Segment
Reinsurance
Liability explosion a global headache: Swiss Re
November 1, 2004 by Canadian UnderwriterWhile much has been written about the explosion of liability claims in the U.S., the trend has taken on global proportions, according to a new sigma study released by Swiss Re.In “The economic of liability losses”, the U.S. does come…
Fairfax earnings wiped out by hurricanes
October 28, 2004 by Canadian UnderwriterThe quartet of U.S. hurricanes this fall, as well as bad weather here in Canada, have produced a net loss in the third quarter for financial giant Fairfax Financial Holdings Ltd. (TSX, NYSE: FFH). Fairfax reports the four hurricanes Charley,…
Fairfax issues US$300 million in shares
October 28, 2004 by Canadian UnderwriterFairfax Financial Holdings Ltd. announces that in its bid to buy back debt, it is issuing US$300 million, or 2.4 million in subordinate voting shares to a number of institutional investors including Southeastern Asset Management and Markel Corp. (no relation…
What’s new: In brief (October 26, 2004)
October 26, 2004 by Canadian UnderwriterThe Property-Casualty Insurers Association of America (PCI), says the issue of broker commissions has become confused the long-standing practice of contingent commissions is being lumped in with alleged acts of wrongdoing which are not accepted by the industry. “While those…
What’s new: In brief (October 25, 2004)
October 25, 2004 by Canadian UnderwriterInsurance Search Bureau of Canada (ISB) and CGI Group have signed an agreement for the reciprocal distribution of accident and occurrence police reports to create a North American-wide network for p&c insurers to retrieve these reports. The agreement allows insurers…
Reinsurers face “key test” with 2005 renewals: A.M. Best
October 25, 2004 by Canadian UnderwriterThe upcoming renewal season will be a “key test” of reinsurers’ resolve to maintain price discipline, says rating agency A.M. Best.Cedants and brokers will be expecting price softening, Specifically in the property line, despite the rash of catastrophe losses seen…
What’s new: In brief (October 21, 2004)
October 21, 2004 by Canadian UnderwriterA.M. Best has added issuer credit ratings to complement its financial strength ratings on insurers. The ICRs have already been assigned to non-operating holding companies, but will now be added for operating companies in the reinsurance and some non-U.S. markets.…
Windstorm losses will enforce reinsurer discipline: Benfield
October 21, 2004 by Canadian UnderwriterIn an analysis of the impact of the 2004 Atlantic hurricane season, broker Benfield Group says significant catastrophe losses this year should help enforce pricing discipline as the latest renewal period looms.Benfield notes that comments from reinsurer CEOs indicate an…
What’s new: In brief (October 20, 2004)
October 20, 2004 by Canadian UnderwriterInsurers are expected to tap the Florida Hurricane Catastrophe Fund for US$3 billion to reinsure losses from three major hurricanes which hit the state in August and September (losses from Hurricane Frances will not apply as they are below US$4.5…
Aon Re Rendezvous: “Status quo” for reinsurance renewals
October 19, 2004 by Canadian UnderwriterIt should be a case of “status quo” for reinsurance renewals, despite reports of market softening and the impact of hurricanes hitting the U.S. this fall.Speaking at the 3rd annual Aon Re Rendezvous in Mississauga Tuesday, Aon Re Americas vice…
Aon Re Rendezvous: Industry likely to maintain discipline
October 19, 2004 by Canadian UnderwriterThe insurance industry may defy predictions that it will sink rapidly back into price competition given the number of lingering issues still hampering the industry.Speaking at the 3rd annual Aon Re Rendezvous, A.M. Best vice president John Andre says the…
What’s new: In brief (October 17, 2004)
October 17, 2004 by Canadian UnderwriterA spot of good news for Converium AG, which saw its rating raised by Standard & Poor’s to “BBB+” from “BBB”. The announcement follows successful completion of the reinsurer’s bid to raise US$420 million in capital through a rights issue.…