Risk
Facing a new global economic reality, insurers are just coming out of a period of difficult adjustments which lead them to a healthier, more stable financial position, says Jane Voll, chief economist for the Insurance Bureau of Canada (IBC).In her quarterly “Perspective” analysis of the market, Voll notes that since 2000 the industry has suffered […]
By Canadian Underwriter | September 6, 2004
2 min read
Claims
The friends of Mike Yang are staging two events to raise funds for this industry veteran, who is recovering from a serious illness experienced last fall. Funds are needed to help Mike and his family modify their home and vehicle to accommodate his condition and recovery. The first reception is September 23 from 5-7 p.m. […]
Insured loss estimates from Hurricane Frances, which touched down on Florida’s Atlantic Coast and stayed for the best part of the holiday weekend, have been downgraded to US$2-$5 billion by risk modeling firm EQECAT Inc., with overall economic damage potentially topping US$10 billion.The California-based firm says because Frances, which had been a category 4 hurricane […]
The Bermuda market shows no signs of waning profitability, even as rates in several key lines begin to soften, according to results compiled by Benfield Group. In its quarterly analysis of the top 16 listed Bermuda companies, Benfield finds net income up by 33% to US$4.1 billion in the first half of the year. One […]
By Canadian Underwriter | September 2, 2004
Analysts are predicting devastation predicted to arise from Hurricane Frances’ arrival on U.S. soil this weekend could result in claims as high as those seen from Hurricane Andrew in 1992. Andrew was the worst insured loss to result from the hurricane in U.S. history, with claims in 2004 dollars reaching US$20 billion.One modeling agency, EQECAT […]
1 min read
A.M. Best and Standard & Poor’s have both downgraded Converium, with Fitch placing the company on a negative rating watch for possible downgrade. The reactions follow Converium’s announcement of a plan to restructure its North American operations from two companies into one with reduced premiums, to launch a US$420 million share issue, and possibility increase […]
As part of its plan to tackle reserving challenges, Swiss reinsurer Converium AG says it will run-off one of its North American companies, shifting some business to its other brand here. The company says Converium Reinsurance (North America) Inc. will be placed into run-off, but increase shareholders’ equity in Converium Insurance (North America) Inc. by […]
By Canadian Underwriter | September 1, 2004
Industry
Rating agency Fitch has placed a negative “rating watch” on Fairfax Financial Holdings and its subsidiaries, citing concerns over the insurer’s disclosure practices. Fitch says it will either downgrade or withdraw its ratings if its public disclosures do not give more information about the company’s financial health. In response, Fairfax has issued a release saying […]
As insurer loss tallies continue to pour in as a result of Hurricane Charley’s destructive run through Florida and the Carolinas in mid-August, Allstate Corp. appears to be one of the hardest hit. The Illinois-based insurer faces a loss total of US$425 million, net of recoveries from the Florida Hurricane Catastrophe Fund, which will result […]
Market feedback from commercial brokers and risk managers indicates that insurance pricing has peaked in most non-personal lines, including the volatile directors’ and officers’ (D&O) coverage. In fact, brokers and risk managers lament that the current conditions of the insurance marketplace are deja vu of past dramatic cycle swings between a “hard” to a “soft” […]
By Sean van Zyl, Managing Editor | August 31, 2004
4 min read
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