Segment
Reinsurance
ACE Ltd. announces 2006 financial guidelines
December 19, 2005 by Canadian UnderwriterACE Limited (NYSE: ACE) has announced some key financial guidelines for its group of companies for the full year 2006.“Property and casualty net earned premium growth is expected to average 6% to 8% for the full year,” ACE announced in…
New Bermuda reinsurers face challenges, report says
December 19, 2005 by Canadian UnderwriterThe more stringent capital requirements of ratings agencies post-Katrina will challenge the ability of new Bermuda reinsurers to generate attractive financial returns, according to a new study by Benfield Group Ltd.“Most business plans [of the new reinsurers in Bermuda] indicate…
Strategy raises $700 million in capital
December 15, 2005 by Canadian UnderwriterStrategy International Insurance Group, Inc. (OTCBB: SGYI) (“Strategy”) has announced that its subsidiary, Strategy Holding Company Limited, has finalized the transaction for the sale of $700 million of preferred stock of Strategy Holding Company to Grupo Lakas S.A., a Panamanian…
Better business models required for a positive 2006 (December 15, 2005)
December 15, 2005 by Canadian UnderwriterThe primary non-life sector is expected to attain positive results in 2006 with primary premiums growing above inflation and specifically, significant increases arising in classes impacted by 2005’s hurricane season, Swiss Re reported at its recent annual review and outlook…
Montpelier Re announces quarterly dividend, ratings affirmed
December 13, 2005 by Canadian UnderwriterMontpelier Re Holdings Ltd. (NYSE:MRH) recently implemented actions deemed necessary to receive an affirmative rating from A.M. Best Company. In concurrence with these actions, Montpelier has declared a quarterly dividend of $0.075 per Common Share, which is payable on January…
Few US insurers in financial trouble, despite record cat losses
December 13, 2005 by Canadian UnderwriterDespite record-breaking damage losses absorbed during consecutive hurricane seasons, U.S. property and casualty insurers are on track to record the lowest financial impairment and failure rates in a decade. “Typically, major catastrophes trigger surges in property/casualty impairments, pushing already vulnerable…
What’s New: In brief (December 13, 2005)
December 13, 2005 by Canadian UnderwriterEffective April 1, 2006 Andrew Cook will step down as chief financial officer of AXIS Capital Holdings Limited (NYSE: AXS). The Bermuda-based global insurance and reinsurance Company has commenced an executive search to replace Cook, who left for personal reasons.…
Standard & Poor’s takes Lloyd’s off CreditWatch
December 12, 2005 by Canadian UnderwriterStandard & Poor’s Ratings Services has affirmed its ‘A’ long-term insurer financial strength rating on the U.K.-based Lloyd’s insurance market and removed the ratings from CreditWatch, where they had been placed with negative implications on Sept. 9, 2005.The outlook for…
SCOR buys Alea Europe’s 2006 renewal rights
December 9, 2005 by Canadian UnderwriterSCOR has agreed to terms with the Alea Group regarding the acquisition of the 2006 renewal rights relating to the Alea Europe property and casualty treaty portfolio.The heads of terms include the payment in 2006 of a 9.5 % commission…
Swiss Re raises capital for GE Insurance purchase
December 9, 2005 by Canadian UnderwriterSwiss Re has successfully completed the book-building process for a 1-billion Swiss franc (US$761 million) offering of mandatory convertible securities due 2008.The securities are mandatorily convertible into ordinary shares of Swiss Re in December 2008. The securities will be issued…
Reinsurers cannot collect duty-of-care (December 08, 2005)
December 8, 2005 by Canadian UnderwriterThe U.K. Court of Appeal recently ruled that excess-of-loss coverage cannot be denied even on the grounds that reinsurance buyers owe their reinsurer a duty of care to underwrite original risks prudently, unless this duty of care is stated in…
Fitch upgrades Aon’s rating outlook
December 7, 2005 by Canadian UnderwriterFitch Ratings has revised Aon Corporation’s rating outlook to stable from negative, based largely on the company’s new business model, the ratings agency has announced.“The revised stable outlook reflects Aon’s progress in developing a new business model that is less…