Claims
FM Global privately placed its second US$300 million catastrophe bond, in response to the increasingly unusual earthquake activity in the U.S. and Canadian Pacific Northwest regions. Aon Capital Markets served as lead manager to place the most recent cat bond.FM Global says it placed its first US$300 million catastrophe bond in June 2005.”The catastrophe bond […]
By Canadian Underwriter | August 29, 2006
1 min read
A.M. Best Co. has affirmed the financial strength rating (FSR) of A+ (Superior) and the issuer credit rating (ICR) of “aa” of Swiss Reinsurance Company (Swiss Re) (Switzerland) and its rated subsidiaries, following the company’s completed acquisition of GE Insurance Solutions.The ratings have been removed from under review, where they were placed on Nov.18 , […]
By Canadian Underwriter | August 23, 2006
2 min read
The U.S. property and casualty industry reported a US$5-billion underwriting loss and a combined ratio of 100.9% in 2005, according to a recent study by rating agency A.M. Best.The result represents a US$10.5-billion reversal from 2004’s underwriting profit, and a deterioration of 2.4 points from the industry’s 2004 combined ratio of 98.5%. “The underwriting loss […]
By Canadian Underwriter | August 21, 2006
The U.S. property/casualty insurance industry “exceeded all expectations in 2005,” Fitch Ratings says in a recent report, “demonstrating considerable resiliency by reporting record net income for the second consecutive year despite enduring the highest insured catastrophe losses in recorded history.” Fitch goes on to say it “believes that if catastrophe losses return closer to historical […]
By Canadian Underwriter | August 15, 2006
The global reinsurance industry is still struggling to manage its catastrophe exposure even almost a year after hurricanes Katrina, Rita and Wilma struck, according to a recent report from A.M. Best Co.The 2006 global reinsurance report called “Reinsurers Humbled, But Most Not Broken, By Hurricane Losses,” says the U.S. hurricanes caused reinsurers across the globe […]
By Canadian Underwriter | August 14, 2006
Zurich North America Commercial, a unit of the Zurich Financial Services Group, will welcome Mike Foley of McKinsey & Co. to the position of chief operating officer as of Sept. 1. Foley’s responsibilities will include taking charge of all operating matters related to Zurich North America Commercial’s businesses and functions. Some such responsibilities will include […]
By Canadian Underwriter | August 9, 2006
Co-operators General Insurance Company has reported a 2006 Q2 consolidated after-tax net income of CD$49.6 million, compared to the CD$32.4 million profit for the same period in 2005.Gross written premium in the second quarter increased 4.3%, to CD$602.8 million, compared to CD$577.9 million in the second quarter of 2005, the company reported in a press […]
By Canadian Underwriter | July 31, 2006
Fairfax Financial Holdings Limited (TSX and NYSE:FFH) announced 2006 Q2 earnings of US$223.6 million, and has decided on the commutation of its Swiss Re cover worth US$1 billion.In a press release, the company also said it will issue a restatement of its earnings, based on an analysis of its 2001 figures.The combined ratio (COR) of […]
By Canadian Underwriter | July 28, 2006
Starting Aug. 1, the public can make donations to the Traffic Injury Research Foundation (TIRF) at all 600 LCBO stores throughout Ontario. Donation boxes for TIRF will be displayed at LCBO checkout counters until Aug. 31.”We thank the LCBO, its employees and customers for providing this opportunity,” TIRF president and CEO Robyn Robertson, says in […]
By Canadian Underwriter | July 27, 2006
Risk managers in the United States are worried about their potential inability to purchase terrorism insurance in the event that the Terrorism Risk Insurance Act (TRIA) is allowed to sunset on Dec. 31, 2007.”Without coverage, many companies will be vulnerable to bankruptcy and extreme financial losses, which ultimately could adversely impact the nation’s economy,” The […]
By Canadian Underwriter | July 25, 2006
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