Hurricane losses humble reinsurers, A.M. Best
August 14, 2006 by Canadian UnderwriterThe global reinsurance industry is still struggling to manage its catastrophe exposure even almost a year after hurricanes Katrina, Rita and Wilma struck, according to a recent report from A.M. Best Co.The 2006 global reinsurance report called “Reinsurers Humbled, But…
When the Axe Falls
August 1, 2006 AxiomAs we jumped over the small stream, I could feel the warmth of the late Fall sunshine on the back of my neck. All around us the trees were aflame with color. Already, for the first time this season, the…
MFX to manage Munich Re’s corporate processing system
July 31, 2006 by Canadian UnderwriterMFX, a provider of technology and IT outsourcing solutions, has signed an exclusive deal with Toronto-based Munich Reinsurance Company of Canada (MROC) to implement, manage, and enhance MROC’s current corporate primary insurance processing system used by MROC and insurers in…
Benfield warns of 2007 capacity squeeze
June 16, 2006 by Canadian UnderwriterBermuda reinsurers have forecast that rates will continue to harden through the year and a capacity squeeze could even spread beyond the Florida market into other territories in 2007.Increased demand, revised catastrophe models and more stringent capital constraints continue to…
Arch welcomes new head of operations
June 7, 2006 by Canadian UnderwriterArch Capital Group Ltd. (NASDAQ: ACGL) recently promoted Mark Lyons to the position of president and chief operating officer of Arch Insurance Group (U.S.), effective immediately. In his new role, Lyons will assume responsibility for each of the underwriting units…
Wild Weather
June 1, 2006 Brian O'Hearne, Managing Director, North American Environmental and Commodity Markets, Swiss Re CapiUsing weather derivatives to hedge risks across industries
Regulatory settlement in U.S. affects Zurich’s bottom line
May 18, 2006 by Canadian UnderwriterZurich Financial Services Group’s 2006 Q1 net income of US$785 million represented an increase of about 1% over the same period last year, notwithstanding a US$262-million settlement with U.S regulators, the company announced.Zurich General Insurance achieved a combined ratio of…
What’s New: In brief (May 09, 2006)
May 9, 2006 by Canadian UnderwriterMFX recently entered into a three-year contract to manage all IT infrastructure and operations for the Matlen Silver Group, an integrated business and technology solutions provider headquartered in Somerset, New Jersey. Under the terms of the contract, Matlen Silver’s IT…
Aviva-Prudential: The merger that never was
May 1, 2006 by Canadian UnderwriterMarch and April witnessed a fair amount of mergers and acquisitions (M&A) activity, but arguably one of the bigger M&A stories of that period was a merger that never came to pass. In late March, Aviva ppl in the United…
Global reinsurance outlook stable
April 5, 2006 by Canadian UnderwriterThe global reinsurance industry’s outlook has been revised from negative to stable indicating little near-term movement in ratings or outlooks, according to two reports recently published by Standard & Poor’s Rating Services.The reports “Strong Industry Fundamentals And Resolution Of Hurricane…
Bermuda reinsurers lose US$11.3 billion after hurricanes
March 28, 2006 by Canadian UnderwriterFollowing losses of US$11.3 billion from hurricanes Katrina, Rita and Wilma, Bermuda’s reinsurers registered a total net loss of US$2.8 billion in 2005 compared with a profit of US$5.5 billion the previous year, according to the latest Benfield Bermuda Quarterly…
Aviva abandons Prudential merger
March 24, 2006 by Canadian UnderwriterAviva ppl in the United Kingdom has withdrawn its $17-billion (US$29.6-billion) proposal to merge with Prudential ppl, Aviva confirmed in a brief statement on its Web site. Aviva’s all-share proposal was rejected by the Prudential board last week, despite Aviva’s…