Canadian Underwriter


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Odyssey Re ROE hits 17%

May 3, 2004 by Canadian Underwriter

Fairfax’s Odyssey Re Holdings Corp. (NYSE: ORH) exceeded its own goals, posting return on equity of 17% for the first quarter of 2004.The reinsurer posted after-tax income of US$59.0 million (US$0.90 per share) for the first quarter, versus US$46.6 million

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Fairfax earnings down despite strong combined ratio

May 2, 2004 by Canadian Underwriter

Insurance giant Fairfax Financial Holdings (TSX. NYSE: FFH) is reported reduced net earnings for the first quarter of 2004, down to US$39.5 million from US$169.0 million for the same period a year before. This translates to earnings per share dropping

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Cat bond market grows 42% in 2003

April 27, 2004 by Canadian Underwriter

The global catastrophe bond market was up 42% in 2003, with total bond issuance hitting US$1.73, according to research by Guy Carpenter & Co. and MMC Securities Corp. 2002 saw total bond issuance of US$1.22 billion.The average size of transactions

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British Virgin Islands reports captive growth

April 19, 2004 by Canadian Underwriter

2003 saw 57 mew captive licenses approved in the British Virgin Islands (BVI), 23% growth over 2002, reports the BVI International Financial Centre (IFC).In total, 2003 saw the BVI reach 307 captives, maintaining it as the fifth largest captive domicile

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Insurers seek to limit asbestos fund contributions

April 18, 2004 by Canadian Underwriter

U.S. insurers and reinsurers are encouraging legislators not to increase the amount companies would contribute to a national asbestos litigation fund that could be established under Senate bill S.2290. Insurers made the appeal in a joint statement from the National

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Global reinsurance industry remains under dark cloud: S&P

April 15, 2004 by Canadian Underwriter

The negative outlook cast by rating agency Standard & Poor’s on the global reinsurance sector remains despite expectations of a profitable 2003.S&P has had a negative outlook on the industry for seven years and continues to foresee more downgrades than

News Insurance

Bermuda market sees 17 new members in first quarter

April 13, 2004 by Canadian Underwriter

The Bermuda insurance market grew by 17 new members in the first quarter of 2004, according to data from the Bermuda Monetary Authority’s Insurance Division. This is on par with first quarter 2003, although well off the “boom year” pace

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U.S insurer net income tops US$30 billion: A.M. Best

April 12, 2004 by Canadian Underwriter

U.S. insurers will post net income of US$30.8 billion for 2003, says A.M. Best, and customers can expect to feel rate relief in the coming year.Last year, net income rose more than 235% to top US$30 billion, following the US$9.2

News Climate ChangeInsurance

U.S. regulators want to see stability before TRIA disappears

April 11, 2004 by Canadian Underwriter

The U.S. National Association of Insurance Commissioners (NAIC) fears that as the end of the Terrorism Risk Insurance Act (TRIA) nears, the market may face severe instability.In a letter to House Financial Services Committee chair Michael Oxley and Senate Banking

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Brokers in demand more than ever: Swiss Re study

April 7, 2004 by Canadian Underwriter

Commercial and reinsurance brokers are facing an increasing demand for their services, in light of the growing complexity of risks, according to the latest Swiss Re sigma study.The study looks at development of the broker market over the past 20

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Scor rating affirmed on narrower loss

April 5, 2004 by Canadian Underwriter

After reporting a narrower loss for 2003, French reinsurer SCOR Group saw its rating from A.M. Best affirmed at “B++” (very good) with a stable outlook, and the company has been removed from the review it was placed under last

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Temple downgraded, Munich Re Canada affirmed: A.M. Best

April 4, 2004 by Canadian Underwriter

While Munich Reinsurance Co. of Canada has seen its “A+” (superior) rating affirmed by A.M. Best, its primary insurance affiliate, Temple Insurance Co. has been downgraded to “A” (excellent) from “A+”. Both ratings carry stable outlooks.While Temple enjoys strong capitalization