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Reinsurance


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S&P outlines concerns around finite re

March 15, 2005 by Canadian Underwriter

In a new report, rating agency Standard & Poor’s explains its concerns and method for detecting finite reinsurance transactions in the financial information of company’s it analyzes.Finite re, also called financial reinsurance or financial engineering, has come under fire from

News Climate ChangeInsurance

Tsunami losses likely to be US$2.5-$4 billion: Guy Carpenter

March 14, 2005 by Canadian Underwriter

In a report on the December 26, 2004 Indian Ocean tsunami, reinsurance broker Guy Carpenter & Co. Inc. says insured losses from the disaster should reach US$2.5-$4 billion, plus US$1 billion in life & health losses.In “Tsunami: Indian Ocean Event

News Insurance

Reinsurance holding companies face significant challenges: S&P

March 13, 2005 by Canadian Underwriter

In its “report card” on North American insurance holding companies, reinsurers stand out as facing significant challenges, says Standard & Poor’s.The rater says these challenges come on three fronts, including the devastation wrought by last year’s record U.S. hurricane losses

News Insurance

What’s new: In brief (March 10, 2005)

March 10, 2005 by Canadian Underwriter

Moody’s has raised the outlook on Aon Corp. to “stable” from “negative” on the back of the broker’s announcement of a US$190 million settlement with five agencies in three states for alleged conflicts of interest. Moody’s says the settlement represents

News Climate ChangeInsurance

Chemical and oil/gas industries represent key industrial risk: Munich Re

March 7, 2005 by Canadian Underwriter

In its latest Schadenspiegel publication, Munich Re looks at some of the most significant industrial disasters in history and finds significant exposure coming from the chemical and oil/gas sectors.Data from European countries shows the majority of industrial incidents reported come

News Insurance

Saskatchewan Wheat Pool secures cover for grain volume

March 6, 2005 by Canadian Underwriter

The Saskatchewan Wheat Pool is announcing a new insurance program for fiscal 2006 to cover grain volumes.The coverage, developed with reinsurance broker Aon Re Canada Inc., is intended to help earnings and cash flow stability in years of poor grain

News Insurance

Premiums drop for European reinsurers on 2005 renewals: Benfield

March 3, 2005 by Canadian Underwriter

Major European reinsurers reported a 5% decline in renewal premiums for 2005, compared to a 2% increase a year earlier, according to the annual “Renewal Roundup” by reinsurance broker Benfield Group.A combination of flat pricing, minimal increases in shares on

News Insurance

RIMS continues push for TRIA extension

March 2, 2005 by Canadian Underwriter

The Risk and Insurance Management Society (RIMS) is reaffirming its support for an extension of the Terrorism Risk Insurance Act (TRIA).Currently a bill is before the U.S. Senate which would extend the government’s terrorism insurance backstop for two years beyond

News Climate ChangeInsurance

Catastrophes took US$49 billion toll on insurers in 2004: Swiss Re

March 1, 2005 by Canadian Underwriter

Catastrophes, both natural and man-made, cost insurers US$49 billion last year, with the bulk of this coming from the U.S. hurricanes and Japanese typhoons, according to the annual Swiss Re sigma study on catastrophes.Of course, the human toll from catastrophes

News Insurance

What’s new: In brief (February 28, 2005)

February 28, 2005 by Canadian Underwriter

Bermuda-based RenaissanceRe Holdings Ltd. says it has received a subpoena from the U.S. Securities Exchange Commission (SEC) in connection with the SEC’s investigation of “non-traditional” insurance products. As well, the SEC is seeking further information on RenRe’s recent announcement that

News Climate ChangeInsuranceMergers and Aqcuisitions

What’s new: In brief (February 27, 2005)

February 27, 2005 by Canadian Underwriter

ICBC says two Abbotsford residents have pleaded guilty to charges of providing false information to the public auto insurer. Harminder Singh Ghuman was fined $2,000 and Kesar Singh Sidhu was fined $1,500 for filing fraudulent claims following a collision in

News Insurance

Guy Carpenter “cautiously optimistic” on silica claims

February 22, 2005 by Canadian Underwriter

Insurers have some reason for “cautious optimism” when it comes to silica claims, according to a new report by reinsurance broker Guy Carpenter.The report, which is a follow-up on a fall, 2004 study, notes two recent developments which auger well