Risk
The Centre for Study of Insurance Operations (CSIO) has named David Patrick as interim CEO. He is former senior vice president, insurance solutions and services with CGI. Aviva has appointed Patrick Snowball group executive director, general insurance. The company’s general insurance business in Canada, Ireland and Asia will report to Snowball. Disaster Kleenup International (Canada) […]
June 30, 2003
1 min read
Financial rating downgrades, market withdrawals and companies going into runoff have dominated media reports on the global reinsurance sector of the property and casualty insurance industry. Much the same applies to Canada's reinsurance sector, which in the span of a 12 month period has undergone dramatic consolidation in the number of players if not in "real" premium capacity. With reinsurers operating in Canada having for the second consecutive year brought home rate increases of 30%-plus for 2003 renewals, the obvious question is why the sector continues to attract negative growth outlooks from the rating agencies. The answer lies in the multi-billion dollar adverse reserve adjustments made by global reinsurers over the past two years, and just when and to what extent this "loss drain" from prior years will come to an end. Specifically, the rating agencies are concerned over whether the parent owners of these global reinsurance carriers will continue to provide capital support. Also, commentary from senior managers of reinsurance and primary insurance companies suggests that the financial security of reinsurers has replaced the "old school relationship" approach to which companies were able to participate in insurer programs. But, with reinsurance capacity remaining scarce in certain classes of business, such as auto liability, insurers admit that they sometimes have to "place their bets" in settling for reinsurance from a less-than top-rated reinsurance carrier.
By Sean van Zyl, Editor | June 30, 2003
10 min read
Insurers and reinsurers may soon find themselves caught in the "eye of the storm", as La Nina rears its head once more, bringing in her wake predictions of increased hurricane activity. Should the Atlantic coast be hard hit this year by tropical cyclones, it would be a difficult blow for an industry trying to regain profitability. And, with even more meteorological mayhem expected for the winter season, La Nina may be a very unwelcome visitor indeed.
By Vikki Spencer | June 30, 2003
As the 2004 reinsurance treaty season draws nearer, the Canadian marketplace appears to be in a state of turmoil as global reinsurers evaluate their capital positions and effective capital use. The result has seen withdrawal of several known names from the marketplace in quick succession, while globally the reinsurance sector remains under pressure with most […]
By Donald Callahan, president of Guy Carpenter & Co. Ltd. | June 30, 2003
6 min read
Never before has the public spotlight been aimed so directly on the insurance industry. As rising auto insurance premiums fuel media and government attention, the insurance industry has shifted up in drive to educate the public on the impact of rising claims costs. At the recent AIM Forum in Toronto, auto insurers, manufacturers and suppliers met to discuss how the current auto crisis can be overcome.
The 2003-2004 Toronto Insurance Women’s Association executive was named at the recent AGM at the Toronto Marriott Eaton Centre. Front row, from left: Cheryl Morton, first vice president; Kelly Brisbin Harris, president; Dalia Sabour, second vice president. Back row, from left: Debby Matz, executive officer; Jenet Russell, recording secretary; Zina Tofano, executive officer; Pauline Ferguson, […]
2 min read
Employers Reinsurance Corporation (ERC) has been downgraded by rating agency A.M. Best on concerns over the level of support the reinsurer can expect from parent General Electric.ERC and its international reinsurance companies have been downgraded from A+ (superior) to A (excellent), with a stable outlook. The ratings “no longer consider any benefit derived from ERC’s […]
By Canadian Underwriter | June 30, 2003
Folksamerica Reinsurance Company is one of the rare companies to see its rating upgraded in the current market. Rating agency A.M. Best Co. has lifted the New York-based reinsurer’s financial strength rating to A (excellent) from A- (excellent).The move comes as a result of Folksamerica’s improved level of stand-alone, risk-adjusted capitalization, and stronger earnings recently. […]
By Canadian Underwriter | June 20, 2003
The association representing risk managers headed to Capital Hill this week to discuss the need for tort reform in the U.S.In the fifth annual “RIMS on the Hill”, Risk and Insurance Management Society leaders are meeting with legislators on a variety of issues. But topping the list are asbestos litigation, class action reform and medical […]
By Canadian Underwriter | June 11, 2003
A negative outlook persists for the global reinsurance industry, says rating agency Standard & Poor’s. In it’s “Global Reinsurance Outlook”, S&P notes that despite rising premiums, long-tail losses, investment declines and the decision by some companies to exit reinsurance continue to cast a pall on the industry.S&P has 12 of the top 25 reinsurers on […]
By Canadian Underwriter | June 2, 2003
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