Segment
Reinsurance
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…
Storms hit European reinsurers’ earnings, but not balancesheets: Benfield
November 29, 2004 by Canadian UnderwriterThe U.S. hurricanes and Japanese typhoons of the third quarter did deal a blow to the earnings of top European insurers, but balance sheets remained strong, according to the latest quarterly report by broker Benfield Group.In “Riders on the Storm”,…
Hurricanes take small bite out of Bermuda players’ earnings: Benfield
November 28, 2004 by Canadian UnderwriterIn its quarterly analysis of the top 16 Bermuda-based reinsurers, broker Benfield Group reports the third-quarter U.S. and Japanese hurricanes took their toll on earnings which have been persistently strong in the past few years.Net income dropped to US$3.3 billion,…
Loss history inadequate for rating mega weather events
November 25, 2004 by Canadian UnderwriterSwiss Re’s latest annual hurricane report says that changing social, economic and weather patterns makes the use of loss history an inadequate rating tool when determining the risk and cost of large weather related events such as hurricanes. The report…
Credit derivatives popular but facing liquidity challenge: Fitch
November 24, 2004 by Canadian UnderwriterThe market for single-name credit derivatives has grown in leaps and bounds in recent years, but at the same time has shown volatile performance with respect to liquidity, notes a new report by Fitch Ratings. By the end of 2003,…
Fitch comes out strongly against finite re
November 18, 2004 by Canadian UnderwriterFitch Ratings, following suit with Standard & Poor’s, has come out strongly against the use of finite reinsurance, saying the practice “means to disconnect the accounting results from the underlying economic reality” faced by insurers buying the product.Raters are reacting…
S&P reports on “financial engineering” investigations
November 16, 2004 by Canadian UnderwriterFollowing on media reports in the U.S. of an investigation into potential abuse of “financial engineering” products, Standard & Poor’s has issued a report which cites four companies who could be targets of such an investigation.Bermuda-based ACE Ltd. disclosed this…
What’s new: In brief (November 14, 2004)
November 14, 2004 by Canadian UnderwriterOn the heels of the broker compensation probe by New York Attorney General Eliot Spitzer and the civil charges filed against Marsh, Zurich Financial Services says it has suspended two employees at its Zurich North America Commercial specialty business. In…
What’s new: In brief (November 11, 2004)
November 11, 2004 by Canadian UnderwriterThe U.S. Federal Reserve Board’s decision to raise the federal fund rate 25 basis points to 2.0% sets up the prospect for similar action by The Bank of Canada. While the Fed is expected to raise rates by 25 points…
What’s new: In brief (November 07, 2004)
November 7, 2004 by Canadian UnderwriterU.S. insurers are reacting positively to news of the re-election of George W. Bush. Despite the Bush administration’s failure to pass tort reform measures to lighten the burden of class action, asbestos or medical malpractice litigation, the Property-Casualty Insurers Association…
Omega created to fill market “gaps”: Cook
November 3, 2004 by Canadian UnderwriterCanada’s newest insurer, Omega General Insurance Co., which received its federal license earlier this month, was established to fill gaps in the market which became apparent to parent company CEO Phil Cook through his work consulting with insurers.Cook heads up…
U.S. reinsurers producing “mixed results”: Benfield
November 3, 2004 by Canadian UnderwriterIn its inaugural quarterly analysis of U.S. reinsurers, Benfield Group says first-half 2004 results highlight the wide gulf between the achievers and the under-performers.Based on 13 top reinsurers’ results, Benfield finds underwriting performance and net income. While the average combined…