Industry
The first in what is expected to be a series of class action lawsuits has been filed against a feed provider, with the Canadian government also named as a defendant, stemming from mad cow disease.Animal nutrition company Ridley Inc., based in Winnipeg and Minnesota, says its has learned that a Quebec farmer has filed lawsuit […]
By Canadian Underwriter | April 7, 2005
2 min read
A.M. Best has taken a positive view of GE Insurance Solutions capital restoration plan, affirming the company’s financial strength rating at “A”, and affirming the “a” issuer credit rating of Employers Reinsurance Corp. and GE Re. The rater did lower the issuer credit rating of GE Insurance Solutions itself to “bbb” from “bbb+”, with all […]
Insurers have to act on the industry underwriting cycle rather than using it as an excuse not to act, Lloyd’s CEO Nick Prettejohn told a London audience Thursday.Speaking at the Financial Services Authority’s Insurance Conference, Prettejohn says the biggest challenge facing the industry is for insurers to “make a profit on underwriting on more than […]
Risk
Many large insurers have taken the steps to prepare for Solvency II, the European Union’s new insurer solvency requirements to be implemented in 2009, Fitch Ratings says in a new report.Many rated insurers already hold capital in excess of current Solvency I requirements, and the rater does not anticipate having to make many ratings adjustments […]
1 min read
Standard & Poor’s is maintaining its stable outlook on the global reinsurance sector, but explains that some downgrades may be in the offing this year, while upgrades will be rare.S&P says reinsurers performed well in 2004 generally, despite catastrophe losses related to U.S. hurricanes and Japanese typhoons, with pricing declines more moderate than expected and […]
By Canadian Underwriter | April 6, 2005
Despite news that several German industrial insurers facing fines by the country’s antitrust authority, Standard & Poor’s says no rating actions will be taken on companies named. S&P rates eight of the ten insurers who have been accused of acting against German antitrust laws, including Allianz, AXA and Gerling-Konzern. Most of the companies are appealing […]
Residents of Toronto who may be forced to drive or car-pool temporarily as a result of the possible public transit strike will not have to buy additional insurance, the Insurance Bureau of Canada says.The Toronto Transit Commission strike, which has been put off until at least Monday, pending possible resolution between the union and the […]
Claims
Lloyd’s of London says pre-tax profits for the 2004 year of account will be GBP1.36 billion, despite net claims of GBP1.2 billion from the U.S. hurricanes. 2004 does represent a decline from 2003, when the London market recorded GBP1.89 billion in pre-tax profits.Overall, the market posted a combined ratio of 96.9% in 2004, up from […]
Fairfax’s Odyssey Re Holdings Corp. says last year’s extreme weather, combined with Windstorm Erwin earlier this year, could produce after-tax net losses of US$26-$29 million, which will be factored into first-quarter 2005 results. The total includes a US$14-US$15 million increase in loss estimates for the Florida hurricanes, Typhoon Songa and the December 26 Indonesian tsunami. […]
By Canadian Underwriter | April 5, 2005
GE Insurance Solutions Corp. (formerly called Employers Re) has been downgraded by Standard & Poor’s to financial strength “A” from “A+”, and counterparty credit rating “BBB+” from “A-“. The move follows a review of the group’s poor operating performance over the last five years on the back of significant reserve strengthening. S&P also believes that […]
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