Segment
Reinsurance
Insurers seek to limit asbestos fund contributions
April 18, 2004 by Canadian UnderwriterU.S. insurers and reinsurers are encouraging legislators not to increase the amount companies would contribute to a national asbestos litigation fund that could be established under Senate bill S.2290. Insurers made the appeal in a joint statement from the National…
Global reinsurance industry remains under dark cloud: S&P
April 15, 2004 by Canadian UnderwriterThe negative outlook cast by rating agency Standard & Poor’s on the global reinsurance sector remains despite expectations of a profitable 2003.S&P has had a negative outlook on the industry for seven years and continues to foresee more downgrades than…
Bermuda market sees 17 new members in first quarter
April 13, 2004 by Canadian UnderwriterThe Bermuda insurance market grew by 17 new members in the first quarter of 2004, according to data from the Bermuda Monetary Authority’s Insurance Division. This is on par with first quarter 2003, although well off the “boom year” pace…
U.S insurer net income tops US$30 billion: A.M. Best
April 12, 2004 by Canadian UnderwriterU.S. insurers will post net income of US$30.8 billion for 2003, says A.M. Best, and customers can expect to feel rate relief in the coming year.Last year, net income rose more than 235% to top US$30 billion, following the US$9.2…
U.S. regulators want to see stability before TRIA disappears
April 11, 2004 by Canadian UnderwriterThe U.S. National Association of Insurance Commissioners (NAIC) fears that as the end of the Terrorism Risk Insurance Act (TRIA) nears, the market may face severe instability.In a letter to House Financial Services Committee chair Michael Oxley and Senate Banking…
Brokers in demand more than ever: Swiss Re study
April 7, 2004 by Canadian UnderwriterCommercial and reinsurance brokers are facing an increasing demand for their services, in light of the growing complexity of risks, according to the latest Swiss Re sigma study.The study looks at development of the broker market over the past 20…
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,…