Claims
Supply shortages, low catastrophe losses and buoyant investment income resulted in record first-half profits of US$4.5 billion for Bermuda’s reinsurers, according to the latest Benfield Bermuda Quarterly report. Modest catastrophe losses held the average combined ratio to 89.2%, little changed from the 89.3% for the first six months of 2005, Benfield said. “Reserve strengthening of […]
September 30, 2006
1 min read
A proposed federal catastrophe backstop would not be a good idea as it would be “detrimental” to the industry and encourage continued development in risk-prone areas, according to members of the insurance industry who recently responded to a survey conducted by Best’s Review. Most respondents however responded that if a backstop were created they would […]
By Canadian Underwriter | September 29, 2006
Catlin Insurance Company Ltd. of Bermuda plans to enter into catastrophe swap agreement that would provide it with coverage of up to US$200.25 million in the event of a series of severe natural catastrophes.The transaction, which is subject to completion of contractual arrangements, would provide Catlin with competitively priced and fully collateralized protection against severe […]
By Canadian Underwriter | September 28, 2006
3 min read
ICBC is planning to drop a car from a 50-foot crane at the PNE fairgrounds in Vancouver to illustrate graphically the damage of a head-on crash between a car moving at 60 km-h and a stationary object.The public event will mark the launch of Zero Crash Month, which is designed to raise public awareness of […]
By Canadian Underwriter | September 25, 2006
2 min read
A.M. Best Co. has released a new methodology for rating the “basis risk” associated with parametric catastrophe bonds.The new methodology is designed to help the ratings agency determine the amount of reinsurance credit that can be claimed by the sponsors of such bonds.Insurers and reinsurers use “parametric” bonds to protect capital, and to share profits […]
Syncro Limited, a Bermuda-based company, is establishing a Bermuda sidecar-like reinsurance arrangement to allow Lloyd’s managing agencies to increase their underwriting access to additional capacity at any point in the underwriting year. Structurally, the arrangement is similar to a side car arrangement. In a side car arrangement, a reinsurer or insurer cedes premiums associated with […]
By Canadian Underwriter | September 22, 2006
Aviva is one of the corporate donors that is funding international aid agency Oxfam’s initial response operations, which will enable it to deal immediately with disasters whenever and wherever they occur.This includes a global rapid response team of aid workers and the UK’s biggest warehouse with a stockpile of emergency supplies, according to Aviva.According to […]
By Canadian Underwriter | September 20, 2006
Max Re Capital Ltd.’s subsidiary, Max Re, has launched an aviaition insurance unit.The aviaition unit, which will be based in the Company’s Dublin office, will be led by senior vice-president Olivier Marre. Previousy Marre the was general manager of underwriting, accounting and claims of Paris-based insurer La Reunion Aerienne.Max Re’s aviation unit will offer aviation […]
Lloyd’s of London recently commemorated Sept. 11, 2001, noting how the event changed the entire face of the insurance industry.Benfield chief executive Grahame Chilton noted the effects of 9-11 on the insurance industry during Rendez-Vous, an event that marks the beginning of the annual negotiation process prior to renewals agreed. “You cannot forget the tragic […]
Over the next 15 years, risk managers may be looking more towards credit financing as a means to backstop major catastrophes, rather than relying on more traditional forms of insurance or reinsurance, a panelist told participants at the 2006 RIMS Canada conference in Calgary. Felix Kloman of Risk Management Reports observed at the conference that […]
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