Segment
Reinsurance
The London Market gross premiums down 15%
November 16, 2005 by Canadian UnderwriterGross premiums on The London Market were conservatively estimated at 21.7 billion in 2004, down 15% on the previous year, according to a report by the International Financial Services London, a private sector organization promoting financial services worldwide.This news follows…
Aon seeks new ownership for p&c business
November 16, 2005 by Canadian UnderwriterAon Corporation (NYSE: AOC) is seeking a new owner for its warranty, credit insurance and property & casualty underwriting businesses.Greg Case, Aon’s president and CEO, says “by exploring alternatives, we expect to determine if the potential of our warranty, credit…
Arch predicts 4Q Wilma losses of up to $60 million
November 15, 2005 by Canadian UnderwriterArch Capital Group Ltd. (NASDAQ: ACGL) predicts its after-tax earnings for the 2005 fourth quarter will take a US$40-million to $60-million hit because of Hurricane Wilma.The estimate is based on industry insured losses of $8 to $12 billion and is…
Insurers’ commercial policy data inadequate: AIR study
November 14, 2005 by Canadian UnderwriterThe quality and completeness of most insurers’ commercial policy data is insufficient for a detailed and accurate assessment of their catastrophe risk, according to a recent analysis of insurers’ exposure data by risk modeling company AIR Worldwide Corporation (AIR). “Nine…
Atradius to sell trade credit insurance in Canada
November 14, 2005 by Canadian UnderwriterThe Office of the Superintendent of Financial Institutions has issued Atradius Credit Insurance, NV, Canada Branch, a license to sell trade credit insurance in Canada.Majority owned by Swiss Re and Deutsche Bank, Atradius is a leading credit insurer with total…
RenaissanceRe revises 3Q results (November 11, 2005)
November 11, 2005 by Canadian UnderwriterRenaissanceRe Holdings Ltd. recently revised its previously reported third-quarter results, cutting net loss for the third quarter of 2005 by $34.8 million to $71.0 million.Renaissance claims the loss was caused by related hurricane catastrophes.“A reinsurance recovery within (RenaissanceRe’s) reinsurance segment…
S&P puts Hannover Re on CreditWatch negative
November 11, 2005 by Canadian UnderwriterStandard & Poor’s Ratings Services has placed its ‘AA-‘ long-term counterparty credit and insurer financial strength ratings on Hannover Rckversicherung-AG and its core entities on CreditWatch with negative implications. At the same time, Standard & Poor’s placed its ‘A+’ long-term…
Bermuda reinsurers recover $6 billion in capital
November 9, 2005 by Canadian UnderwriterAfter losing nearly US$8.4 billion in after-tax losses during this year’s hurricane season, the Bermuda reinsurance market has already recovered almost US$6 billion in capital, a Moody’s report of 14 Bermuda-based reinsurers has found.“Through Nov. 4, 2005, the 14 companies…
Fitch re-asseses post-hurricane capital requirements
November 9, 2005 by Canadian UnderwriterIn the wake of a devastating hurricane season, Fitch Ratings is urging the property and casualty industry to better understand its capital requirements and take steps to better mitigate catastrophic risk.In a report to be released, entitled New Thinking on…
Coastline growth magnifies hurricane damages, conference hears
November 8, 2005 by Canadian UnderwriterDamage inflicted by hurricanes will only get worse in the future because of the increasing development and population density along US coastlines, according to speakers at a recent Hurricane Symposium in London, England, held by the Insurance Leadership Institute of…
Montpelier Re reports US$875.1 million loss in third quarter
November 4, 2005 by Canadian UnderwriterMontpelier Re Holdings Ltd. (NYSE – MRH) has reported a net third-quarter loss of US$875.1 million, as well as a net loss of US$691.9 million for the first nine months of 2005.The company says the net impact of natural catastrophes…
Manulife reports 3Q net income of $746 million
November 3, 2005 by Canadian UnderwriterManulife Financial Corporation has reported a shareholders’ net income of $746 million for the third quarter of 2005, a 5% increase over a year earlier. “Excluding a charge related to Hurricane Katrina and a gain on recognition of future tax…