Segment
Reinsurance
Aon adds voice to call for TRIA extension
December 16, 2004 by Canadian UnderwriterFollowing the release of a survey indicating the increasing desire to purchase terrorism coverage under the Terrorism Risk Insurance Act (TRIA), broker Aon is adding its voice to the call for an extension of the U.S. government program.Aon says the…
What’s new: In brief (December 15, 2004)
December 15, 2004 by Canadian UnderwriterB.C. Finance Minister Gary Collins is stepping down to take a job in the private sector. Collins, who has held the role since 2001 when the Liberals took office with a landslide election win, says he wants to devote more…
Underwriting discipline remains: Swiss Re
December 14, 2004 by Canadian UnderwriterDespite dire predictions of a return to soft market pricing, experts at Swiss Re’s annual “Economic Insurance Industry Review and Outlook” in New York say companies are maintaining discipline.“Underwriting remains disciplined,” says Patrick Mailloux, head of Swiss Re’s U.S. direct,…
Prior accident year losses continue to hamper U.S. reinsurers: A.M. Best
December 14, 2004 by Canadian UnderwriterDespite strong sector results in 2003, 2004 is showing the lingering pain of adverse development on prior year claims for U.S. reinsurers, according to a new statistical study by A.M. Best. 2002 was a record year for reserve charges amongst…
S&P ups reinsurance outlook to stable
December 13, 2004 by Canadian UnderwriterU.S. reinsurers have seen their previously negative outlook lifted to stable by rating agency Standard & Poor’s.S&P says the upgrade is justified despite declining premiums in the primary market, as earlier rate increases earn through in 2005.“Despite moderate premium rate…
Second WTC trial declares 9/11 attacks two events
December 7, 2004 by Canadian UnderwriterDespite an earlier jury trial which declared the felling of the World Trade Center towers by terrorist on September 11, 2001 as one occurrence in insurance terms, a second trial has declared the attacks as two events.The second verdict, which…
Aon sells Endurance stake; clarifies views on broker compensation
December 6, 2004 by Canadian UnderwriterBroker Aon has sold much of its stake in Bermuda-based Endurance Specialty Holdings Ltd.In a press release, Aon says it has sold basically all of its equity investment in Endurance for US$320.5 million. This included the sale of 9.8 million…
Chubb latest company to receive subpoena in SEC probe of finite re
December 5, 2004 by Canadian UnderwriterNew Jersey-based Chubb Corp. is the latest to receive a subpoena from the U.S. Securities Exchange Commission related to a probe of finite risk reinsurance products.The SEC probe mirrors one being undertaken by New York Attorney General Eliot Spitzer into…
Analysts predict U.S. growth to stall in 2005
December 2, 2004 by Canadian UnderwriterEconomic signs in the U.S. are far from positive, according to a survey of 45 economists by Swiss Re. The biannual “economic risk” survey found economists perceive a 13% chance of a stock market crash defined as a 25% minimum…
Insurance profits continue, but pace slackens in 2005: Swiss Re
December 1, 2004 by Canadian UnderwriterIn its annual review of insurance and reinsurance markets, Swiss Re predicts that the industry will continue to post profits in 2005, but the pace of growth will drop off as the market softens.In fact, profitability should continue into 2006,…
U.S. reinsurers see net income drop on premium declines
November 30, 2004 by Canadian UnderwriterU.S. reinsurers watch their net income fall in the first nine months of 2004 on the back of higher losses and decline in premiums, according to data released by the Reinsurance Association of America (RAA).For the first nine months of…
S&P takes dim view of European insurers fortunes for 2005
November 29, 2004 by Canadian UnderwriterDespite improvement in the results posted by European insurers and reinsurers since 2002, next year promises to be a challenging one for the market, says rating agency Standard & Poor’s.In its report on the European market, S&P says European insurers…