Claims
RenaissanceRe Holdings Ltd. recently revised its previously reported third-quarter results, cutting net loss for the third quarter of 2005 by $34.8 million to $71.0 million.Renaissance claims the loss was caused by related hurricane catastrophes.”A reinsurance recovery within (RenaissanceRe’s) reinsurance segment that was triggered by the publication of a final third-party industry loss estimate,” Reannaissance Re […]
By Canadian Underwriter | November 11, 2005
1 min read
Industry
Allianz A.G. Holding recently reported that its net income increased by 78.1% to 3.51 billion euros for the third quarter of 2005 compared to the same period last year.Allianz restated its figures for the third quarter of 2004 under International Financial Reporting Standards. The marked profit growth is a result of operating improvements in all […]
Standard & Poor’s Ratings Services has placed its ‘AA-‘ long-term counterparty credit and insurer financial strength ratings on Hannover Rckversicherung-AG and its core entities on CreditWatch with negative implications. At the same time, Standard & Poor’s placed its ‘A+’ long-term counterparty credit and insurer financial strength ratings on Clarendon National Insurance Co. and three of […]
2 min read
Risk
Improving data quality is regarded as a key issue for risk management and regulatory requirements including Basel II, the Markets in Financial Instruments Directive (MiFID), and Sarbanes-Oxley are driving investments in IT, according to a 2005 AIM Global Data and Risk Management Survey.”The results show companies see the close connection between reference data management and […]
Royal & SunAlliance Insurance Group Plc.’s saw its nine-month profit more than double increasing by 97% in pre-tax profits at 488 million pounds due to strong core business performance.This increase reflects a 10% increase in the company’s 4.1 billion pound net written premiums.Royal & SunAlliances premiums saw an 11% increase in Canada and Latin America, […]
By Canadian Underwriter | November 10, 2005
Hannover Re’s third quarter results show a net expenditure on major losses of 781.4 million euros, which reflects the adverse affects of catastrophic losses that had already caused heavy losses of 93.3 million euro in the first quarter of 2005. Hannover expects to incur net loss expenditure of roughly 310 million euro before tax in […]
Western Financial Group today announced its net income increased 67.5% — to $3.6 million during the first nine months ending Sept. 30, 2005.The company’s business units include WFG Agency Network, the fourth largest property and casualty insurance broker in Canada and the largest in Western Canada. The network consists of more than 50 branch offices […]
Buoyed by strong underwriting results and solid investment income, ING Canada Inc. (TSX: IIC.LV) is reporting a net income of $202.8 million for the quarter ended September 30, 2005.That’s a 24% increase over the $163.6 million the company reported during the same period of last year.”ING Canada continued to deliver impressive earnings growth in the […]
A recent poll meant to assess mold’s financial impact on the real estate market indicates that 60% of builders and real estate lenders are hearing that fear of mold problems existing on a property is the reason individuals are backing out of real estate transactions. The poll, conducted by consulting firm Environmental Assurance Group (EAG), […]
By Canadian Underwriter | November 9, 2005
In response to a number of accounting investigations that occurred early in 2005, the American International Group Inc. (AIG) has delayed filing its quarterly results and will restate its earning for the past five years for a second time in attempts to fix accounting errors.The company estimates net income 2000 through the first half of […]
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