Claims
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 […]
By Canadian Underwriter | November 2, 2006
2 min read
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
1 min read
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
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 […]
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 […]
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 […]
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