Segment
Reinsurance
Stability in reinsurance sector challenged by soft market: A.M. Best
July 25, 2004 by Canadian UnderwriterThe onset of the soft market will challenge reinsurers to maintain the stability shown in strong results over the past two years, according to a new report by A.M. Best.2003 was a strong year for reinsurers in the U.S., Europe…
Reinsurance recoverable expectations more than US$14 billion off the mark
July 20, 2004 by Canadian UnderwriterThe gap between reinsurance recoverable expectations of cedants and reinsurers is widening, and is now estimated between US$14-$24 billion, according to a study by Conning Research and Consulting Inc. The estimate is based on expectations reported by cedants which are…
What’s new: In brief (July 19, 2004)
July 19, 2004 by Canadian UnderwriterSwiss reinsurer Converium AG and its subsidiaries have seen their counterparty credit and financial strength ratings lowered by Standard & Poor’s to “A-” from “A”. The downgrade is a result of Converium’s announcement that it would take an earnings hit…
Odyssey Re upgraded by Moody’s
July 14, 2004 by Canadian UnderwriterFairfax’s reinsurance subsidiary, Odyssey Re has seen its financial strength rating upgraded to “A3” from “Baa1” by Moody’s Investor Service, concluding a review announced in mid-May.The rater points to Odyssey Re’s strong financial performance in the past two years in…
Actuaries say industry not ready to assume terrorism risk
July 14, 2004 by Canadian UnderwriterWith the future of the Terrorism Risk Insurance Act (TRIA) currently being debated by U.S. legislators, the American Academy of Actuaries (AAA) says the insurance industry will not be prepared to assume the risk if TRIA is not renewed beyond…
What’s new: In brief (July 12, 2004)
July 12, 2004 by Canadian UnderwriterThe Women in Insurance Cancer Crusade is hitting the track, the horse track that is, with a “Night at the Races” planned for Wednesday, September 1. The evening of fine dining and thoroughbred racing is slated for Toronto’s Woodbine racetrack,…
Continued improvement in Canadian commercial property line
July 11, 2004 by Canadian UnderwriterIn 2003, Canadian commercial property writers saw across-the-board improvement with rising rates and declining loss ratios, according to a new report by A.M. Best.Best’s data shows the net loss ratio in commercial property dropped to 49.5% in 2003, a 12.3…
Bermuda market growth slows
July 7, 2004 by Canadian UnderwriterNot unexpectedly, growth of the Bermuda market slowed in the first half of 2004, with insurance company incorporations dropping compared to the first six months of 2003, according to data from the Bermuda Monetary Authority (BMA) Insurance Division published by…
Odyssey Re pays US$43 million for Opus Re
July 6, 2004 by Canadian UnderwriterFairfax’s Odyssey Re Holdings has paid US$43 million to buy all of the stock in Overseas Partners Ltd.(OPL)’s U.S. reinsurance operation, Opus Re.OPL went into run-off in February 2002, in a bid to protect shareholder value the majority of its…
What’s new: In brief (July 06, 2004)
July 6, 2004 by Canadian UnderwriterSwiss Re has been granted a branch license from the Ministry of Finance in Taiwan, making it the first international reinsurer to set up a branch on the island. The branch will be located in Taipei, and provide both p&c…
Robey retires after 36 years of service
July 5, 2004 by Canadian UnderwriterOn June 29 Aon Re Canada held a staff reception to recognize the retirement of Chris Robey after 36 years of service at Aon Re and its predecessor companies. Robey was instrumental in the growth of the company, says John…
Bank of Canada will follow Fed rate action: Swiss Re
July 4, 2004 by Canadian UnderwriterCommenting on the decision of the U.S. Federal Reserve Board to raise interest rates, Swiss Re says The Bank of Canada will soon follow suit, but at a much slower pace.The Fed raised the target federal funds rate by 25…