Claims

A.M. Best assigns negative outlook to U.S. P/C market

A.M. Best has extended its negative outlook for the 2006 U.S. commercial insurance market. “A.M. Best anticipates there will be few rating upgrades or positive rating outlooks assigned in 2006 due to pricing deterioration in 2005, the expectation of continued (albeit lessened) reserve development and the dimmed long-term business prospects attributable to the emergence of […]

By Canadian Underwriter | February 17, 2006

2 min read

Claims

ICBC donates $10,000 to Hope, B.C. rescue team

ICBC presented a $10,000 cheque recently to a search and rescue team in Hope, B.C. to help replace the community’s Jaws of Life, the Hope Standard reported recently. According to the newspaper, a thief had stolen the team’s search and rescue vehicle and $104,000 worth of equipment. Also missing were avalanche victim locaters, flashlights, a […]

By Canadian Underwriter | February 17, 2006

1 min read

Claims

Co-Operators General Insurance sees increase in Q4 profits

Co-operators General Insurance Company (TSX:CCS.PR.A.) has gained a consolidated after-tax net income of $39.1 million for the fourth quarter ended Dec. 31, 2005, compared to the $38.8 million profit for the same period in 2004.Gross written premium in the Q4 declined 1.8% to $486 million, compared to $495 million in the Q4 of 2004. The […]

By Canadian Underwriter | February 17, 2006

1 min read

Claims

US and Bermuda reinsurers receive negative outlook

A.M. Best Co. has extended its negative outlook for the US and Bermuda reinsurance markets to 2006 as the ratings agency says it anticipates there will be few, if any, rating upgrades or positive rating outlooks assigned throughout the year. A.M. Best says even though 2005 saw numerous rating downgrades, only a few reinsurers in […]

By Canadian Underwriter | February 16, 2006

2 min read

P&C insurance suffers underwriting loss

The property and casualty insurance industry in the US has suffered an underwriting loss of US$2.8 billion for the first nine months of 2005 as a result of Hurricane Katrina, reversing the $3.4 billion underwriting gain reported during the same period of 2004, according to a recent study by A.M. Best Co. Insured damage estimates […]

2 min read

Fairfax incurrs significant Q4 losses

Fairfax Financial Holdings Ltd. has reported a net loss of $318.1 million in the fourth quarter of 2005 and $497.9 million for 2005. The Toronto-based company says the losses were incurred as a result of the harsh Hurricanes Katrina, Rita and Wilma that resulted in a loss of $249.5 during the Q4 and $715.5 million […]

2 min read

Renaissance Re reports $207 million operating loss

RenaissanceRe Holdings Ltd. (NYSE: RNR) has incurred a net operating loss attributable to common shareholders of $206.9 million in the Q4 of 2005, which the Company says mainly reflects a $313.9 million net negative impact from hurricane Wilma. These results compared to net operating income available to common shareholders of $188.6 million reported for the […]

2 min read

Construction theft increases after hurricanes

Could it be that catastrophe modeling may soon have to deal with factors such as “construction theft” when calculating rebuilding costs in the wake of natural disasters?According to A.M. Best, the widespread rebuilding effort along the U.S. Gulf coast in Louisiana, Florida, Texas, Mississippi and Alabama “is feeding a variety of criminal activity, including an […]

2 min read

Terrorism risk management tools help insurers respond

Risk Management Solutions (RMS) has reaffirmed that terrorism risk management products can assist insurers in responding to the terrorism section of the ‘2005 Statement Year Supplemental Rating Questionnaire’ (SRQ), recently issued by rating agency A.M. Best Co.In December 2005, TRIA was renewed for two years with new terms and limits. In response, RMS has updated […]

2 min read

Fitch affirms St Paul Travelers Companies’ ratings

Fitch Ratings has affirmed all ratings of The St. Paul Travelers Companies, Inc. (STA), including the ‘A-‘ long-term issuer rating, ‘A-‘ ratings on STA’s senior unsecured notes, and ‘BBB+’ ratings on STA’s subordinated notes and capital securities.Additionally, Fitch has affirmed the ‘AA-‘ insurer financial strength (IFS) ratings on members of the St. Paul Travelers Inter-company […]

2 min read