Claims
The more stringent capital requirements of ratings agencies post-Katrina will challenge the ability of new Bermuda reinsurers to generate attractive financial returns, according to a new study by Benfield Group Ltd.”Most business plans [of the new reinsurers in Bermuda] indicate projected returns on equity in the range of 12-19%, compared with the 20-25% targeted by […]
By Canadian Underwriter | December 19, 2005
1 min read
The Terrorism Risk Insurance Revision Act of 2005 has been approved by a voice vote from house lawmakers and the legislation is now awaiting a sign-off from President Bush.The federal terrorism backstop is in line to be renewed in two years. The new legislation, which follows a Senate version that is favourable to the Bush […]
2 min read
State Farm Insurance has announced it is issuing refunds to approximately 3,800 automobile insurance policyholders in New Brunswick as a result of an error in the application of a New Business Discount that was introduced in 2000. The average refund is approximately $82.00. The refund applies to customers who were eligible for the New Business […]
By Canadian Underwriter | December 15, 2005
Despite record-breaking damage losses absorbed during consecutive hurricane seasons, U.S. property and casualty insurers are on track to record the lowest financial impairment and failure rates in a decade. “Typically, major catastrophes trigger surges in property/casualty impairments, pushing already vulnerable companies into financial failure,” according to a special report issued by ratings agency A.M. Best. […]
By Canadian Underwriter | December 13, 2005
Effective April 1, 2006 Andrew Cook will step down as chief financial officer of AXIS Capital Holdings Limited (NYSE: AXS). The Bermuda-based global insurance and reinsurance Company has commenced an executive search to replace Cook, who left for personal reasons. “As our chief financial officer since our founding,” John Charman, chief executive officer and president […]
3 min read
Standard & Poor’s Ratings Services has affirmed its ‘A’ long-term insurer financial strength rating on the U.K.-based Lloyd’s insurance market and removed the ratings from CreditWatch, where they had been placed with negative implications on Sept. 9, 2005.The outlook for Lloyd’s is now stable, S & P has affirmed. At the same time, S& P […]
By Canadian Underwriter | December 12, 2005
State Farm Insurance is issuing refunds to approximately 6,300 automobile insurance policyholders in Alberta as a result of an error in the application of a New Business Discount that was introduced in 2000.The average refund is approximately $74.00State Farm reported the error to the Alberta Superintendent of Insurance and advised of its plan to process […]
The U.K. Court of Appeal recently ruled that excess-of-loss coverage cannot be denied even on the grounds that reinsurance buyers owe their reinsurer a duty of care to underwrite original risks prudently, unless this duty of care is stated in policy wordings.In the nonproportional energy reinsurance coverage case of ‘Bonner & Others vs. Cox & […]
By Canadian Underwriter | December 8, 2005
The United States and the Caribbean should brace themselves for yet another busy Atlantic hurricane season in 2006, according to Tropical Storm Risk (TSR), a forecasting consortium.TSR predicts landfalling hurricane activity in the United States and the Atlantic basin during the 2006 season will be 60% above the norm for 1950-2000. “The two main climate […]
By Canadian Underwriter | December 7, 2005
Although drivers in Canada are more frequently switching to the use of winter tires during the snowy months, only 29% of Ontario drivers make use of winter tires, according to a recent study by the Canadian Press and Leger Marketing.The results of the study, released by the Transport Canada and the Rubber Association of Canada […]
By Canadian Underwriter | December 5, 2005
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