Risk
Aon has created a new business unit called Aon Global. Aon Global consists of the company’s former Global Large Corporate business unit, Captives Services Group, International Risk Manage-ment Group (IRMG), Risk Consulting and Risk Engineering business units, among others. Dennis Mahoney is the chairman of Aon Global, and Steve McGill is the new unit’s CEO. […]
January 31, 2007
1 min read
Insurers need to address global climate change because of the growing cost of extreme natural disasters, advised Lloyd’s of London chairman Lord Peter Levene. “We cannot risk being in denial on catastrophe trends,” Levene said recently in a speech to the World Affairs Council. “We urgently need a radical rethink of public policy, and to […]
Natural and man-made catastrophes triggered total economic losses worldwide of approximately US$40 billion, and cost property insurers US$15 billion in 2006, according to Swiss Re. This compares favourably to 2005 insured losses totaling US$78 billion. The significantly smaller amount of losses in 2006 will allow property insurers to replenish risk capital that was depleted by […]
Industry
Fitch Ratings has published details about its new financial guaranty capital model called Matrix. The key measure in the model is the Core Capital Adequacy Ratio (CCAR), derived two basic measures: (1) the total Adjusted Claims-Paying Resources (ACPR), and (2) the total Required Claims-Paying Resources (RCPR). Components making up an insurer’s ACPR include things such […]
The reinsurance market has regained “a universal, if fragile calm” in 2007, according to a report by reinsurance intermediary Benfield. The report notes “an acute shortage of catastrophe capacity at U.S. mid-year renewals.” But in the second half of 2006, the report continued, “it was a case of ‘no wind, no problem.'” Short-term alternative capital […]
Responding to misconceptions in the public domain about automobile insurance rates, the Insurance Bureau of Canada has published a report aimed at increasing the general population’s understanding. “This study helps debunk the myths that persist despite access to independently verifiable information,” Stan Griffin, IBC’s president and CEO, said in a statement. The report reviews the […]
PartnerRe Ltd. (NYSE: PRE) is reporting a slight decline of premium as of the Jan. 1, 2007 renewal season because insurers are continuing a trend of retaining more risk. PartnerRe has indicated on its Web site that during the Jan.1, 2007 renewal season, it had written and bound approx-imately US$1.8 billion of estimated non-life premium. […]
Claims
The benign 2006 storm season bodes well for investors in catastrophe-focused carriers and in alternative risk-transfer vehicles, according to a recent Moody’s Investors Service report.Entitled “Current Trends in Insurance Catastrophe Risk Management,” the report says the reduced storm activity could also signal softening market conditions for peak catastrophe zones at some time in 2007.Nevertheless, Moody’s […]
By Canadian Underwriter | January 31, 2007
2 min read
Anthony Clark Insurance Brokers Ltd. has announced the purchase of the customer accounts of Universal Insurance Brokers Ltd., a Calgary-based general insurance broker. Anthony Clark purchased the customers accounts for $468,000. The purchase price was financed with cash and seller financing, according to a statement from the firm. Anthony Clark is a general insurance brokerage […]
The Chubb Corporation [NYSE: CB] has reported a 2006 Q4 profit of US$654 million, compared to a 2005 Q4 net income of US$615 million.”Our continuing focus on underwriting discipline enabled Chubb to achieve the best quarter in our history,” said Chubb chairman, president and CEO John D. Finnegan. “The fourth quarter capped an outstanding year, […]
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