Claims
SGI Canada had its second-best year on record in 2005, posting a consolidated profit of more than CD$35 million, despite record storm costs of more than CD$28 million in Saskatchewan, according to SGI’s 2005 annual reports recently tabled with the provincial legislature. SGI Canada is the competitive arm of the corporation, selling property and casualty […]
By Canadian Underwriter | April 24, 2006
2 min read
AIG intends to sell up to 15.4 million of the common shares (24.2% of outstanding shares) it owns of reinsurer IPC Holdings in a public offering, subject to market conditions.AIG was the sponsoring shareholder of Bermuda-based reinsurer IPC in 1993. IPC was established after Hurricane Andrew touched down in 1992. Since 1993, AIG has provided […]
By Canadian Underwriter | April 21, 2006
Benfield, an independent reinsurance and risk intermediary, has formed a relationship with Merrill Lynch to offer insurers and reinsurers catastrophe (cat) bonds as a form of alternative capital for peak risk exposures.Recent hurricane losses, likely revisions to cat models and rating agency requirements have created more interest in cat bonds among primary insurers and reinsurers, […]
Consolidated revenues for The Co-operators Group Limited reached a record CD$2.7 billion in 2005 up from CD$2.6 billion the previous year. Net income was down slightly from 2004 to CD$138 million, with a return on equity (ROE) of 15.4%The Co-operators said its healthy financial position allowed it to share CD$10.6 million with its co-operative and […]
By Canadian Underwriter | April 20, 2006
1 min read
Pethealth Inc. (TSX VENTURE:PTZ) pet insurance programs have been accepted in Massachusetts.Subsequent to the end of Q1, the Massachusetts Department of Insurance approved the Company’s programs for sale in the state, effective April 3, 2006. The PetCare programs now available to residents of Massachusetts are being underwritten by the Insurance Corporation of Hannover. On February […]
By Canadian Underwriter | April 19, 2006
Munich Reinsurance Company has reported a 2.7 billion (US$3.34 billion) profit for 2005, paving the way for a record dividend payout of 707 million (US$875.3 million).”Given its outstanding result for the business year 2005, Munich Re is paying out a record dividend amount totalling 707 million,” Munich Re board chairman Nikolaus von Bomhard announced in […]
Buoyed by improved underwriting numbers, Allstate Corp reported an “excellent start to 2006″ with strong 2006 1Q results.Allstate’s 1Q property liability premiums written grew 2.2% over the first quarter of 2005, driven by Allstate brand standard auto and homeowners increases of 4.1% and 2.4%, respectively. Excluding the cost of catastrophe reinsurance, premiums written grew 2.7% […]
Aon Re recently developed a comprehensive Earthquake Viewing Guide following the success of its Hurricane Viewing Guide, which was utilized during the 2004/2005 hurricane seasons.The viewing guide provides a range of potential loss outcomes based on possible earthquake events throughout the U.S.. The guide provides exposure summaries and probable maximum-loss outcomes for given ranges of […]
By Canadian Underwriter | April 18, 2006
The Professional Liability Underwriting Society (PLUS) Foundation recently granted over US$90,000 to support its members and other insurance related hurricane relief efforts. The PLUS Foundation identified all members residing in the federally designated disaster areas following the hurricanes of 2005 and offered an application for assistance. Those indicating significant uninsured loss were provided support through […]
Regulation and supervision of micro-insurance is a key factor for the further development of the insurance market, according to the International Association of Insurance Supervisors (IAIS).Micro-insurance is the provision of insurance to low-income households following basic insurance standards. These standards include economically affordable premiums, measurable losses that are not catastrophic, existence of an insurable risk, […]
By Canadian Underwriter | April 17, 2006
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