Industry
Reinsurers need to remember that electronic records represent potential legal landmines and should be treated cautiously, attendees of a New York reinsurence conference heard recently.”Reinsurance once was thought of as a business governed by gentlemen’s agreements sealed with handshakes in Monte Carlo or Baden-Baden,” A.M. Best noted in a report on the New York conference. […]
By Canadian Underwriter | September 11, 2006
2 min read
ENVIRONMENTAL SOLUTIONS Remediation Services (ESRS) has opened a new ESRS office in Montral, which will be managed by Ray Penta. A native to Montral, Penta has over 17 years of experience specializing in environmental investigations and remediation projects. The Montral office will serve both U.S. and Canadian clients, as do the other ESRS hub office […]
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 over US […]
By Canadian Underwriter | September 8, 2006
1 min read
Aon Corp. is the newest of a number of brokers who have the go-ahead to accept profit-based commissions from insurers under the terms that the broker is acting as the insurers managing general agent or underwriting manager.The agreement, reached with New York Attorney General Eliot Spitzer, New York Superintendent of Insurance Howard Mills, Illinois Attorney […]
Risk
Rising premiums and foreign exchange earnings contributed to a 32.5% increase in insurer Catlin Group’s first-half net income.The Bermuda-based insurers second quarter net income was $147.3 million, which represents an increase of US$111.2 million.The insurer says it expects it’s 2006 year end income will be higher than its 2005 year end results, partly due to […]
American International Group Inc. recently hired Anastasia D. Kelly as its new executive vice-president, general counsel and senior regulatory and compliance officer. Kelly most recently served as executive vp and general counsel at MCI/WorldCom. Previously, she was the senior vp and general counsel of Sears, Roebuck & Co. Munters Moisture Control Services (MCS), a division […]
Global pricing in the property catastrophe reinsurance market has been significantly influenced by extreme rate peaks in the U.S. and Mexico, which absorbed the majority of the losses from the 2005 storms, according to a recent report published by Guy Carpenter & Company. The report “The World Catastrophe Reinsure Market: Steep Peaks Overshadow Plateaus” show […]
By Canadian Underwriter | September 7, 2006
Standard & Poor’s Ratings Services has revised its criteria for rating natural catastrophe bonds to increase the rating cap on such bonds to ‘AA.’ “The criteria revision is in response to the evolution of the natural catastrophe bond market,” S&P’s announced in a recent criteria report. “In light of the increased number property catastrophe bonds […]
Benfield Group Limited (“Benfield” or “the Group”), an independent reinsurance and risk intermediary, has reported its group operating revenue has increased 28.5% over the first half of 2006 to 252.1 million (CD$524.6 million).The Group also reported an increase of 35.3% in its profit before taxes. Its 2006 first-half profit was 97.8 million (CD$203.4 million).In a […]
In a survey conducted by US-based Flasphler Research Group, Hannover Re came out as the best overall reinsurer for the second time in succession. In addition the survey says the company’s standing showed further appreciable improvement in the assessment of the participating brokers, 63.1% chose Hannover Re as the best reinsurer on the North American […]
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