Segment
Reinsurance
What’s new: In brief (June 16, 2004)
June 16, 2004 by Canadian UnderwriterA.M. Best has affirmed the “A++” (superior) financial strength rating of General Re Group, as well as the “a++” senior debt rating of parent General Re Corp. All ratings have a stable outlook. The rating agency says the rating reflects…
What’s new: In brief (June 15, 2004)
June 15, 2004 by Canadian UnderwriterConverium Ltd. has launched a five-year, US$100 million catastrophe bond to cover losses from European windstorm, U.S. and Japanese earthquake, and U.S. and Caribbean hurricane. The transaction was underwritten by Aon Capital Markets with risk modeling provided by AIR Worldwide.…
Silica could be next asbestos: S&P
June 14, 2004 by Canadian UnderwriterA new article by Standard & Poor’s addresses the issue of silica exposure and its potential impact on insurers. “The parallels to asbestos are of concern to us,” says S&P credit analyst John Iten. He expects silica litigation growth could…
Equitas boosts asbestos reserves by $735 million
June 9, 2004 by Canadian UnderwriterLloyd’s run-off reinsurer Equitas has upped it reserves to cover U.S. asbestos lawsuits by 296 million pounds (Cdn$735 million) on the expectation that tort reform to limit such suits will not be reached.Overall Equitas, which was created to handle Lloyd’s…
What’s new: In brief (June 09, 2004)
June 9, 2004 by Canadian UnderwriterA.M. Best has affirmed the “A” (excellent) financial strength rating of Swiss (re)insurer Converium AG and its core subsidiaries, with a stable outlook. The rating comes as a result of expected improvement in the company’s 2004 earnings, but is offset…
CEOs responsible for maintaining market discipline, say industry leaders
June 9, 2004 by Canadian UnderwriterThe responsibility for maintaining control over underwriting discipline even as competitive forces creep into the market goes all the way up the corporate ladder to rest with CEOs, industry leaders told the World Insurance Forum this week. In the “leadership…
Insurer exposure to reinsurance credit risk varies widely: study
June 7, 2004 by Canadian UnderwriterA study of top commercial insurance writers in the U.K. illustrates the wide variance in exposure to reinsurance credit quality and other financial strength indicators. The study “Insurer Financial Strength Examined” looks at key indicators commercial clients need to assess…
What’s new: In brief (June 03, 2004)
June 3, 2004 by Canadian UnderwriterEverest Re has seen its “A+” (superior) rating affirmed by A.M. Best and extended to Everest International Reinsurance Ltd. The rater notes Everest Re’s strong earnings and capital position, with a 2003 ROE of 18.1% and total capital in excess…
Global reinsurers tested in 2005: S&P
June 1, 2004 by Canadian UnderwriterGlobal reinsurers are making bold statements about their desire to stick to strict underwriting principles, but the industry’s resolve will be tested in 2005, says Standard & Poor’s in its most recent “global reinsurance report card”.The rating agency notes that…
U.S. reinsurers post gains on underwriting success
May 30, 2004 by Canadian UnderwriterU.S. reinsurer results for the first quarter of 2004 show underwriting diligence is paying off with the members of the Reinsurance Association of America (RAA) posting a combined ratio of 94.0%. This compares with 96.4% in the first quarter of…
What’s new: In brief (May 27, 2004)
May 27, 2004 by Canadian UnderwriterSwiss Re has seen its financial strength and long-term debt ratings cut by Moody’s to “Aa2”, although the reinsurer’s short-term rating was affirmed at “prime-1”. Among the conditions cited in the downgrade are possible further adverse development for the years…
What’s new: In brief (May 26, 2004)
May 26, 2004 by Canadian UnderwriterGE has priced the IPO of its investment/life insurance spin-off, Genworth Financial (NYSE: GNW), which could net US$2.5-2.9 billion. After the offering, GE will own about 70% of the company. More than 500 people have been killed by flooding in…