Claims

RenaissanceRe bounces back from 2005 hurricanes

RenaissanceRe Holdings Ltd. (NYSE: RNR) has reported a 2006 Q3 profit of US$251.1 million, compared to a net loss in 2005 Q3 of US$287.3 million.”We are very pleased to report another strong quarter with record results,” RenaissanceRe CEO Neill A. Currie said of the results. “Our core property cat business generated exceptional earnings, and our […]

By Canadian Underwriter | November 6, 2006

1 min read

Claims

2006 a “banner year” for U.S. P&C industry: RIMS

Echoing a similar trend in Canada, commercial insurance premiums in the United States are declining in 2006 Q3, continuing a phenomenon over the past two quarters, according the quarterly RIMS Benchmark Survey, prepared by the industry analyst Advisen.In the United States, property insurance was the only line of business that increased in the third quarter, […]

By Canadian Underwriter | November 6, 2006

2 min read

Claims

Belfor Holdings acquires world’s largest insurance restoration company

Belfor Holdings Inc. has purchased 100% of Belfor International GmbH, the world’s largest insurance restoration company, from the Haniel Group of Duisburg, Germany.Haniel will retain an interest in the business through its 25% ownership of Belfor Holdings. As part of the management buyout, the company will continue to be run by president and CEO Sheldon […]

By Canadian Underwriter | November 3, 2006

1 min read

Claims

Allstate’s 2006 Q3 results show rebound from 2005 Katrina losses

One year after sustaining enormous catastrophe losses, The Allstate Corporation posted a net profit in 2006 Q3 of about US$1.2 billion.That’s compared to a $US1.5-billion loss registered during 2005 Q3, in the wake of Hurricane Katrina’s destruction in New Orleans and the southern United States generally.”After-tax catastrophe losses, net of reinsurance, totaled US$110 million in […]

By Canadian Underwriter | November 3, 2006

1 min read

Pricing discipline must be priority for insurers’ risk managers

Achieving price discipline and not preparing for catastrophes should be the primary focus for insurers and reinsurers when considering their own risk management practices, Aon Re Services president Bryon G. Ehrhart told the Aon Re Canada’s Rendezvous 2006 in Mississauga.Ehrhart presented several charts and graphs showing what investors have come to expect from the U.S. […]

2 min read

S&P’s assigns ‘BBB+’ rating to PartnerRe stock issuance

Standard & Poor’s Ratings Services assigned its ‘BBB+’ preferred stock rating to PartnerRe Ltd.’s (NYSE:PRE) issuance of US$250 million in junior subordinated capital efficient notes due in 2066.At the same time, Standard & Poor’s affirmed its ‘A’ counterparty credit rating on PRE, a Bermuda-based reinsurance holding company. The outlook remains negative, S&P’s announced.”The ratings on […]

2 min read

Lloyd’s warns: Don’t sacrifice underwriting discipline for diversity

Lloyd’s franchise performance director, Rolf Tolle, has warned underwriters not to sacrifice underwriting discipline in the drive for portfolio diversity.Tolle was interviewed prior to his appearance at an annual meeting. His remarks were posted on Lloyd’s Web site.In his posted remarks, Tolle said: “Following the hurricane losses of 2004-05, the insurance industry has been encouraged […]

1 min read

El Nino conditions moderate 2006 hurricane season: NOAA (November 01, 2006)

Scientists at the NOAA Climate Prediction Center say El Nio conditions – which affect the intensity of hurricanes – have developed in the tropical Pacific and are likely to continue into early 2007. “The development of weak El Nio conditions helps explain why this Atlantic hurricane season has been less active than was previously expected,” […]

October 31, 2006

1 min read

Manitoba Public Insurance prepares children for Hallowe’en

Manitoba Public Insurance (MPI) is helping trick-or-treaters stay visible by distributing 120,000 light-up devices to schools across the province.The safety flashers/whistles can be hung around the necks of children, or easily attached to jackets or backpacks, so children can “light up the night” any time they step outside after dark.A total of 740 Manitoba schools […]

1 min read

What’s New: In Brief (October 31, 2006)

The SCOR group has received the approval of the China Insurance Regulatory Commission (CIRC) for a reinsurance licence in China.The license will enable SCOR to open a branch in Beijing for the purpose of conducting property & casualty reinsurance transactions.The SCOR group opened a representative office in China in 2000 and submitted a request for […]

2 min read