Claims
During the past 10 years, the Canadian automobile insurance industry’s underwriting results have changed dramatically, as reflected by the significant variations in the direct loss ratio according to a special report by A.M. Best Co. A.M. Best predicts the direct loss ratio will level off in 2006.”A.M. Best anticipates that the direct loss ratio for […]
By Canadian Underwriter | October 30, 2006
2 min read
Hub International Limited (NYSE: HBG) (TSX: HBG) has announced strong improvement in both revenue and key expense ratios for the three months and nine months ended Sept. 30, 2006.Revenue increased 29%, to US$126.5 million in 2006 Q3, compared to the 2005 third-quarter revenue of US$98.3 million.Hub’s 29% increase in revenue for the quarter included strong […]
By Canadian Underwriter | October 27, 2006
Buoyed by a relatively quieter hurricane season in 2006 than in 2005, Arch Capital Group Ltd. (NASDAQ: ACGL) reports that net income available to common shareholders was US$185.8 million for 2006 Q3.In contrast, the group reported a net loss of US$86.3 million for 2005 Q3.The company’s combined operating ratio of 84.3% in 2006 Q3 represented […]
1 min read
Allianz was perhaps the only insurer to finalize exclusions in its World Trade Center (WTC) policy coverage prior to the building’s 2001 destruction in a terrorist attack, but ended up paying out anyway because a lower U.S. court didn’t recognize its exclusions for “mischief” or “malice.””Allianz is very upset,” panelist Ali Reza of Exponent (Failure […]
Hub International Limited (NYSE/TSX: HBG) has experienced strong improvement in both its revenue and key expense ratios for the three months and nine months ended September 30, 2006.The company reports that its revenue increased 29% to US$126.5 million in the Q3from US$98.3 million a year earlier, while net earnings from continuing operations increased to US$7.0 […]
By Canadian Underwriter | October 26, 2006
The province of Alberta has approved a CD$1 million disaster recovery program that will help residents of Calgary and De Winton recover from severe storms and heavy rainfall that occurred on June 21, July 6, July 9 and August 3, 2006. The storms occurred over very short periods of time, with intense rain and hail […]
Bermuda-based reinsurers Montpelier Re Holdings Ltd. And Endurance Specialty Holdings Inc. have both experienced increases in their net income for the third quarter of 2006.Montpelier Re’s net income for Q3 of 2006 is US$180.7 compared to a net loss of US$691.9 million for the same period in 2005.Endurance’s net income for Q3 2006 was US$299.3 […]
Heading into an El Nino year, Canadian insurers and reinsurers should be reminded that the 1998 Ice Storm which caused more than $CD1 billion in damage losses in eastern Ontario and Quebec also happened during an El Nino year, panelists told a Swiss Re seminar in Toronto.El Nino refers to the fluctuations of surface water […]
By Canadian Underwriter | October 24, 2006
PartnerRe Ltd. (NYSE: PRE) has reported net income of US$235.8 million for 2006 3Q. In comparison, the reinsurer reported an after-tax net loss of US$288.7 million in 2005 3Q, reflecting the record catastrophe activity in that period. The company reported its non-life combined ratio during 2006 3Q was 81.4%, compared to the 156.3% COR the […]
By Canadian Underwriter | October 23, 2006
Catastrophe modeling has been revamped as a direct result of 2004 and 2005’s catastrophic weather events, speakers told an audience at a symposium sponsored by XL Re Europe Ltd. Insurers and reinsurers are not as confident about cat models and as a result have changed their views on weather-related risks, according to managing director ofAIR […]
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