Claims
Gallagher Re has signed a licensing agreement with risk modeler EQECAT Inc. to renew the use of part of the WORLDCAT enterprise catastrophe management software suite, to better manage client portfolio exposures to these perils. The programs renewed include EQECAT’s USWind, USQuake and US WinterStorm models.Rick Clinton, EQECT president says that its risk-modeling platform provides […]
By Canadian Underwriter | March 9, 2006
1 min read
Catlin Group Ltd. has raised approximately $70 million from a share placing indicating strong business performance despite a decrease in profits of 84% due to last year’s catastrophic hurricane season. Pretax profits for 2005 dropped to $27.7 million from $173.9 million last year. However, Catlin reports that total sales rose to $1.28 billion in 2005 […]
SGI is driving home the message of how seatbelts save lives with its newest traffic safety tool, a rollover simulator.”Given our vast network of roads in Saskatchewan, some residents may think seatbelts are not important in areas where there is little traffic,” the minister responsible for SGI, Glenn Hagel, says. “However, most fatal crashes where […]
By Canadian Underwriter | March 7, 2006
2 min read
Despite the record 2005 hurricane season, several Lloyd’s syndicates are releasing results forecasts ahead of market expectations, Lloyd’s has announced.The news comes in the wake of last year’s devastating hurricane season, which was widely expected to have a huge impact on the market.Amlin indicates its result for the year ended Dec. 31, 2005 will be […]
By Canadian Underwriter | March 6, 2006
The United Nations World Food Program (WFP) has taken out the first humanitarianism insurance policy with reinsurer AXA Re.AXA Re will provide contingency funding of up to US$7 million of insurance coverage in case of extreme drought that may occur in Ethiopia during its 2006 growing season from March to October. This is the first […]
The 2005 class of Bermuda reinsurance start-ups will face much tougher market conditions, is writing less diverse property risks, and is more reliant on short-term, high return investment money than their predecessor Bermuda start-ups in 2001, according to a special report by the Fitch ratings service.In its special report on the “Bermuda class of 2005,” […]
By Canadian Underwriter | March 3, 2006
Swiss Re reported a drop in net income to CHF1.5 billion (CDN$1.3 billion) in 2005 from CHF2.5 billion (CDN$2.17 billion) in 2004.In 2005, Swiss Re digested CHF3 billion (CDN$2.61 billion) in large natural catastrophe claims, up from CHF1.2 billion (CDN$1.04 billion) in 2004.The combined ratio for Swiss Re’s entire non-life business was 108.7%, the company […]
By Canadian Underwriter | March 2, 2006
Citing a disproportionate number of Ontario youths who are involved in fatal car collisions, Royal & SunAlliance is offering premium discounts for graduates of a program that uses a simulator to teach defensive driving techniques. Road safety statistics show 225 people died in the GTA as a result of traffic collisions last year, according to […]
The Institute for Catastrophic Loss Reduction (ICLR) is holding a Friday Forum workshop on March 24, 2006 from 1:30pm to 3:00 pm at the Insurance Bureau of Canada, which will feature Staff Sergeant Robert Cousineau of the Ontario Provincial Police. The focus of the workshop relates to an initiative that was created in response to […]
By Canadian Underwriter | March 1, 2006
The Co-operators General Insurance Co. (TSX:CCS.PR.A.) gained a consolidated after-tax net income of Cdn$39.1 million for the fourth quarter ended Dec. 31, 2005, compared to the Cdn$38.8 million profit for the same period in 2004. Gross written premium in the fourth quarter declined 1.8% to Cdn$486 million, compared with Cdn$495 million for the fourth quarter […]
February 28, 2006
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