Segment
Reinsurance
What’s new: In brief (October 14, 2004)
October 14, 2004 by Canadian UnderwriterAlong with other changes now in place in Alberta’s auto insurance system, the government this week said a new complaint-handling procedure is in place. The system works in conjunction with the General Insurance OmbudService (GIO) and encourages consumers with a…
What’s new: In brief (October 13, 2004)
October 13, 2004 by Canadian UnderwriterMunich Re is predicting insured losses from this year’s Atlantic hurricane and Pacific typhoon seasons combined could be US$20-$50 billion. The world’s largest reinsurer says its own losses should be about EUR500 million, a figure which will make its yearend…
What’s new: In brief (October 03, 2004)
October 3, 2004 by Canadian UnderwriterIncreasing variety in reinsurance tools and increasing exposure of reinsurers to catastrophic risks are among the topics discussed in a new report by LOMA. The report, which covers jumbo tort liability claims, cyber risks, and expanding ocean marine risks, amongst…
Insurer storm loss estimates start to pour in
September 30, 2004 by Canadian UnderwriterMany insurers and reinsurers and beginning to count the costs of the 2004 Atlantic hurricane and Pacific typhoon season, and preparing investors for the impact on financial results.One of the hardest hit is Bermuda-based Renaissance Re, which says its third…
Reinsurance recoverable issue moderates in 2003: Fitch
September 29, 2004 by Canadian UnderwriterThe burning issue of reinsurance recoverables appears to have moderated somewhat in 2003, notes a new report by Fitch Ratings.The report, which takes in results from 1998-2003, finds the industry’s exposure to reinsurance grew much less in 2003 than in…
Hurricanes move onto rater radar screens
September 28, 2004 by Canadian UnderwriterFlorida’s historic hurricane season is catching the attention of rating agencies, with Fitch Ratings noting that the landfall of Hurricane Jeanne now makes it likely insurers will face an assessment from Florida’s “market of last resort” for hurricane coverage.While the…
What’s new: In brief (September 27, 2004)
September 27, 2004 by Canadian UnderwriterConverium had a spot of good news Monday, learning it faces a possible upgrade by Standard & Poor’s. S&P says it will upgrade the reinsurer to “BBB+” if it can successfully complete its proposed US$420 capital-raising move. Converium says it…
What’s new: In brief (September 23, 2004)
September 23, 2004 by Canadian UnderwriterInvestors Group has received notice that staff of the Ontario Securities Commission (OSC) are considering proceedings against the company for mutual fund dealings between March, 2000 and September, 2003. The financial services firm says it will respond to the notice,…
U.S. Fed rate hikes not to be deterred: Swiss Re
September 22, 2004 by Canadian UnderwriterDespite signs of sluggishness in the U.S. economy, the Federal Reserve Board shows no signs of being deterred from its measured approach to raising federal fund rates, notes a report by Swiss Re chief economist Kurt Karl.“The Fed [Tuesday] reinforced…
Charley, Frances and Ivan combined could top Andrew
September 19, 2004 by Canadian UnderwriterWith Hurricane Ivan predicted to be the costliest of the three hurricanes which have hit the U.S. this season, combined with the earlier Charley and Frances, the events could top the insured loss from 1992’s Hurricane Andrew.Andrew, the worst storm…
Converium keeps stake in Global Aerospace
September 19, 2004 by Canadian UnderwriterConverium will keep its stake in Global Aerospace thanks to a “fronting” arrangement now in place. Converium currently has a 27.25% share in the provider of airline coverage. The fronting arrangement is with Berkshire Hathaway’s National Indemnity and Munich Re,…
What’ new: In brief
September 16, 2004 by Canadian UnderwriterThe vote to extend the U.S. Terrorism Risk Insurance Act (TRIA) beyond its December 2005 sunset could come sooner rather than later. The House Financial Services Committee is slated to hold hearings on the act beginning September 29. Insurers this…