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Insurers seeking diversity in reinsurance buying: Aon

February 26, 2004 by Canadian Underwriter

A review of the 2004 reinsurance treaty renewal season shows primary insurers are looking at diversifying their spread of reinsurance, as well as focusing on reinsurer security ratings. Reinsurers, for their part, are looking for transparency from their primary company

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WTC “occurrence” trial will not affect ratings

February 20, 2004 by Canadian Underwriter

Regardless of the outcome of the trial now underway to determine how much will be paid out on the World Trade Center (WTC) destruction, insurers involved will not see a ratings impact, says Standard & Poor’s.The jury trial will decide

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Mix of premium growth, investment gains builds Odyssey Re 2003 earnings

February 13, 2004 by Canadian Underwriter

New York-based Odyssey Re Holdings Corp. (part of Fairfax Financial) saw premium growth of 35%, with progress in all of its four global business segments, to boost net income for 2003. For the year ending December 31, 2003, the reinsurer

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Insurers & reinsurers headed for conflict: S&P

February 4, 2004 by Canadian Underwriter

Insurers and reinsurers are on the path to a major conflict over recoverables as reinsurers lag in the recognition of reserve problems, says a new report by Standard & Poor’s.The rating agency says “The warning signs are coming thick and

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Reinsurance price stability predicted for 2004: Benfield Group

January 22, 2004 by Canadian Underwriter

U.K.-based reinsurance broker Benfield Group is predicting reinsurers will maintain price discipline through 2004, with some leveling off of rates but slim chance of a dramatic softening.Speaking of the 2003-2004 renewal season, the broker notes that reinsurers did continue the

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XL takes US$694 million reserve charge on US reinsurance business

January 14, 2004 by Canadian Underwriter

Bermuda-based XL Capital Ltd. is leading the pack, taking a reserve charge of US$694 million on its fourth quarter results to deal with prior year claims.After an extensive claims review, the company says it must take the charge, which amounts

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SCOR back in brokers’ good books

December 12, 2003 by Canadian Underwriter

French reinsurer says it is back on the security lists of the world’s biggest reinsurance brokers. Following announcement of SCOR’s EUR 349 million loss for the first nine months of the year, the company faced ratings downgrades and a negative

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Swiss Re “cautiously optimistic” about European, US non-life recovery

December 12, 2003 by Canadian Underwriter

In its annual “Insurance Review” held both in London and New York, Swiss Re said that if insurers can maintain underwriting discipline, results through 2004 should highlight recovery.In Europe, strong pricing in 2003 was hampered by several factors, notes Thomas

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SCOR capital raising gets mixed reviews from raters

December 9, 2003 by Canadian Underwriter

Rating agencies are taking a mixed view of the recent capital raising move by French reinsurer SCOR, despite it exceeding the original EUR 600 million mark.SCOR has announced a fully underwritten rights issue of EUR 750 million, higher than its

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SCOR fights back against rating agency

November 24, 2003 by Canadian Underwriter

French reinsurer SCOR Group is “formally contesting” the downgrade it suffered at the hands of rating agency Fitch. SCOR says the downgrade to BB+ from BBB- is “unfounded, ill-timed and causes serious damage to the company”.In a statement, the reinsurer

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SCOR Canada CEO to take over SCOR US top spot

November 19, 2003 by Canadian Underwriter

SCOR Canada president & CEO Henry Klecan Jr. will be adding another title to his business card, with the parent company announcing he will assume responsibility for SCOR US. Klecan says he is “extremely flattered by the confidence SCOR Group

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Odyssey Re to sell $75 million in senior notes

November 19, 2003 by Canadian Underwriter

Fairfax’s Odyssey Re Holdings Corp. (NYSE: ORH) says it has made an agreement with a syndicate of underwriters to sell US$75 million in 10-year senior notes. The notes will bear interest of 7.65% annually, paid semi-annually starting in May 2004.The