Segment
Reinsurance
What’s new: In brief (July 04, 2004)
July 4, 2004 by Canadian UnderwriterPresident George W. Bush has signed into law the reauthorization of the U.S. National Flood Insurance Program (NFIP). The program will now run through 2008, with insurers saying they can now ensure flood coverage is available and affordable by spreading…
What’s new: In brief (July 01, 2004)
July 1, 2004 by Canadian UnderwriterSaskatchewan has switched to the same single license plate system in use in most provinces. As of June 30, drivers will be issued just one plate on new transactions, and other drivers will have the choice of whether they want…
Bermuda’s “class of 2001” sees sunny days
July 1, 2004 by Canadian UnderwriterBermuda start-ups in the post-9/11 environment have benefited from strong pricing and a lack of legacy claims issues, according to a new report from Fitch Ratings.In 2003, the “class of 2001”, which includes Axis, Allied World, Endurance, Montpelier and Olympus…
What’s new: In brief (June 29, 2004)
June 29, 2004 by Canadian UnderwriterThe Alberta government is seeking input on potential changes to its Health Information Act (HIA). An all-party committee is reviewing the legislation, put in place three years ago to limit access to personal health information. A consultation guide is available…
Lloyd’s investors could see 5-10% returns for 2005: Moody’s
June 29, 2004 by Canadian UnderwriterIn its comment on the Lloyd’s market, Moody’s Investors Service says based on the strong underwriting results currently posted by the market, investors could see returns of 5-10% of capacity for the 2005 underwriting year, on top of 12% returns…
Global insurers continue “road to recovery” in 2004: Swiss Re
June 24, 2004 by Canadian UnderwriterFinancial results for the non-life insurance industry improved significantly in 2003, according to a new sigma report from Swiss Re. In “World Insurance in 2003”, Swiss Re notes that the road to recovery should continue in 2004, assuming average claims…
Guy Carpenter bullish on Lloyd’s in 2004
June 23, 2004 by Canadian UnderwriterReinsurance broker Guy Carpenter & Co. says the Lloyd’s market should see continued improvement in 2004 on the back of market reforms and underwriting discipline.In its second annual review of Lloyd’s, the impressive results of 2003 are recounted, including BP…
Rising interest rates should prolong hard market: Swiss Re
June 22, 2004 by Canadian UnderwriterRising interest rates dampening investment results should prolong the hard insurance market through the end of 2005, Swiss Re experts said at the reinsurer’s “Mid-Year Economic and Insurance Industry Teleconference”. “We expect the next year to be good for corporate…
What’s new: In brief (June 21, 2004)
June 21, 2004 by Canadian UnderwriterAXA Re Group and its subsidiaries have seen their “A-” (excellent) financial strength rating affirmed by A.M. Best, with a stable outlook. The rating agency cites AXA Re’s improved operating performance as a result of tighter underwriting, as well as…
European reinsurers sticking to guns thus far in 2004
June 21, 2004 by Canadian UnderwriterEarly results for 2004 show European reinsurers sticking to their guns on price, with premium income dropping but profits rising. In a new report from Benfield Group, the first-quarter results of Converium, SCOR, Munich Re and Hannover Re (the only…
European reinsurers on stable footing: A.M. Best
June 17, 2004 by Canadian UnderwriterAfter two years of downward pressure on the financial strength of European reinsurers, the market is stabilizing, says rating agency A.M. Best. That said, ratings are unlikely to return to former high levels, the rater addsRatings are currently supported by…
North American insurers stable; reinsurers face challenges
June 17, 2004 by Canadian UnderwriterWhile the outlook for North American insurance holding companies remains stable, their counterparts in the reinsurance sector can expect downgrades to outweigh upgrades in the near future, says rating agency Standard & Poor’s. Despite continued rate increases, S&P has extended…