Segment
Reinsurance
Scor rating affirmed on narrower loss
April 5, 2004 by Canadian UnderwriterAfter reporting a narrower loss for 2003, French reinsurer SCOR Group saw its rating from A.M. Best affirmed at “B++” (very good) with a stable outlook, and the company has been removed from the review it was placed under last…
Temple downgraded, Munich Re Canada affirmed: A.M. Best
April 4, 2004 by Canadian UnderwriterWhile Munich Reinsurance Co. of Canada has seen its “A+” (superior) rating affirmed by A.M. Best, its primary insurance affiliate, Temple Insurance Co. has been downgraded to “A” (excellent) from “A+”. Both ratings carry stable outlooks.While Temple enjoys strong capitalization…
80% of U.S. commercial brokers want TRIA renewed
April 1, 2004 by Canadian UnderwriterWith the 2005 sunset deadline for the U.S. federal government terrorism backstop fast approaching, commercial brokers are urging legislators to extend the program.In a survey of its members, the Council of Insurance Agents and Brokers (CIAB) found 80% want to…
U.S. p&c combined ratio drops below 100%: Fitch
March 30, 2004 by Canadian UnderwriterU.S. property and casualty insurers will post a combined ratio of 98.0% for 2003, 6.9% better than 2002, says Fitch Ratings. Return on equity was up to 11.6% last year from 6.5% the year prior.The rating agency looked at 55…
Swiss Re p&c segment posts improved earnings for 2003
March 26, 2004 by Canadian UnderwriterThe world’s second-largest reinsurer, Swiss Re, posted net income of CHF 1.7 billion (Cdn $1.77 billion) for 2003, with the property and casualty segment reporting a solid combined ratio of 98.4%, almost 6% less than 2002.Premium income was up 16%…
Anthony Clark secures US$5 million debt facility
March 24, 2004 by Canadian UnderwriterCalgary-based broker network Anthony Clark International Insurance Brokers Ltd. (TSX: ACL) has secured a US$5 million (Cdn$6.650 million) debt financing arrangement made available by Oak Street Funding LLC for the broker’s U.S. operation, Addison York Insurance Brokers Ltd.The debt arrangement,…
Travelers and Equitas settle for US$245 million
March 23, 2004 by Canadian UnderwriterIn an attempt to close a chapter on outstanding asbestos claims, Travelers Property Casualty has agreed to receive a settlement of US$245 million from Equitas, the reinsurer charged with settling claims on behalf of Lloyd’s underwriters.The US$245 settles net claim…
U.S. reinsurers post US$3.1 billion profit for 2003
March 22, 2004 by Canadian UnderwriterLast year, U.S. reinsurers’ profit grew by almost 500%, to US$3.08 billion from just US$628 million the year prior, reports the Reinsurance Association of America (RAA), which represents 29 domestic U.S. companies.Substantially improved underwriting results were the key, with the…
Munich Re posts 2003 loss on tax charges
March 19, 2004 by Canadian UnderwriterThe world’s largest insurer, Munich Re, is posting a loss of EUR434 million (Cdn$710.9 million), despite a strong underwriting performance.“With the net loss for 2003, we are drawing a line under three difficult years impacted above all by the bear…
Reinsurance recoverables dragging p&c industry recovery: E&Y
March 15, 2004 by Canadian UnderwriterQuestions about the long-term sustainability of p&c industry profitability linger in the wake of an already waning hard market, suggests a new report by Ernst & Young LLP. The “Financial Services Market Overview” notes that rate increases are expected for…
Reinsurers continue to expect downgrades: S&P
March 12, 2004 by Canadian UnderwriterReinsurers may be blanching at a new “North American Insurance Industry Report Card” by Standard & Poor’s which suggests the sector can expect to see downgrades outweigh upgrades this year.Commenting on the reinsurance sector, for which S&P maintains a negative…
Uniform data standard needed for risk modelers: EQECAT
March 2, 2004 by Canadian UnderwriterJust as insurers work toward uniformity of data transmissions on the distribution end, they should also be asking risk modeling firms to work toward uniform data standards. So says EQECAT Inc. president Rick Clinton at the risk modeling company’s recent…