Segment
Reinsurance
RS Group of Companies to merge with Strategy International Insurance Group
June 2, 2005 by Canadian UnderwriterRS Group of Companies, Inc. (OTCBB: RSG) has signed an exclusivity agreement to become a wholly-owned subsidiary of Strategy International Insurance Group, Inc (OTCBB: SGYI). The transaction identifies Strategy’s intent to acquire all RS’s outstanding shares of common stock, options…
Aon study shows insurers and reinsurers earnings least volatile (June 01, 2005)
June 1, 2005 by Canadian UnderwriterAon (NYSE: AOC) recently announced the results of its 2004 Insurance Earnings Volatility Study, which reports that insurers and reinsurers exhibit the least volatile earnings. “Investors place a large amount of emphasis on earnings growth and earnings volatility when evaluating…
Benfield reports poor Q1 growth in insurance sector
May 31, 2005 by Canadian UnderwriterFirst quarter results for Bermuda’s primary insurance and catastrophe reinsurance rates reflect a drastic softening within the sector, according to Benfield Group Ltd.’s recent Bermuda Quarterly report (BBQ). Trends toward increasing selectivity and targeted marketing defined the quarter.Bermuda’s leading reinsurers…
Australian non-life insurers’ see reduced rates
May 23, 2005 by Canadian UnderwriterA global trend toward softening rates is prevalent in the Australian market, causing rate reductions between 5% and 20% in large corporate risks and various other commercial lines. According to the recent report by Standard & Poor’s, Australian nonlife insurers…
XL adds dedicated coverage for independent directors to its product roster
May 19, 2005 by Canadian UnderwriterIn response to consumer requests for specialized liability products, XL Insurance (Bermuda) Ltd., a subsidiary of XL Capital Ltd. (NYSE:XL), today announced the extension of its XL Professional Lines portfolio. The Company is adding dedicated coverage for independent directors of…
European reinsurers’ earnings prove resilient to storm losses
May 10, 2005 by Canadian UnderwriterEurope’s top six reinsurance companies saw profitability rise over 2004 despite the unprecedented insured cost of natural catastrophe losses incurred over the same period, observes reinsurance and risk intermediary Benfield. The reinsurers in question primarily benefited from higher primary company…
Guy Carpenter offers comp disclosure on facultative placements
May 9, 2005 by Canadian UnderwriterReinsurance brokerage group Guy Carpenter & Co. Inc. says it will now offer disclosure on compensation arrangements applying to the placement of facultative business globally. The brokerage introduced its "Global Disclosure Doctrine" in December of last year, which outlines the…
Study shows new growth in specialty third-party managed programs
May 5, 2005 by Canadian UnderwriterA survey of the U.S. general insurance marketplace by specialty reinsurance brokerage Guy Carpenter & Co. Inc. points to renewed growth in specialty risk program business handled by third-party program administrators. In addition to rising demand by insurers for this…
Hub acquires U.S. specialty reinsurance brokerage
May 4, 2005 by Canadian UnderwriterBroker network consolidator, Hub International Ltd. (TSX: HBG), has acquired Los Angeles-based THB Intermediaries Inc. (THB) in a combined cash and stock deal. The value and terms of the purchase have not been disclosed.THB operates as a specialty reinsurance brokerage…
AIG runs into further accounting problems
May 3, 2005 by Canadian UnderwriterAmerican International Group Inc. (AIG) has hit another hurdle in attempts to deal with accounting irregularities that will require the insurer to restate five years of its financial results. AIG says that a review of its books by auditor PricewaterhouseCoopers…
Fairfax earnings drop slightly on market softening
May 1, 2005 by Canadian UnderwriterInsurance giant Fairfax Financial Holdings Ltd. (TSX, NYSE: FFH) saw its net income dip slightly in the first quarter ending March 31, 2005 as a result of deteriorating underwriting conditions in the reinsurance segment.First-quarter 2005 net income was US$35.2 million,…
European reinsurers show restraint in 2004
April 26, 2005 by Canadian UnderwriterIn the face of the worst year on record for natural catastrophes, European reinsurers showed the necessary restraint in top-line growth to produce bottom-line results, according to the latest quarterly report by broker Benfield Group.In “Rewards of Restraint”, Benfield says…