Kingsway reports record results in Q3
November 9, 2001 by Canadian UnderwriterSpecialty insurer Kingsway (TSE:KFS, NYSE:KFS) is reporting record earnings and revenue for the third quarter 2001 (ending September 30). Unlike many insurers who have seen abysmal results due to September 11 losses, Canadian-owned Kingsway is posting a net income of…
Fairfax’s reinsurance operation Odyssey Re feels Sept. 11 bite
November 7, 2001 by Canadian UnderwriterNew York-based Odyssey Re Holdings Corp. (TSE: ORH) a subsidiary of the Fairfax Financial Holdings group revealed a third quarter net loss for this year of US$41.9 million (equal to a loss of 64c a share) compared with net income…
White Mountains latest to form new reinsurance operation
November 2, 2001 by Canadian UnderwriterNew Hampshire-based White Mountains is the latest insurer to announce that it will capitalize on the hardening market by setting up a reinsurance operation. The company plans to establish a Bermuda-based reinsurance arm to target the property and casualty market,…
Reinsurance Strategies 2002: Bargain Days Over
November 1, 2001 Sean van Zyl, EditorPrior to the terrorist attacks of September 11, reinsurers operating in Canada were adamant that 2002 treaty renewals would have to reflect general rate adjustments in the order of 15% to 25%. Most companies were mindful, however, of the prevailing and excessive competition within the Canadian marketplace, and in this respect seemed more hopeful than resolved that the rate adjustments they hoped to seek for next year would be achieved. The post-September 11 reinsurance landscape has changed dramatically. Covers available at “less-than-cost” pricing have vanished to be replaced by a steely attitude to both the terms and pricing of coverage. Reinsurers partaking in CU’s annual “Reinsurance Strategy Outlook” offer little hope for cheap pricing as the global cost impact of the terrorist attacks begins to bite. The message is clear: “The bargain days are over”.
Keeping Sense
November 1, 2001 Sean van Zyl, EditorIn the aftermath of September 11 a great deal of attention turned to public security, specifically airport and airliner boarding procedures. It has become apparent that airport security measures among many of the major U.S. airports had been hopelessly inadequate…
Keeping the World’s Runways Open
November 1, 2001 David CarrIn the aftermath of the terrorist attacks on September 11 of this year, the Canadian federal government has offered the country’s struggling airlines a wing and a prayer – at least a temporary one…
An About-Face
November 1, 2001 Vikki SpencerIn distancing itself from the controversies of the past, Lloyd’s of London is setting a new track for profitability. In Canada, the charge is being led by attorney in fact Nicholas Smith. But his task will not be an easy…
Industry can meet Sept. 11 commitments, says A.M. Best
November 1, 2001 by Canadian UnderwriterAlthough the September 11 terrorist attacks are “unprecedented in scope and complexity,” the industry will be able to meet its commitments, says Larry Mayewski, executive vice president and chief rating officer for A.M. Best. “The direct and indirect impact of…
Coverage availability crises looms
November 1, 2001 by Canadian UnderwriterWith several major global reinsurers having signaled that they will not be providing cover for terrorism-related losses as from the beginning of 2002 when most North American treaty renewals take place, the U.S. government has stepped forward with a temporary…
Industry poised for success in 2002, says S&P
October 30, 2001 by Canadian UnderwriterA new report from rating agency Standard & Poor’s (S&P) says the industry is headed for a comeback in 2002, with 2003 set to be a highly profitable year for insurers.Despite heavy losses following the September 11 terrorist attacks, the…
Conning report suggests terrorism exclusions on the way
October 18, 2001 by Canadian UnderwriterA new report from analysts Conning and Company says U.S. property and casualty insurers will begin pricing “terrorist attack risk” separate from other coverage in light of the September 11 terrorist attacks. The report also suggests that maximum probable loss…
When is business, “Business”?
October 1, 2001 Sean van Zyl, EditorThe tragic and unexpected events which unfolded on September 11 of this year when terrorists attacked the World Trade Center, New York City, and the Pentagon in Washington D.C. by using four hijacked jetliners as “flying bombs” has left the…