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Archived stories from 2006

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De Baucher Re blames reinsurance for loss

French reinsurance company, De Baucher Re, has revealed a loss of €96 million for the first half of 2006, compared to a loss of €2000 for the same period in 2005.

"Technically, we're in the merde"
says an upbeat Bidet

Chief executive Jean-Claude Bidet said he was pleased with the result: ?If you leave out extraordinary items, such as hurricanes, earthquakes, windstorm and flooding, we only made a loss of €5 million. And if you leave out our core business, i.e. reinsurance, we nearly made a profit.?

Non-executive bored member Sir Norbert ?Nobby? Johnson, said ?The poor result is directly attributable to hurricanes, earthquakes, flooding, SUVs, Irritable Bowel Syndrome, Spritzer, El Nino, the World Cup, the Millennium bug, avian flu, road rage, spyware, rap lyrics, SARS and global warming.?

He added ?The trouble with insurance/reinsurance is that it focuses on the unforeseen, the unpredictable, the unknown ? in other words, the fortuitous. It should really be for the foreseen, the predictable, the known ? for a start it would be a damn sight easier to model, to work out premiums, and it would remove the vexed issue of IBNR claims, not to mention IBNO (incurred but not occurred). That?s why we?re moving into banking.?

First Half Results

England 0 Vanuatu 7
Bermuda 2 USA 0

Combined ratio (excluding hurricanes)  2%
Combined ratio (including hurricanes)  427%
Grossly written premiums (adjusted for GAAP)  €1.45 million
Grossly written premiums (adjusted for CRAP)  €145 billion
(CRAP: Commonly Rejected Accounting Principles)


Other news from Jul 2006
 
Travelating the Wave of Insurability
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