Claims
Global pricing in the property catastrophe reinsurance market has been significantly influenced by extreme rate peaks in the U.S. and Mexico, which absorbed the majority of the losses from the 2005 storms, according to a recent report published by Guy Carpenter & Company. The report “The World Catastrophe Reinsure Market: Steep Peaks Overshadow Plateaus” show […]
By Canadian Underwriter | September 7, 2006
2 min read
Standard & Poor’s Ratings Services has revised its criteria for rating natural catastrophe bonds to increase the rating cap on such bonds to ‘AA.’ “The criteria revision is in response to the evolution of the natural catastrophe bond market,” S&P’s announced in a recent criteria report. “In light of the increased number property catastrophe bonds […]
Benfield Group Limited (“Benfield” or “the Group”), an independent reinsurance and risk intermediary, has reported its group operating revenue has increased 28.5% over the first half of 2006 to 252.1 million (CD$524.6 million).The Group also reported an increase of 35.3% in its profit before taxes. Its 2006 first-half profit was 97.8 million (CD$203.4 million).In a […]
Kingsway Financial Services Inc. has appointed Denis Cloutier to the position of vice president and chief actuary, Canadian Operations as well as Tom Duffy to the position of vice president, Kingsway America Inc., and chief actuary, U.S. Operations. Cloutier joined Kingsway Financial over five years ago and offers over 24 years of experience in the […]
By Canadian Underwriter | September 6, 2006
Managing the property and casualty cycle is said to be the most difficult endeavor that reinsurers will face throughout 2006 and 2007, according to a recent report published by Fitch Ratings Agency.The report “Reinsurance Review and Outlook: Cycle ManagementA Bumpy Ride Ahead,” says that over this two-year period, operating and capital trends “will generally support […]
By Canadian Underwriter | September 5, 2006
1 min read
Colorado State University’s hurricane forecast team has downgraded its original 2006 forecast for the Atlantic basin based on changing climate signals and below-average activity in the first third of the season.The forecasting team of Philip Klotzbach and William Gray has released a new report that calls for a total of 13 named storms to form […]
Solid investment income helped Manitoba Public Insurance (MPI) offset a significant rise in claims costs for the first quarter of 2006, MPI reported. For the three months ended May 31, 2006, MPI’s claims costs were up CD$17.1 million, or 11.5%, over the same period a year earlier. The corporation’s investment income grew almost as quickly, […]
August 31, 2006
Robert E. (Bob) Gallagher, chairman of the board of Arthur J. Gallagher & Co., passed away following a brief illness. Gallagher, 83, joined his father’s insurance agency in 1947 after graduating from Cornell, working alongside his two brothers. In 1963, he was named president and CEO of Gallagher. The company went public in 1984 and, […]
By Canadian Underwriter | August 31, 2006
Canadians are being urged to review their travel plans and take necessary precautions when visiting regions forecasted to be affected by hurricanes.The warning comes from The Honourable Peter MacKay, Minister of Foreign Affairs and Minister of the Atlantic Canada Opportunities Agency, whose announcement was made in response to the potential damage of Ernesto. MacKay told […]
By Canadian Underwriter | August 30, 2006
A recent report published by an assembly of global fire ecologists indicates recent climate change will hinder our ability to manage wildland fire and apply prescribed fire across the landscape.The Association for Fire Ecology’s report, “San Diego Declaration on Climate Change and Fire Management,” says that considering future drought and high heat scenarios it is […]
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