Claims
Swiss Re today estimates its aggregate claims for hurricanes Rita and Wilma will be approximately US$750 million. Swiss Re CEO John Coomber says “this year’s hurricane season reinforces the benefits of Swiss Re’s highly diversified portfolio across lines of business and geographies. Our financial strength remains very strong, enabling Swiss Re to take full benefit […]
By Canadian Underwriter | November 2, 2005
1 min read
As the result of an intense hurricane season, XL Capital Ltd has reported a net loss of US$1.05 billion to ordinary shareholders for the third quarter ending September 30, 2005.The disastrous third quarter means a net loss of $470.4 million for XL over the first nine months of 2005. In comparison, the company reported a […]
2 min read
Risk
Marsh & McLennan Companies, Inc. (MMC) reported its net income in the third quarter tripled from $21 million to $65 million.”Marsh’s parent company, MMC, continued in the quarter to make progress and take the steps which will make it a better and more profitable company next year,” Michael G. Cherkasky, MMC president and CEO, said […]
By Canadian Underwriter | November 1, 2005
Industry
Federally owned Canadian mortgage insurer Canada Mort-gage and Housing Corp. (CMHC) is the target of recent lobbying efforts from Canadian lawyers who want the Company to cease with its move to include title insurance in its package for people who buy its mortgage insurance.However, the CMHC’s initiative has garnered strength as Housing Minister Joe Fontana […]
Commercial animal nutrition manufacturer Ridley Inc. (TSX:RCL) was recently named as a co-defendant in proposed class action lawsuits filed in four Canadian provinces (Qubec, Ontario, Alberta and Saskatchewan) and is examining its insurance position in respect of these lawsuits. The lawsuits seek recovery of damages, including punitive damages, for losses allegedly incurred by Canadian cattle […]
By Canadian Underwriter | October 31, 2005
Kingsway Financial Services Inc. (TSE:KFS) recently closed its acquisition of HI Holdings, Inc. (HI) for approximately US$25 million. The transaction includes HI’s wholly owned Zephyr Insurance Company Inc. (Zephyr). HI and Zephyr were formed in 2000 by its current shareholders that include Everest Reinsurance Company, Guy Carpenter & Company, Inc., Hannover Ruckversicherung AG, and Island […]
Hurricane Katrina has reinsurers talking about how to handle record-breaking catastrophe losses as the 2006 renewal season begins. Already there is talk of price hikes and signs of public share offerings. How much of this is a long-term reaction to losses arising out of hurricanes, and what other issues face the reinsurance market as we enter the Post-Katrina world? We've asked 11 prominent reinsurance contributors to answer these questions and more.
October 31, 2005
17 min read
Celebrating the TIC's 50th annual Black Tie event, TIC president Justin MacGregor reflects on his organization's ties to community
6 min read
Architects, engineers and design professionals face numerous exposures when it comes to building defects, contractual issues and litigation. Ontario's Bill 124 aims to address this issue with mandatory professional liability insurance, tests for building code knowledge and a registration process for all building designs. The big question for insurers, architects and engineers is: will the legislation actually achieve its purpose?
By Craig Harris | October 31, 2005
9 min read
In mid-August, I presented our firm’s preliminary 2006 budget numbers at an operating committee meeting. Barring the unexpected, we would see moderate rate reductions of between 5% and 7% in our property treaty portfolio January 1, 2006. Auto casualty treaty business, priced at or above technically adequate levels, would likely be renewed at expiring rates. […]
By Donald P. Callahan, President and CEO of Guy Carpenter & Company, Ltd. | October 31, 2005
7 min read
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