Industry
Last year’s unprecedented catastrophe losses had an uneven impact on pricing and capacity at 2006 reinsurance renewals, according to Benfield’s recently published renewal report “Reinsurance Market and Renewals Review Swings and Roundabouts.”Benfield’s 82-page report finds that the hurricanes that occurred in 2005 caused dramatic increases in reinsurance rates in the US, particularly for property catastrophe […]
By Canadian Underwriter | January 18, 2006
2 min read
While the Canadian economy remains “fundamentally sound” entering into 2006, Swiss Re Economic Research’s “Canadian Economic Outlook” reports somewhat mixed results as November’s strength moderated and December revealed job losses and a decline in the trade surplus. According to Swiss Re’s report, the BoC is likely to raise its target rate to 4% by year-end, […]
By Canadian Underwriter | January 16, 2006
Zurich Financial Services Group’s wholly owned Universal Underwriters Group (Universal Underwriters) will not be sold to an investor group led by the private equity investment firm Hellman & Friedman LLC (H&F), according to a recent agreement made between Zurich and H&F.Both parties have been working toward completion of the transaction since the agreement was announced […]
RIBO past president Art Despard has passed away at the age of 72. He served on RIBO Council from 1994 to 2000 and contributed thereafter as a chairperson of RIBO’s discipline committee. Despard had more than 50 years of insurance industry experience. He began his career working for an insurance company at an early age. […]
By Canadian Underwriter | January 13, 2006
1 min read
The Insurance Brokers Association of Canada (IBAC) has voiced its support of the Conservative Party’s recent platform announcement, which outlined a decision to maintain current regulations regarding banks and insurance. IBAC says it is urging other party leaders to follow suit with Stephen Harper on this issue so that “fair and healthy competition” within the […]
The board of directors of the French reinsurer SCOR recently announced that premium income linked to non-life and credit & surety treaties, up for renewal on January 1, 2006, is up 25 %.These renewals relate to around 80% of the Company’s worldwide non-life and credit & surety reinsurance treaties, SCOR reports. The Company says it […]
By Canadian Underwriter | January 12, 2006
CGI Group Inc. (TSX: GIB.SV.A; NYSE: GIB) and BCE Inc. (TSX, NYSE: BCE) have finalized a transaction previously announced on Dec. 16, 2005 in which CGI agreed to purchase for cancellation 100 million shares currently held by BCE at a price of $8.5923 per share. CGI, which provides IT services to various business sectors, including […]
The respective boards of directors of Strategy International Insurance Group, Inc. (OTCBB:SGYI) and RS Group of Companies, Inc. (OTCBB:RSGC) recently approved a letter agreement stating that RS Group would be merged with and into Strategy or a wholly-owned subsidiary of Strategy.The merger will be subject to the execution of a definitive merger agreement, the vote […]
By Canadian Underwriter | January 11, 2006
Enterprise Rent-A-Car recently released a new Canadian travel agency partnership program, which offers each agency the ability to set its own commission structure. Under the new program which currently has more than 1,000 agents enrolled agencies can select from four different rate and commission structures based on which best suits their individual business needs. However, […]
By Canadian Underwriter | January 10, 2006
Montpelier Re Holdings Ltd. (NYSE: MRH) recently raised $100 million through a private sale of trust preferred securities. The trust preferred securities were issued by Montpelier Capital Trust III a newly formed statutory trust that is wholly-owned by the Company. The securities have a fixed rate of interest equal to 8.55% per annum through March […]
By Canadian Underwriter | January 9, 2006
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