Claims

Paris Re bids for AXA Re

Stone Point Capital LLC recently placed a binding offer through the new company Paris Re Holdings Ltd. to acquire AXA Re from AXA SA. AXA received the offer of US$14.2 million from Stone Capital for the entire share capital of AXA Re. Other lead investors in the deal, facilitated through the Stone Capital sponsored acquisition […]

April 30, 2006

1 min read

Claims

Suncor settles business interruption claims for CD$980 million

Suncor Energy Inc. has settled business interruption insurance claims related to a January 2005 fire at the company’s oil sands facilities for a total amount of CD$980 million (US$830), the company has announced in a press release.Of this total, approximately CD$385 million (US$330 million) will be recorded in income when first quarter results are released […]

By Canadian Underwriter | April 26, 2006

2 min read

Claims

Chubb 2006 1Q results “most profitable in history”

The Chubb Corporation [NYSE: CB] has reported a 2006 1Q net income of US$672 million, compared to US$470 million in IQ 2005.The 2006 1Q combined loss and expense ratio improved to 82.9% in 2006 from 89.4% in 2005. “This was by far the best combined ratio and most profitable quarter in Chubb’s history, as all […]

By Canadian Underwriter | April 25, 2006

1 min read

Claims

Partner Re’s 1Q 2006 results improve over 1Q 2005

PartnerRe Ltd.’s 1Q 2006 results compare favorably with those of the 1Q 2005 results, thanks to a relative absence of large losses during the 2006 first quarter, the reinsurer reported recently.Last year, Partner Re (NYSE: PRE) suffered losses as a result of the Suncor explosion in Calgary and US$63 million in losses when Winterstorm Erwin […]

By Canadian Underwriter | April 25, 2006

2 min read

Soft P&C market to continue in U.S., survey says

Even though property and general liability insurance rates increased in the first quarter of 2006, all indications point to a continuing soft commercial insurance market according to the RIMS Benchmark Survey, a comprehensive survey of current policy renewal prices as reported by corporate risk managers.In keeping with soft market conditions that have prevailed over the […]

1 min read

SGI Canada expands; posts CD$35-million profit

SGI Canada had its second-best year on record in 2005, posting a consolidated profit of more than CD$35 million, despite record storm costs of more than CD$28 million in Saskatchewan, according to SGI’s 2005 annual reports recently tabled with the provincial legislature. SGI Canada is the competitive arm of the corporation, selling property and casualty […]

2 min read

AIG to sell shares of Bermuda reinsurer IPC

AIG intends to sell up to 15.4 million of the common shares (24.2% of outstanding shares) it owns of reinsurer IPC Holdings in a public offering, subject to market conditions.AIG was the sponsoring shareholder of Bermuda-based reinsurer IPC in 1993. IPC was established after Hurricane Andrew touched down in 1992. Since 1993, AIG has provided […]

2 min read

Benfield, Merrill Lynch team up to offer cat bonds

Benfield, an independent reinsurance and risk intermediary, has formed a relationship with Merrill Lynch to offer insurers and reinsurers catastrophe (cat) bonds as a form of alternative capital for peak risk exposures.Recent hurricane losses, likely revisions to cat models and rating agency requirements have created more interest in cat bonds among primary insurers and reinsurers, […]

2 min read

The Co-operators reports record revenues in 2006

Consolidated revenues for The Co-operators Group Limited reached a record CD$2.7 billion in 2005 up from CD$2.6 billion the previous year. Net income was down slightly from 2004 to CD$138 million, with a return on equity (ROE) of 15.4%The Co-operators said its healthy financial position allowed it to share CD$10.6 million with its co-operative and […]

1 min read

Pethealth moves into Massachusetts

Pethealth Inc. (TSX VENTURE:PTZ) pet insurance programs have been accepted in Massachusetts.Subsequent to the end of Q1, the Massachusetts Department of Insurance approved the Company’s programs for sale in the state, effective April 3, 2006. The PetCare programs now available to residents of Massachusetts are being underwritten by the Insurance Corporation of Hannover. On February […]

1 min read