Claims
Echoing a similar trend in Canada, commercial insurance premiums in the United States are declining in 2006 Q3, continuing a phenomenon over the past two quarters, according the quarterly RIMS Benchmark Survey, prepared by the industry analyst Advisen.In the United States, property insurance was the only line of business that increased in the third quarter, […]
By Canadian Underwriter | November 6, 2006
2 min read
Belfor Holdings Inc. has purchased 100% of Belfor International GmbH, the world’s largest insurance restoration company, from the Haniel Group of Duisburg, Germany.Haniel will retain an interest in the business through its 25% ownership of Belfor Holdings. As part of the management buyout, the company will continue to be run by president and CEO Sheldon […]
By Canadian Underwriter | November 3, 2006
1 min read
One year after sustaining enormous catastrophe losses, The Allstate Corporation posted a net profit in 2006 Q3 of about US$1.2 billion.That’s compared to a $US1.5-billion loss registered during 2005 Q3, in the wake of Hurricane Katrina’s destruction in New Orleans and the southern United States generally.”After-tax catastrophe losses, net of reinsurance, totaled US$110 million in […]
Achieving price discipline and not preparing for catastrophes should be the primary focus for insurers and reinsurers when considering their own risk management practices, Aon Re Services president Bryon G. Ehrhart told the Aon Re Canada’s Rendezvous 2006 in Mississauga.Ehrhart presented several charts and graphs showing what investors have come to expect from the U.S. […]
By Canadian Underwriter | November 2, 2006
Standard & Poor’s Ratings Services assigned its ‘BBB+’ preferred stock rating to PartnerRe Ltd.’s (NYSE:PRE) issuance of US$250 million in junior subordinated capital efficient notes due in 2066.At the same time, Standard & Poor’s affirmed its ‘A’ counterparty credit rating on PRE, a Bermuda-based reinsurance holding company. The outlook remains negative, S&P’s announced.”The ratings on […]
Lloyd’s franchise performance director, Rolf Tolle, has warned underwriters not to sacrifice underwriting discipline in the drive for portfolio diversity.Tolle was interviewed prior to his appearance at an annual meeting. His remarks were posted on Lloyd’s Web site.In his posted remarks, Tolle said: “Following the hurricane losses of 2004-05, the insurance industry has been encouraged […]
By Canadian Underwriter | November 1, 2006
Scientists at the NOAA Climate Prediction Center say El Nio conditions – which affect the intensity of hurricanes – have developed in the tropical Pacific and are likely to continue into early 2007. “The development of weak El Nio conditions helps explain why this Atlantic hurricane season has been less active than was previously expected,” […]
October 31, 2006
Manitoba Public Insurance (MPI) is helping trick-or-treaters stay visible by distributing 120,000 light-up devices to schools across the province.The safety flashers/whistles can be hung around the necks of children, or easily attached to jackets or backpacks, so children can “light up the night” any time they step outside after dark.A total of 740 Manitoba schools […]
By Canadian Underwriter | October 31, 2006
The SCOR group has received the approval of the China Insurance Regulatory Commission (CIRC) for a reinsurance licence in China.The license will enable SCOR to open a branch in Beijing for the purpose of conducting property & casualty reinsurance transactions.The SCOR group opened a representative office in China in 2000 and submitted a request for […]
Co-operators General Insurance Company reported a 2006 Q3 consolidated, after-tax net income of CD$18 million, compared to the CD$24 million profit for the same period in 2005.”Continued excellent investment returns, particularly in the resource sector, helped offset greater-than-expected automobile claims severity during the third quarter [of 2006],” said Kathy Bardswick, president and CEO of The […]
By Canadian Underwriter | October 30, 2006
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