Segment
Reinsurance
Renewal season provides satisfactory results
February 7, 2006 by Canadian UnderwriterThis year’s treaty renewals in property and casualty reinsurance are generally satisfactory as the hard market has been sustained, according to Hannover Re. “Although not all our expectations were realised, we were still able to top the already very high…
Guy Carpenter notes ratings, reinsurance changes post-Katrina
February 1, 2006 by Canadian UnderwriterUnprecedented catastrophe losses in 2005 were true ‘market-changing’ events for the property segment, with substantial short- and long-term consequences for pricing, capitalization, reinsurance and insurance ratings, according to Guy Carpenter & Company Inc.The 2005 catastrophes “have led reinsurers to readjust…
Validus Re reports premiums of US$220 million
January 31, 2006 by Canadian UnderwriterBermuda start-up Validus Reinsurance Ltd. has reported gross written premiums of US$220 million during the January 2006 renewal season a performance that the company describes as exceeding expectations.The holding company formed on Dec. 12, 2005, to add capacity to the…
Alea reports 2005 losses
January 31, 2006 by Canadian UnderwriterStorm losses and US claims has lead Bermuda-based reinsurer Alea Group Holdings Ltd. to estimate a 2005 after-tax loss of between $200 and $240 million (between $1.15 and $1.38 a share), which may ultimately cause the reinsurer to close to…
Allstate signs new reinsurance agreements
January 30, 2006 by Canadian UnderwriterThe Allstate Corporation, the second-largest property casualty insurer in the U.S., has announced new reinsurance agreements for its countrywide personal lines property and auto insurance business, excluding Florida, and for personal property excess losses in California for fires following earthquakes.…
Swiss Re study lists 2006 corporate risks
January 27, 2006 by Canadian UnderwriterComputer-based risks, foreign trade and corporate governance are the leading corporate risks of 2006, a Swiss Re study has found.The survey polled senior executives in six large, industrial countries including France, Germany, Italy, Japan, the U.K. and the U.S. The…
EGI Financial restructures treaty reinsurance
January 26, 2006 by Canadian UnderwriterEGI Financial Holdings Inc. (TSX:EFH) recently completed the restructuring of its treaty reinsurance coverage’s for 2006 in a manner consistent with the general plan previously disclosed. EGI Financial, as enabled by its greater capital resources, did not renew its quota…
Canada helps increase AXA’s P&C revenue
January 26, 2006 by Canadian UnderwriterGood business in Canada helped to increase AXA’s 2005 property and casualty revenues by 3%, AXA CEO Henri de Castries recently reported on the company’s Web site.“Property and casualty revenues increased by 3%, to EUR18.8 million, mainly driven by France…
EGI Financial restructures 2006 treaty reinsurance
January 25, 2006 by Canadian UnderwriterEGI Financial Holdings Inc. (TSX:EFH) has completed a plan to restructure its treaty reinsurance coverages for 2006.Enabled by its greater capital resources, EGI Financial did not renew its quota share reinsurance treaty in 2006. In a change from prior years,…
Moody’s rates Arch’s US$100-million issue
January 24, 2006 by Canadian UnderwriterMoody’s Investors Service has assigned a Baa3 rating to US$100 million of preferred shares issued by Arch Capital Group Ltd. (“Arch Capital”)(Nasdaq: ACGL). The offering constitutes a drawdown from Arch Capital’s existing $650 million universal shelf registration rated by Moody’s…
January renewals show “tale of two markets”
January 20, 2006 by Canadian UnderwriterJanuary renewals in the United States and Europe are telling a “tale of two markets,” according to Grahame Millwater, the chairman and CEO of Willis Re, who was quoted in the recent edition of A.M. BestWeek.A.M. Best notes in the…
S&P’s takes Hannover Re off CreditWatch
January 20, 2006 by Canadian UnderwriterStandard & Poor’s Ratings Services affirmed its long-term counterparty credit and insurer financial strength ratings on Hannover Rckversicherung-AG and its core entities – collectively Hannover Re – and removed them from CreditWatch, where they had been placed with negative implications…