Segment
Reinsurance
Reinsurance renewals 2006 see underlying pressures
January 18, 2006 by Canadian UnderwriterLast year’s unprecedented catastrophe losses had an uneven impact on pricing and capacity at 2006 reinsurance renewals, according to Benfield’s recently published renewal report “Reinsurance Market and Renewals Review Swings and Roundabouts.”Benfield’s 82-page report finds that the hurricanes that occurred…
SCOR selects new cat modeler
January 17, 2006 by Canadian UnderwriterThe international reinsurer SCOR recently chose EQECAT Inc.’s WORLDCATenterprise catastrophe management software for the assessment of catastrophe risks in 88 countries.“SCOR, like many other insurers and reinsurers, has gone through a re-evaluation of catastrophe models after the last two turbulent…
Insurers must debate weather-related losses: Lloyd’s chairman
January 13, 2006 by Canadian UnderwriterThe insurance industry must “face up to the growth in weather-related losses over the past four decades,” and lead debate about whether future weather-related catastrophes will be insurable, Lloyd’s chairman Lord Levene says.He made his remarks in a Jan. 11…
SCOR non-life and credit & surety renewal up
January 12, 2006 by Canadian UnderwriterThe board of directors of the French reinsurer SCOR recently announced that premium income linked to non-life and credit & surety treaties, up for renewal on January 1, 2006, is up 25 %.These renewals relate to around 80% of the…
Benfield 2006 forecast better than expected
January 12, 2006 by Canadian UnderwriterDespite unprecedented industry losses in 2004 and 2005, Benfield Group Limited is forecasting a more encouraging financial outlook for 2006 than previously expected.“The full impact of the unprecedented losses of 2004 and 2005, like that of previous major losses, will…
Demand for political risk coverage to increase in 2006
January 11, 2006 by Canadian UnderwriterDemand for political risk coverage will increase in 2006, Aon predicts, based on trends identified in the company’s Political and Economic Risk Map. Published recently, Aon’s map suggests political interference poses the greatest threat to global businesses, followed by legal…
Sea of change: Property and marine lines renewals
January 10, 2006 by Canadian UnderwriterPricing of property and marine lines experienced major changes as a result of the record storm activity of 2005 however, casualty and accident and health lines were predominantly spared, according to Guy Carpenter & Company’s report titled “U.S. Reinsurance Renewals…
Montpelier Re raises $100 million
January 9, 2006 by Canadian UnderwriterMontpelier Re Holdings Ltd. (NYSE: MRH) recently raised $100 million through a private sale of trust preferred securities. The trust preferred securities were issued by Montpelier Capital Trust III a newly formed statutory trust that is wholly-owned by the Company.…
Willis reports on reinsurance renewals
January 5, 2006 by Canadian UnderwriterWillis Group Holdings (NYSE:WSH) recently released its reinsurance review of the marketplace for the January 1, 2006 renewals, which indicates key findings including rate movements and territory and class line commentary.The report, published by Willis Re, indicates that specialty lines…
Insurers balancing risk portfolios with terrorism insurance
January 4, 2006 by Canadian UnderwriterA leading terrorism underwriter at Lloyd’s says the market is becoming increasingly competitive as more insurers look to balance their risk portfolio in the wake of the US hurricane season.Stephen Ashwell, a war terrorism and political violence underwriter with Hiscox,…
Montpelier invests $133 million into new reinsurer
January 3, 2006 by Canadian UnderwriterMontpelier Re Holdings Ltd. (NYSE: MRH) has committed a $133 million investment into the capitalization of Blue Ocean Reinsurance Ltd., a new Bermuda reinsurer.Blue Ocean, which has been capitalized with commitments totaling $300 million of common and preferred equity from…
William J. Sutton & Co. offers new line for travelling, expatriate Canadians
December 22, 2005 by Canadian UnderwriterWilliam J. Sutton & Co., along with Gerber Life Insurance Co., are pleased to announce a new term life product specially designed for Canadian expatriates and Canadian residents with extensive international travel exposure.“International travel and worldwide residency have posed some…