What’s New: In Brief (May 14, 2007)

The Insurance Bureau of Canada (IBC) is sponsoring a symposium to discuss how to reduce the number of drivers on the road who are overtired. Police are able to pull over and charge those who are intoxicated, but there are no laws in place for those who are exhausted, the IBC noted in a press release. Most people are aware of the dangers of drinking and driving but dont realize that driving while drowsy can be just as fatal, IBC says. Like alcohol, fatigue slows reaction time, decreases awareness, impairs judgment and increases the risk of crashing.The symposium will be help at the Hilton Toronto on May 16 beginning at 7:30 a.m.

RenaissanceRe Holdings Ltd. (NYSE: RNR) has reported a decrease in operating income of US$9 million in 2007 Q1, compared to the quarterly results it posted in 2006 Q1. Due to softer markets facing its reinsurance and individual risk segments, the company reported a US$115.7-million decrease in gross premiums written. European Windstorm Kyrill had a negative impact on the underwriting income, adding 21.1 percentage points to RenaissanceRes consolidated net claims and claim expense ratio, the company reported.RenaissanceRes combined ratio in 2006 Q1 was 53.7% and the company generated US$162.7 million in underwriting income during the same quarter. In contrast, in 2007 Q1, the company reported only US$124.4 million in underwriting income and a combined ratio of 65.5%.