corp. (NYSE:ORH) is set to restate its financial results for the years 2001 through 2004 as well as the first nine months of 2005 in response to a review of their contracts with finite characteristics. The purpose…
Kingway’s 2005 Q4 net income increases
February 9, 2006 by Canadian UnderwriterKingsway Financial Services Inc. (TSE:KFS, NYSE:KFS) reported its 2005 Q4 net income increased 16% over its 2004 Q4 results from Cdn$36.3 million in 2004 to Cdn$42.1 million in 2005 despite lower premium volumes in 2005.Overall Kingsway’s net income in 2005…
Renaissance Re reports $207 million operating loss
February 8, 2006 by Canadian UnderwriterRenaissanceRe Holdings Ltd. (NYSE: RNR) has incurred a net operating loss attributable to common shareholders of $206.9 million in the Q4 of 2005, which the Company says mainly reflects a $313.9 million net negative impact from hurricane Wilma. These results…