Claims
One year after sustaining enormous catastrophe losses, The Allstate Corporation posted a net profit in 2006 Q3 of about US$1.2 billion.That’s compared to a $US1.5-billion loss registered during 2005 Q3, in the wake of Hurricane Katrina’s destruction in New Orleans and the southern United States generally.”After-tax catastrophe losses, net of reinsurance, totaled US$110 million in […]
By Canadian Underwriter | November 3, 2006
1 min read
Industry
Allianz Group has reported its overall 2006 Q3 net income rose by 100.4%, to EUR1.6 billion (CD$2.29 billion).”Based on preliminary figures, total revenues at EUR22.6 billion (CD$32.39 billion) were slightly down compared to the equivalent previous year’s quarter, but the operating profit increased by 42.7% to EUR2.7 billion (CD$3.87 billion),” the company announced in a […]
2 min read
Fairfax Financial Holdings Limited (TSX and NYSE: FFH) has announced a net loss of US$359.2 million for 2006 Q3, and net earnings of US$68.4 million for the first nine months of 2006. The combined ratios of the company’s insurance and reinsurance operations for 2006 Q3 and the first nine months of 2006 were 98.5 % […]
Kingsway Financial Services Inc. (TSE:KFS, NYSE:KFS) announced that its third-quarter net income has increased 19% over the past year — from US$31.3 million in 2005 Q3 to US$37.4 million in 2006 Q3.In addition, the company’s combined ratio improved to 97.2%, compared to 97.8% in 2005 Q3.The company’s underwriting profit improved to US$12.7 million in 2006 […]
By Canadian Underwriter | November 2, 2006
Achieving price discipline and not preparing for catastrophes should be the primary focus for insurers and reinsurers when considering their own risk management practices, Aon Re Services president Bryon G. Ehrhart told the Aon Re Canada’s Rendezvous 2006 in Mississauga.Ehrhart presented several charts and graphs showing what investors have come to expect from the U.S. […]
Standard & Poor’s Ratings Services assigned its ‘BBB+’ preferred stock rating to PartnerRe Ltd.’s (NYSE:PRE) issuance of US$250 million in junior subordinated capital efficient notes due in 2066.At the same time, Standard & Poor’s affirmed its ‘A’ counterparty credit rating on PRE, a Bermuda-based reinsurance holding company. The outlook remains negative, S&P’s announced.”The ratings on […]
Risk
Aon Corporation (NYSE: AOC) has reported a 2006 Q3 net income of US$106 million, compared to $122 million during the same period last year.The company’s risk and insurance brokerage services revenue increased 5%, to US$1.3 billion, with organic revenue growth of 3%. The company’s overall organic growth was led by the reinsurance division’s organic revenue […]
Lloyd’s franchise performance director, Rolf Tolle, has warned underwriters not to sacrifice underwriting discipline in the drive for portfolio diversity.Tolle was interviewed prior to his appearance at an annual meeting. His remarks were posted on Lloyd’s Web site.In his posted remarks, Tolle said: “Following the hurricane losses of 2004-05, the insurance industry has been encouraged […]
By Canadian Underwriter | November 1, 2006
Marsh & McLennan Companies, Inc. (MMC) has reported its 2006 Q3 consolidated net income more than doubled, from US$69 million last year to US$176 million in 2006. In addition, consolidated revenues for 2006 Q3 stood at US$2.9 billion, an increase of 4% from 2005 Q3. For the first nine months of 2006, MMC’s consolidated revenues […]
The Government of New Brunswick is negotiating with the province’s insurance industry to seek “the elimination of existing [auto insurance-related] territories and the elimination of discrimination based on gender when evaluating consumer risk,” according to a recent press release.The government recently appointed Fredericton lawyer Bill Anderson, a longtime government litigator, as its lead negotiator. The […]
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