Risk
Standard & Poor’s Ratings Services has affirmed its ‘BBB’ long-term counterparty credit and insurer financial strength ratings on all Alea group operating entities: Alea Europe AG, Alea (Bermuda) Ltd., Alea Global Risk Ltd., Alea Jersey Ltd., Alea London Ltd., Alea North America Insurance Co., and Alea North America Specialty Insurance Co. The outlook is stable […]
By Canadian Underwriter | February 14, 2006
1 min read
Industry
Swiss Reinsurance Co. has achieved a 7% improvement in its economic profit due to focus on technical profitability and its volume of business written has grown to 9.3 billion Swiss francs (US$7.1 billion) in its January non-life contract renewals.Michel Lis, head client markets, says that Swiss Re’s financial strength has enabled the reinsurer to improve […]
U.S. insurance failures fell in 2005 to a record-low level of 16, according to a report recently issued by the Standard & Poor’s rating agency.”In 2005, the number of U.S. insurance failures continued to fall, reaching levels not seen in the past decade,” noted Standard & Poor’s credit analyst Steven Dreyer. “Compared with 2004, not […]
By Canadian Underwriter | February 13, 2006
2 min read
Claims
The property and casualty insurance industry in the US has suffered an underwriting loss of US$2.8 billion for the first nine months of 2005 as a result of Hurricane Katrina, reversing the $3.4 billion underwriting gain reported during the same period of 2004, according to a recent study by A.M. Best Co. Insured damage estimates […]
Dinner tickets for WICC Ontario Chapter’s 10th Anniversary Dinner “Fueling the Flame” are on sale now at wicc.ca. WICC’s goal for its 2006, 10th Anniversary year, is to raise $2 million to fund breast and prostate cancer research projects through the Canadian Cancer Society. The anniversary dinner will be held on March 29, 2006, at […]
Fairfax Financial Holdings Ltd. has reported a net loss of $318.1 million in the fourth quarter of 2005 and $497.9 million for 2005. The Toronto-based company says the losses were incurred as a result of the harsh Hurricanes Katrina, Rita and Wilma that resulted in a loss of $249.5 during the Q4 and $715.5 million […]
By Canadian Underwriter | February 10, 2006
Willis Group Holdings Limited (NYSE: WSH), the global insurance broker, reported its 2005 fourth-quarter revenues decreased 4% to US$562 million, from US$588 million over the same period last year.Net income for the 2005 fourth quarter was US$60 million, or $0.38 per diluted share, compared with US$108 million, or $0.65 per diluted share, a year ago. […]
Odyssey Re Holdings Corp. (NYSE:ORH) is set to restate its financial results for the years 2001 through 2004 as well as the first nine months of 2005 in response to a review of their contracts with finite characteristics. The purpose of the restatement, according to OdysseyRe, is to correct the accounting treatment for certain contract […]
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Aon Corporation (NYSE: AOC) has reported a net income of US$224 million during the fourth quarter of 2005, compared to $81 million over the same period in 2004.Fourth-quarter 2005 net income from continuing operations increased 97% to US$144 million, or $0.42 per share, compared to US$73 million or $0.22 per share a year ago.Net income […]
American International Group Inc. has agreed to pay more than $1.6 billion in restitution and penalties and to adopt a series of business practice reforms in order to settle civil fraud charges with state and federal regulators, according to New York Attorney General, the New York Insurance Department, the Securities and Exchange Commission (SEC) and […]
By Canadian Underwriter | February 9, 2006
3 min read
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