Segment
Reinsurance
ACE, London insurers in arbitration dispute
June 20, 2005 by Canadian UnderwriterLloyd’s of London and other London-market reinsurers recently moved to block units of ACE Ltd. from consolidating arbitration proceedings on dozens of asbestos claim-exposed reinsurance contracts. According to court filings, ACE units which filed 17 separate arbitration demands charged London…
U.S. reinsurers affected by IRS revenue ruling
June 20, 2005 by Canadian UnderwriterThe Internal Revenue Service (IRS) recently ruled that an organization that is the sole purchaser of coverage from an insurer cannot take a tax deduction for the premiums.In the Revenue Ruling 2005-40, the IRS states that insurance must involve risk…
Finite investigations add three subpoenas to the roster (June 17, 2005)
June 17, 2005 by Canadian UnderwriterThe U.S. attorney for the Southern District of New York recently handed PartnerRe Ltd. (NYSE:PRE) a subpoena requesting information regarding the Company’s finite reinsurance products, adding to the already substantial roster of companies that have been summoned as part of…
Swiss Re’s P & C business remains strong
June 16, 2005 by Canadian UnderwriterSwiss Reinsurance has reported its property & casualty business remains highly profitable, anticipating a year-end combined ratio for its P & C units of approximately 96%. At its recent investors’ day in New York, the Company also reported that its…
Alea subpoenaed regarding finite investigations
June 10, 2005 by Canadian UnderwriterAlea Group Holdings Ltd. recently received a subpoena from the U.S. Securities and Exchange Commission (SEC) requesting its insurance documents relating to certain non- traditional, or loss mitigation, insurance products, according to a news statement made by the Company. “Alea…
Second General Re executive pleads guilty
June 10, 2005 by Canadian UnderwriterA second General Re Corp. executive recently pled guilty to conspiracy in regards to his involvement in a reinsurance transaction implemented for American International Group Inc. (AIG). Former senior VP Richard Napier, is charged with conspiring to misrepresent AIG’s reported…
Prudential subpoenaed by Blumenthal
June 8, 2005 by Canadian UnderwriterPrudential Financial Inc. recently received a subpoena from Connecticut Attorney General Richard Blumenthal. The Company plans to cooperate with the subpoena, which is regarding information about the Company’s involvement in questionable reinsurance transactions.Prudential filed its 8-K with the Securities and…
European reinsurers see improved 2004 profits
June 6, 2005 by Canadian UnderwriterDespite record catastrophe losses, European reinsurers recently registered recorded improved profitability for 2004, according to the latest European Reinsurance Quarterly Report from Benfield.Results from six major European reinsurers exhibit earning results from non-catastrophe business held up so that overall losses…
Alea reports underwriting and normal claims development
June 6, 2005 by Canadian UnderwriterAlea Group Holdings (Bermuda) Ltd continues to benefit from profitable underwriting conditions in its core specialty insurance and reinsurance, with an average rate decrease of 2% for the period ending April 30. Reprots from the Company’s recent Annual General Meeting…
What’s New: In brief (June 06, 2005)
June 6, 2005 by Canadian UnderwriterInsurers of recently Ridley Inc. a North American commercial animal nutrition company have recently been of law suits seeking recovery of damages for losses Canadian cattle farmers incurred from the international bans on the export of Canadian beef and cattle…
US first quarter reinsurance results
June 3, 2005 by Canadian UnderwriterUS property-casualty reinsurers experienced a combined ratio of 93.9% for the quarter ended March 31, compared to a combined ratio of 94% last year for a similar group of reinsurers. These results reflect a 68.2% loss ratio and a 25.7%…
Correction: RIMS/Mercer statistical error reported
June 3, 2005 by Canadian UnderwriterA statistical error occurring in the original release of the RIMS/Mercer risk management compensation survey, resulted in incorrect information being published in Canadian Underwriter’s May 26 article, “Risk management compensation rises.” The error reflected the unintentional amalgamation of Canadian and…