Risk
The U.S. hurricanes and Japanese typhoons of the third quarter did deal a blow to the earnings of top European insurers, but balance sheets remained strong, according to the latest quarterly report by broker Benfield Group.In “Riders on the Storm”, Benfield notes that the combined losses of the top reinsurers – Converium, Hannover Re, Munich […]
By Canadian Underwriter | November 29, 2004
2 min read
Industry
Canadian insurers produced an after-tax profit of $1.8 billion for the third quarter of this year, more than double the $890 million that companies reported for the same period in 2003, according to industry financial data collected by the Office of the Superintendent of Financial Institutions (OSFI). Much of the net gain made by the […]
By Canadian Underwriter | November 28, 2004
1 min read
Claims
In its quarterly analysis of the top 16 Bermuda-based reinsurers, broker Benfield Group reports the third-quarter U.S. and Japanese hurricanes took their toll on earnings which have been persistently strong in the past few years.Net income dropped to US$3.3 billion, down 26% for the quarter, although a sign of the market’s continuing strength is highlighted […]
A hearing by the New York Insurance Department into possible violations by brokerage Marsh has been postponed. The hearing, originally set for November 26 has now been moved into next year, rescheduled for January 18. The reason for the delay given by the NYID is the ongoing investigation by New York Attorney General Eliot Spitzer […]
Swiss Re’s latest annual hurricane report says that changing social, economic and weather patterns makes the use of loss history an inadequate rating tool when determining the risk and cost of large weather related events such as hurricanes. The report notes that 2004 hurricane season generated greater storm losses in the U.S. and Caribbean, totaling […]
By Canadian Underwriter | November 25, 2004
The financial ratings of European insurers has continued to stabilize over 2004, says a report released by rating agency Standard & Poor’s (S&P). "Only five of the 20 groups covered in this report continue with a negative outlook, compared with just five stable outlooks back in May 2003," comments S&P credit analyst Hans Wright.The financial […]
Auto
In what is surely a dubious distinction, California ranks as the top state for auto theft in 2003. According to the U.S. National Insurance Crime Bureau (NICB), six of the top ten worst metropolitan areas in terms of theft rates are in California. This includes the worst jurisdiction Modesto as well as Stockton-Lodi, Sacramento, Fresno, […]
The market for single-name credit derivatives has grown in leaps and bounds in recent years, but at the same time has shown volatile performance with respect to liquidity, notes a new report by Fitch Ratings. By the end of 2003, the total credit derivatives (CDx) market had reached almost US$3 trillion in gross notional positions, […]
By Canadian Underwriter | November 24, 2004
Thanks to stronger performance in equity markets, the segregated fund market in Canada is stabilizing, notes a new report by rating agency A.M. Best.According to Best data, at yearend 2003, the top 20 seg fund insurers accounted for basically the entire market, totaling $92 billion in assets. In fact, the top 10 companies manage more […]
The legal settlement deal which American International Group (AIG) recently announced that it had struck in principle with the Securities Exchange Commission (SEC) and the U.S. Department of Justice (DOJ) will cost the company’s shareholders about US$126 million, according to a company statement. The settlement, which AIG stresses does not admit or deny any wrongdoing […]
By Canadian Underwriter | November 23, 2004
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