Claims
In the face of the worst year on record for natural catastrophes, European reinsurers showed the necessary restraint in top-line growth to produce bottom-line results, according to the latest quarterly report by broker Benfield Group.In “Rewards of Restraint”, Benfield says gross premiums for the fgroup of top European reinsurers fell in 2004, “as companies were […]
By Canadian Underwriter | April 26, 2005
1 min read
Despite the strong results posted by the U.S. p&c insurance industry in 2004, this year will likely see loss costs significantly outpace premium growth, according to a special report by A.M. Best.The rating agency says the US$6.3 billion underwriting profit achieved by insurers their first since 1978 is the result of rate increases leading up […]
By Canadian Underwriter | April 25, 2005
Terrorism risk is on the rise around the world, with increased exposure seen in many countries, according to the “2005 Terrorism Risk Map” released by Aon.In total, 31 countries have received higher terrorism threat rankings than last year, with 48% of these in Western Europe. This includes the Netherlands, Germany, Belgium and Denmark, where increased […]
By Canadian Underwriter | April 20, 2005
2 min read
St. Paul Travelers is expanding its Canadian operations with the addition of a new “national programs” unit based in Toronto.The new unit follows on the heels of an oil and gas unit created last year and based in Calgary. And a Montreal-based entertainment unit is also in the works.Rick Smith, president of global underwriting for […]
By Canadian Underwriter | April 19, 2005
U.S. insurers had their day before a Senate committee investigating the status of the Terrorism Risk Insurance Act (TRIA), urging lawmakers to extend the program beyond its December 31 sunset. Insurers insist the government backstop for terrorism risks must be renewed because the private market is not yet prepared to handle the potentially unlimited exposure […]
By Canadian Underwriter | April 17, 2005
Florida’s state-run windstorm insurer of last resort, Citizen’s Property Insurance Corp., says it will face a US$516 million shortfall in its account following last year’s unprecedented hurricane season. The shortfall could result in every insured homeowner in the state paying a one-time assessment. Responding to the news, insurers say lawmakers needs to act quickly to […]
Finite reinsurer Inter-Ocean has gone into voluntary run-off. Inter-Ocean, based in Bermuda and Ireland, is owned by 11 international insurance and reinsurance companies. The company itself retains no net underwriting risk, but received a fee or margin on each contract it assumes, with shareholders assuming the risk. As a result of the run-off, A.M. Best […]
By Canadian Underwriter | April 10, 2005
Lloyd’s of London says pre-tax profits for the 2004 year of account will be GBP1.36 billion, despite net claims of GBP1.2 billion from the U.S. hurricanes. 2004 does represent a decline from 2003, when the London market recorded GBP1.89 billion in pre-tax profits.Overall, the market posted a combined ratio of 96.9% in 2004, up from […]
By Canadian Underwriter | April 6, 2005
Fairfax’s Odyssey Re Holdings Corp. says last year’s extreme weather, combined with Windstorm Erwin earlier this year, could produce after-tax net losses of US$26-$29 million, which will be factored into first-quarter 2005 results. The total includes a US$14-US$15 million increase in loss estimates for the Florida hurricanes, Typhoon Songa and the December 26 Indonesian tsunami. […]
By Canadian Underwriter | April 5, 2005
On the heels of last year’s unprecedented Atlantic hurricane season, well-known forecaster Prof. William Gray is anticipating another stormy season for 2005.Gray and his team of researchers at Colorado State University say 2005 will likely see above-average hurricane activity during the Atlantic season, which generally runs from June to November. They are also predicting above-average […]
By Canadian Underwriter | April 4, 2005
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