Segment
Reinsurance
Cat losses Number 1 threat to insurers’ solvency
December 5, 2005 by Canadian UnderwriterA.M. Best Co. says it “considers catastrophic loss, both natural and man-made, to be the Number 1 threat to the financial strength and credit quality of property and casualty insurers” in the face of increasing exposures.In a recent report, A.M.…
RAA reports Q3 and announces Institute of Reinsurance Education
December 2, 2005 by Canadian UnderwriterA recent survey of reinsurers’ statutory underwriting results reports that a group of 26 U.S. P&C reinsurers wrote $18.8 billion of net premiums during the nine months ended September 30, 2005.The survey, conducted by the Reinsurance Association of America (RAA),…
Catastrophic losses lead to higher reinsurance costs
December 2, 2005 by Canadian UnderwriterReinsurance costs will likely see an increase next year as a result of 2005’s catastrophic hurricane season. Hurricane Katrina and the other major hurricanes of 2005 will lead to an increase in reinsurance costs next year, executive vice president and…
Hurricane losses mounting, industry reports
December 1, 2005 by Canadian UnderwriterWith additional information regarding claims and losses resulting from this years three major hurricanes flowing through the pipelines, many insurers and reinsurers are updating their loss forecasts associated to Hurricanes Katrina, Wilma and Rita.Kiln P.L.C., which operates Lloyd’s of London…
XL Capital comments on actuary report in Winterthur sale
November 28, 2005 by Canadian UnderwriterXL Capital says it expects to record a net charge of approximately US$830 million in the fourth quarter of 2005 following finalization of a draft report of an independent actuary (IA) appointed in connection with the company’s acquisition of Winterthur…
Standard & Poor’s takes Transatlantic Re off CreditWatch
November 22, 2005 by Canadian UnderwriterStandard & Poor’s Ratings Services has taken Transatlantic Reinsurance Co. and its wholly-owned subsidiaries, Putnam Reinsurance Company and Trans ReZurich, off CreditWatch with negative implications and downgraded the company’s rating from an ‘AA’ to an ‘AA-‘.Standard & Poor’s said the…
AXIS sells shares for $200 million
November 22, 2005 by Canadian UnderwriterAXIS Capital Holdings Ltd [NYSE:AXS] has sold 6.8 million of its common shares at $29.42 per share to Citigroup Corporate and Investment Banking, raising aggregate proceeds of approximately $US200 million.Citigroup bought the shares from AXIS Capital and subsequently reoffered the…
Munich Re adds to windstorm loss protection
November 21, 2005 by Canadian UnderwriterIn order to attain additional protection against Western Europe windstorm losses, Munich Reinsurance Co. recently placed catastrophe bonds worth $129.9 million.The bonds are meant to complement the Company’s existing retrocessional reinsurance program, according to Thomas Blunck, a management board member…
Insurance industry key in rise of credit derivatives
November 18, 2005 by Canadian UnderwriterThe insurance sector will continue to be a significant player in the “opaque” credit derivatives market, says the Fitch ratings agency.Fitch surveyed the activities of 120 financial institutions 73 banks and broker-dealers, 39 insurance companies and reinsurers, and eight financial…
Swiss Re buys GE Insurance Solutions
November 18, 2005 by Canadian UnderwriterSwiss Re today announced it has agreed to acquire GE Insurance Solutions, the fifth largest reinsurer worldwide, from General Electric Company (GE) for US$6.8 billion.After closing of the transaction, Swiss Re estimates it will have combined revenues of 46 billion…
S&P takes Swiss Re off CreditWatch
November 17, 2005 by Canadian UnderwriterStandard & Poor’s Ratings Services has removed Swiss Reinsurance from CreditWatch with negative implications, where they were placed Sept. 9, 2005.S&P has affirmed a counterparty credit and financial strength rating of ‘AA’ for Swiss Re and its core operating companies,…
Greenlight Re opens for business in Cayman Islands
November 17, 2005 by Canadian UnderwriterThe Cayman Islands Monetary Authority (CIMA) has welcomed a new licensee, Greenlight Re, a Cayman-based global property and casualty reinsurance company, to the islands.The CIMA said in a press release that the recent licensing of a company providing open-market reinsurance…