Segment
Reinsurance
S&P predicts Florida homeowners’ rates to rise 10%
February 2, 2005 by Canadian UnderwriterAs the day draws near for Florida’s insurers to request a rate increase following last year’s record hurricanes, Standard & Poor’s expects an average 10% increase may be in the offing.S&P’s Robert McNatt says insurers are in far better shape…
Colorado probe of title insurers could have significant impact on sector: Fitch
January 27, 2005 by Canadian UnderwriterNews that the Colorado Insurance Department may sanction nine unnamed title insurers for allegedly paying kickbacks to homebuilders could have far-reaching implications for the entire title insurance industry, says Fitch Ratings.The rating agencies says it believes that along with Colorado,…
What’s new: In brief (January 27, 2005)
January 27, 2005 by Canadian UnderwriterCGI and Insurance Search Bureau (ISB) have signed an agreement wherein CGI information products will be exclusively distributed to the p&c claims industry by ISB. ISB president Michael Damm says, “the fact that the information required in handling of a…
Lloyd’s loses one leg of arbitration over Central Fund insurance
January 25, 2005 by Canadian UnderwriterLloyd’s of London has come up on the losing end of one decision in continuing arbitration over an insurance contract to support its new Central Fund. Lloyd’s is seeking payment from six insurers for claims under the five-year insurance contract…
Insurers have role to play in developing countries: Swiss Re
January 25, 2005 by Canadian UnderwriterIn the wake of the December 26th Asian tsunami disaster, insurers have a role to play in providing financial protection in developing countries, says Swiss Re. In a new report on the tsunami and its consequences, the reinsurer notes that…
Hurricane Ivan halts softening in energy sector: Guy Carpenter
January 24, 2005 by Canadian UnderwriterThe damage caused by Hurricane Ivan’s assault on off-shore oil producers halted expected reinsurance rate softening in the energy sectors, according to a new report by reinsurance broker Guy Carpenter & Co.In its “Marine & Energy Reinsurance Review Report 2005”,…
Tsunami won’t affect insurer, reinsurer ratings: Moody’s
January 23, 2005 by Canadian UnderwriterClaims from the December 26 Asian tsunami are not expected to impact the financial strength ratings of insurers and reinsurers rated by Moody’s Investor Service. In a special report on the tragic event which has taken the lives of more…
Cat losses not deterring reinsurance market slide: Benfield
January 19, 2005 by Canadian UnderwriterDespite a record level of catastrophe losses in 2004, reinsurers appear to be giving in somewhat to soft market pressures, according to a review of 2004/2005 renewals by broker Benfield.The report says that the most recent renewals saw increasing competition…
What’s new: In brief (January 17, 2005)
January 17, 2005 by Canadian UnderwriterToronto-based conglomerate Onex says it has sold its U.S. insurance brokerage operation, InsLogic. While the buyer was not disclosed, Onex says it received $22 million for the Tennessee-based provider of private-label brokerage services. InsLogic provides insurance services for auto manufacturers…
What’s new: In brief (January 16, 2005)
January 16, 2005 by Canadian UnderwriterThe Vermont Banking, Insurance, Securities and Health Care Administration (BISHCA) says 43 new captives were formed in the domicile in 2004. The forms were varied, with 29 pure captives, 8 risk retention groups (RRGs), and also industrial insureds, sponsored, association…
Fairfax buys run-off French reinsurer
January 12, 2005 by Canadian UnderwriterFairfax Financial Holdings is buying a French reinsurance operation which was placed in run-off last November.Fairfax’s Compagnie Transcontinentale de Reassurance Holding (CTRH) has purchased Markel Corp.’s Corifrance (Compagnie de Reassurance d’Ile-de-France) and its French holding company, Terra Nova SAS.Fairfax is…
Reinsurers holding the line on rates: S&P
January 12, 2005 by Canadian UnderwriterWhile reinsurance rates decline moderately in January, 2005 renewals, reinsurers appear to be handling the onset of the soft market in “orderly” fashion, says Standard & Poor’s.In S&P’s annual “report card” on the global reinsurance market, credit analyst Stephen Searby…