Claims
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
1 min read
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
2 min read
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 […]
New catastrophe-modeling capabilities can help insurers avoid the painful consequences of underinsuring properties, according to a panelist at A.M. Best’s Insurance & Technology Conference, e-Fusion, in Boston.In its report on the conference, A.M. Best cites George Davis, a vice president at catastrophe modeling firm AIR Worldwide Corp., as saying underinsuring means not getting the right […]
Beaufort Underwriting Agency Ltd, on behalf of its managed syndicate MSF Pritchard – Syndicate 318, has licensed Risk Management Solutions (RMS)’ RiskLink catastrophe modeling platform. This license agreement is a response to what Beaufort views as the increasingly critical role of exposure and catastrophe modeling management for the Lloyd’s market. RMS licenses the RiskLink catastrophe […]
Standard & Poor’s Ratings Services will not take any ratings action following the pre-announcement by The Hanover Insurance Group Inc. (NYSE:THG) that it would be taking a US$52 million charge (US$34 million after-tax) in third-quarter 2006 to strengthen its reserves for claims related to Hurricane Katrina. S&P’s says the magnitude of this charge, which comes […]
By Canadian Underwriter | October 19, 2006
The government of Edmonton has created a new provincial Emergency Management Alberta Agency, which will better prepare Alberta for response to emergency situations. The new agency combines the current organization with the Alberta Fire Commissioner’s Office (FCO), which the government says will result in better co-ordination, preparation, response and recovery to a wider array of […]
By Canadian Underwriter | October 17, 2006
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