Segment
Reinsurance
What’s new: In brief (February 27, 2005)
February 27, 2005 by Canadian UnderwriterICBC 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…
Guy Carpenter “cautiously optimistic” on silica claims
February 22, 2005 by Canadian UnderwriterInsurers 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…
RenaissanceRe to restate 2001-2003 financials
February 22, 2005 by Canadian UnderwriterBermuda-based RenaissanceRe Holdings Ltd. says it will restate its financial results for the years 2001, 2002 and 2003, but the net result will be an increase in shareholders’ equity.The restatement will increase earnings for 2001 by US$20.6 million, and increase…
2004 hurricane losses continue to dampen fortunes
February 21, 2005 by Canadian UnderwriterThe rising loss total being attributed to the 2004 U.S. hurricane season is putting increasing pressure on the shareholders’ equity of many insurers and reinsurers, says a report by Standard & Poor’s.S&P notes that two issues are causing the loss…
Increase in capacity not deterring European reinsurer discipline
February 21, 2005 by Canadian UnderwriterBased on January 2005 reinsurance renewals, European carriers have not given in to competitive pressures despite rising capacity, notes a report by A.M. Best.While overall reinsurance rates declined moderately, with the exception of some U.S. hurricane-exposed risks, the pricing drop…
Odyssey Re posts strong earnings despite storm losses
February 16, 2005 by Canadian UnderwriterFairfax’s Odyssey Re Holdings Corp. (NYSE: ORH) was able to post net income of US$186.9 million, or US$2.71 per share, in 2004, despite losses from the U.S. hurricane season. Earnings did decline from the US$249.2 million, or US$3.59 per share,…
Fairfax 2004 earnings hit by hurricanes
February 13, 2005 by Canadian UnderwriterFairfax Financial Holdings (TSX, NYSE: FFH) is reporting a net loss of US$17.8 million, or US$2.16 per share, for 2004, heavily impacted by US$252.7 million in losses stemming from the four U.S. hurricanes in the third quarter of the year.…
What’s new: In brief (February 08, 2005)
February 8, 2005 by Canadian UnderwriterU.S.-based MarketScout says p&c premiums rose 1% in January, indicating significant softening compared to January, 2004 when premiums rose 11%. According to MarketScout’s “market barometer”, rate increases peaked in March, 2003 with a 28% jump, but increases have fallen back…
What’s new: In brief (February 06, 2005)
February 6, 2005 by Canadian UnderwriterZurich Financial Services Group says it will pay Equitas US$547 million to commute policies purchased from Zurich’s Centre operation by Lloyd’s syndicates reinsured by Equitas. Zurich says the agreement ends Centre’s exposure to those syndicates. “This commutation represents significant progress…
Reinsurers stress risk selection in the face of competition
February 6, 2005 by Canadian UnderwriterCommenting on January 1, 2005 renewals, French reinsurer Scor says pricing was fragmented by line of business and geography, with specific rate erosion in short-tail lines as competition increased in the marketplace.Overall, the company says it expects annual premium income…
S&P comments on potential non-renewal of TRIA
February 3, 2005 by Canadian UnderwriterWith no clear indication that the U.S. Congress will extend the Terrorism Risk Insurance Act (TRIA) beyond its December 31, 2005 sunset, the insurance industry is already seeing the potential impact of TRIA’s non-renewal, says a new report by Standard…
Many concerns linger one year after privacy implementation: OIAA Claims 2005
February 2, 2005 by Canadian UnderwriterA full year into the implementation of the federal Protection of Information Privacy and Electronic Documents Act (PIPEDA), many issues remain unresolved for insurers, lawyers told delegates of the Ontario Insurance Adjusters Association (OIAA) Claims 2005 Conference in Toronto Wednesday.Lawyer…