Claims

Munich Re reports 2005 profit of US$3.34 billion

Munich Reinsurance Company has reported a 2.7 billion (US$3.34 billion) profit for 2005, paving the way for a record dividend payout of 707 million (US$875.3 million).”Given its outstanding result for the business year 2005, Munich Re is paying out a record dividend amount totalling 707 million,” Munich Re board chairman Nikolaus von Bomhard announced in […]

By Canadian Underwriter | April 19, 2006

1 min read

Claims

Allstate reports strong 2006 first quarter

Buoyed by improved underwriting numbers, Allstate Corp reported an “excellent start to 2006″ with strong 2006 1Q results.Allstate’s 1Q property liability premiums written grew 2.2% over the first quarter of 2005, driven by Allstate brand standard auto and homeowners increases of 4.1% and 2.4%, respectively. Excluding the cost of catastrophe reinsurance, premiums written grew 2.7% […]

By Canadian Underwriter | April 19, 2006

2 min read

Claims

Aon Re provides insight into earthquake loss potential

Aon Re recently developed a comprehensive Earthquake Viewing Guide following the success of its Hurricane Viewing Guide, which was utilized during the 2004/2005 hurricane seasons.The viewing guide provides a range of potential loss outcomes based on possible earthquake events throughout the U.S.. The guide provides exposure summaries and probable maximum-loss outcomes for given ranges of […]

By Canadian Underwriter | April 18, 2006

1 min read

Claims

PLUS foundation offers hurricane relief grants

The Professional Liability Underwriting Society (PLUS) Foundation recently granted over US$90,000 to support its members and other insurance related hurricane relief efforts. The PLUS Foundation identified all members residing in the federally designated disaster areas following the hurricanes of 2005 and offered an application for assistance. Those indicating significant uninsured loss were provided support through […]

By Canadian Underwriter | April 18, 2006

1 min read

Regulation of micro-insurance required, IAIS says

Regulation and supervision of micro-insurance is a key factor for the further development of the insurance market, according to the International Association of Insurance Supervisors (IAIS).Micro-insurance is the provision of insurance to low-income households following basic insurance standards. These standards include economically affordable premiums, measurable losses that are not catastrophic, existence of an insurable risk, […]

2 min read

Commonwealth Insurance adopts EQECAT platform

Commonwealth Insurance Company, a Canadian-based insurance company, has signed a licensing agreement to create an integrated catastrophe management system using EQECAT’s WORLDCATenterprise(TM) platform and XML interface technology. Financial terms of the agreement were not disclosed.”To give our underwriters the most up-to-date technology in selecting the appropriate risk and delivering superior service to clients, we sought […]

1 min read

Risk distribution for catastrophes must change: Munich Re

A recent Munich Re report says “existing mechanisms for distributing the risk between the private insurance sector, the state, and the federal government should be reconsidered” in light of the hurricane seasons of 2004 and 2005.The report, entitled ‘The 1906 earthquake and Hurricane Katrina,’ was released in recognition of the centennial anniversary of the 1906 […]

2 min read

A.M. Best softens cat stress test for prepared insurers

A.M. Best Co. is making modifications to its catastrophe stress test, which in some cases will require less capital for a company to support its catastrophe exposure. The ratings agency says “those companies that would be afforded additional leeway in the catastrophe stress test [would have to] demonstrate a strong understanding of their catastrophe exposure, […]

2 min read

AXA receives offer for reinsurance sector

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 […]

1 min read

P&C insurers CAT risk assessments amended

Standard & Poor’s Ratings Services has revised its criteria for measuring the catastrophe risk of primary property and casualty insurance companies, according to a recent S&P’s article. The article “Property/Casualty Insurance Criteria: Primary Insurer Catastrophe Capital Charges Revised” says that the new criteria will capital-charge CAT risk with company-specific data for exposures, so this new […]

1 min read