Claims

Bermuda 2005 start-ups face tough market conditions

The 2005 class of Bermuda reinsurance start-ups will face much tougher market conditions, is writing less diverse property risks, and is more reliant on short-term, high return investment money than their predecessor Bermuda start-ups in 2001, according to a special report by the Fitch ratings service.In its special report on the “Bermuda class of 2005,” […]

By Canadian Underwriter | March 3, 2006

2 min read

Claims

Swiss Re’s net income drops in 2005

Swiss Re reported a drop in net income to CHF1.5 billion (CDN$1.3 billion) in 2005 from CHF2.5 billion (CDN$2.17 billion) in 2004.In 2005, Swiss Re digested CHF3 billion (CDN$2.61 billion) in large natural catastrophe claims, up from CHF1.2 billion (CDN$1.04 billion) in 2004.The combined ratio for Swiss Re’s entire non-life business was 108.7%, the company […]

By Canadian Underwriter | March 2, 2006

1 min read

Claims

Royal & SunAlliance endorses Drive for Life

Citing a disproportionate number of Ontario youths who are involved in fatal car collisions, Royal & SunAlliance is offering premium discounts for graduates of a program that uses a simulator to teach defensive driving techniques. Road safety statistics show 225 people died in the GTA as a result of traffic collisions last year, according to […]

By Canadian Underwriter | March 2, 2006

2 min read

Claims

What’s New: In brief (March 01, 2006)

The Institute for Catastrophic Loss Reduction (ICLR) is holding a Friday Forum workshop on March 24, 2006 from 1:30pm to 3:00 pm at the Insurance Bureau of Canada, which will feature Staff Sergeant Robert Cousineau of the Ontario Provincial Police. The focus of the workshop relates to an initiative that was created in response to […]

By Canadian Underwriter | March 1, 2006

2 min read

The Co-operators reports Q4 net income increase

The Co-operators General Insurance Co. (TSX:CCS.PR.A.) gained a consolidated after-tax net income of Cdn$39.1 million for the fourth quarter ended Dec. 31, 2005, compared to the Cdn$38.8 million profit for the same period in 2004. Gross written premium in the fourth quarter declined 1.8% to Cdn$486 million, compared with Cdn$495 million for the fourth quarter […]

February 28, 2006

1 min read

US storms cause “unprecedented” market activity, Guy Carpenter

Guy Carpenter & Company, Inc., a global risk and reinsurance specialist and a part of the Marsh & McLennan Companies (NYSE: MMC), and affiliate of Guy Carpenter MMC Securities Corp., recently published their fourth annual joint study of natural catastrophe bond transaction activity, trends and market dynamics, which cites unprecedented growth across the catastrophe bond […]

3 min read

Sceintists called on to counter bioterrorism risk

In a report released Feb. 27, “DNA for Peace: Reconciling Biodevelopment and Biosecurity,” experts at the Canadian Program on Genomics and Global Health (CPGGH), part of the University of Toronto’s Joint Centre for Bioethics (JCB), calls for a global network of scientists to keep vigil against the misuse of biotechnology science and therefore counter bioterrorist […]

3 min read

Guy Carpenter launches i-aXs platform

Guy Carpenter & Company, Inc., a global risk and reinsurance specialist, has announced the development of a new online risk management platform, i-aXs, that is designed to reduce risk management analysis and reporting times from weeks to mere minutes.The new online technology provides insurance executives with the ability to leverage vast data repositories for better […]

2 min read

What’s New: In brief (February 27, 2006)

The Co-operators, have provided financial support to the Infant and Toddler Safety Association’s (ITSA) volunteer telephone hotline so that the Kitchener, ON-based, volunteer-run charity can, starting this month, offer expert child safety advice through their toll-free service. The Co-operators financial support to ITSA this year will total approximately $25,000, including the cost of the new […]

2 min read

Replenishing reserves still a question mark

Even though underwriting results for property and casualty companies globally have improved markedly over the past few years, the ongoing challenge of attaining ultimately adequate reserves remains, according to a recent report by Standard & Poor’s.”Insurers and reinsurers appear no closer now than they were a year ago to achieving full reserve adequacy for 1997-2001 […]

2 min read