Risk

London market expected to retain capacity despite market turn

Despite a downturn in the insurance pricing environment, the London market is expected to maintain its record-setting profits and capacity through 2004 and 2005, according to the annual London Insurance Market survey by PricewaterhouseCoopers.However, insurers will be tested to maintain underwriting standards and make sound capital allocation decisions or risk the wrath of rating agencies […]

By Canadian Underwriter | September 14, 2004

2 min read

Risk

Old and new Bermuda players riding wave of success

Bermuda is becoming a “market of choice” for both reinsurance and primary cover as its capacity continues to grow in the wake of September 11, notes a new report by A.M. Best.In “Bermuda Building Capacity”, the rating agency notes that 11 of the top 35 global reinsurers now call Bermuda home, while primary business is […]

By Canadian Underwriter | September 13, 2004

2 min read

Risk

Chubb study finds 60% of companies anticipating employee theft

A new study commissioned by the Chubb Group of Insurance Companies finds 60% of private companies anticipate an employee will steal funds or equipment this year. Also, 34% say an employee may steal funds from a client. A full 39% of companies report some kind of employee theft from the company over the past few […]

By Canadian Underwriter | September 13, 2004

1 min read

Risk

What’s new: In brief (September 09, 2004)

Rating software vendor Compu-Quote is releasing its Alberta update for its AutoRater to respond to new legislation coming into effect October 1. Senior vice president James Nickelo says the new “premium grid” being implemented in the province may actually bring new broker clients to rating software. “Providing fast, accurate auto insurance quotes manually has never […]

By Canadian Underwriter | September 9, 2004

1 min read

Credit derivatives market expands: Fitch

The global credit derivatives market (CDx) was up to US$2.8 billion of gross sold outstanding (US$3 trillion including cash collateralized debt obligations), up 71% over 2002, according to the latest study by Fitch Ratings. The rater notes that single-name credit default swaps grew 100% to US$1.9 trillion in 2003, while portfolio products (including traded indices) […]

2 min read

Employers Re becomes GE Insurance Solutions

General Electric, parent of GE Employers Re, has re-branded its reinsurance and commercial insurance segments as GE Insurance Solutions.At a gathering in Toronto Tuesday, Peter Borst, chief agent in Canada for the reinsurance operation of GE Insurance Solutions welcomed Ken Brandt, head of P&C reinsurance, North America & Asia, who commented on the new brand. […]

1 min read

Fitch predicts reinsurers to post 97% combined ratio in 2004

In its assessment of the global reinsurance sector, Fitch Ratings is predicting a 2004 combined ratio of 97%, a slight improvement over 97.2% in 2003. The prediction follows the rater’s decision in July to change the sector’s outlook to stable from negative, where it had been since late 2001. Despite this, the rater notes many […]

2 min read

What’s new: In brief (September 07, 2004)

Aviva has sold its general insurance business in Asia to Mitsui Sumitomo Insurance in a cash transaction valued at 249 million pounds (Cdn$570 million). Aviva says it intends to focus on its long-term savings business in the region. The first ever McGannon Foundation 5 km “Fun Run” is set for Sunday, October 3, as part […]

1 min read

Industry through period of “tough structural changes”: Voll

Facing a new global economic reality, insurers are just coming out of a period of difficult adjustments which lead them to a healthier, more stable financial position, says Jane Voll, chief economist for the Insurance Bureau of Canada (IBC).In her quarterly “Perspective” analysis of the market, Voll notes that since 2000 the industry has suffered […]

2 min read

Raters react to Converium restructuring

A.M. Best and Standard & Poor’s have both downgraded Converium, with Fitch placing the company on a negative rating watch for possible downgrade. The reactions follow Converium’s announcement of a plan to restructure its North American operations from two companies into one with reduced premiums, to launch a US$420 million share issue, and possibility increase […]

2 min read