Claims
The Lloyds insurance market has obtained a licence from Google to offer underwriters the means to see Lloyds data on Google Earth maps, allowing underwriters to plot their exposure to hurricanes, earthquakes, terrorist attacks and other catastrophes.In a press release posted online, Lloyds says its 42 managing agents can use Googles popular mapping service to […]
By Canadian Underwriter | March 14, 2007
2 min read
Hannover Re said it generated the best result in the company’s history in 2006.The Group reported a 2006 net income of EUR514.4 million [Cdn$799.8 million] and a return on equity of 18.7%. The companys combined ratio in 2006 stood at 98.4%”Not only did we meet our targets, we surpassed them and recorded the highest group […]
Standard & Poor’s Ratings Services has lowered its counterparty credit rating on Cunningham Lindsey Group Inc. (LIN) to ‘B-‘ from ‘B’. The outlook is negative.”The downgrade reflects LIN’s weak earnings and cash flow, liquidity [that is] dependant on support from Fairfax Financial Holdings Ltd. (Fairfax, 75% equity owner), and sizeable debt obligations maturing in 2008,” […]
Guy Carpenter & Company has launched SelectCat, an index-based product designed to provide reinsurers with capacity, flexibility and rational pricing for managing their property catastrophe risks. SelectCats pricing and loss index is developed from a synthetic layer, structured for a basket of programs selected to act as a proxy for the portfolio that a reinsurer […]
By Canadian Underwriter | March 13, 2007
1 min read
Benfield Group Limiteds profits in 2006 increased to 38.4 million [Cdn$87 million], compared with a 34.9 million [Cdn$79.1 million] profit in 2005.Overall, the Groups reinsurance broking revenue increased by 12.9% (to 299.4 million, or Cdn$678.5 million), up from 265.1 million [Cdn$600.9 million] in 2005.We are pleased to announce results which demonstrate the strength of our […]
La Capitale General Insurance has enhanced the scope of its recreational vehicle insurance, now offering watercraft and caravan/motorhome insurance (all types) as a stand-alone insurance product.There is no obligation to obtain a home or automobile insurance contract in order to purchase watercraft, caravan and/or motorhome insurance, La Capitale announced in a press release. La Capitale […]
By Canadian Underwriter | March 12, 2007
New Brunswicks Cdn$2,500 cap on soft tissue and minor personal injuries has just withstood a court challenge in the trial division of the Court of Queens Bench of New Brunswick.In Rossignal v. Rubidge, Court of Queens Bench Justice David H. Russell considered a case in which a motorcycle driven by the plaintiff, Patrick Rossignal, struck […]
By Canadian Underwriter | March 9, 2007
EQECAT is launching a new Offshore Energy Model to help the insurance industry manage this risk.Details about the model will be discussed during EQECATs March 2007 Catastrophe Management Conference. EQECAT noted the storms of 2004-05 caused significant losses in the offshore energy market in the Gulf of Mexico, consuming more than five years of the […]
By Canadian Underwriter | March 8, 2007
At US$15.9 billion, insured catastrophe damage in 2006 represented the third-mildest loss year since 1990, according to a Swiss Re sigma report [No 2/2007].Of these insured losses worldwide, natural catastrophes accounted for US$11.8 billion of the total. Storms caused insured losses of US$8.4 billion, which represented the most costly damage category.The sigma report notes the […]
Enhancing data collection for catastrophe modeling is imperative for insurers and reinsurers in 2007, according to Ernst & Youngs Quarterly Insurance Industry Outlook.The 2004 and 2005 hurricane seasons revealed weaknesses in commonly used catastrophe risk modeling techniques, the report notes. Among the major revelations, it was determined that the quality of exposure data, especially for […]
By Canadian Underwriter | March 7, 2007
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