Industry
Canada’s commercial property insurance industry’s pricing has become increasingly competitive, according to a recent study by A.M. Best. Direct premiums written increased only 1.5% in 2004, to approximately $5.25 billion, representing a rapid descent and unfavorable trend from 2002 when the growth rate peaked at 30%. While the overall growth rate was low in 2004, […]
August 31, 2005
2 min read
AXIS Capital Holdings Ltd. (NYSE: AXS) has entered into a $1.5-billion credit agreement with a syndicate of lenders. This renewal agreement is an unsecured five-year facility that allows the Company to issue letters of credit for up to the full amount of the facility, and to borrow up to $500 million for general corporate purposes. […]
1 min read
Estimates for property damages incurred as a result of Hurricane Katrina range from $9 billion to $26 billion, according to forecasters. Estimates of insured losses on the Gulf Coast could range from $9 to $16 billion, according to Oakland, CA-based EQUECAT Inc. AIR Worldwide estimates that Katrina may cost the insurance industry between $12 and […]
The Lloyds of London market outlined the likelihood of serious claims in the aftermath of the catastrophe stating that the company “expects to receive significant insurance claims as a result of Hurricane Katrina, predominantly in relation to offshore energy installations in the Gulf, property damage and business interruption.” “We are asking all insurers at Lloyd’s […]
Despite concerns related to the bank act review and the Spitzer investigations, when the playing field is level and the broker true to their consumers best interests, even the powerful might of a megalith bank or media frenzied fiasco poses little concern to Canadian brokers who boast superior strength through stable service and staunch numbers, according to IBAC's incoming president.
7 min read
Today's changing insurance industry has left brokers and insurers alike teetering on an unbalanced playing field and as such presented the challenge of developing creative products that both maintain market share and increase the client base. Pet insurance, although it may not automatically leap to mind, directly meets the challenge of retaining existing clients and attracting new ones thus adapting to market competition and conditions.
By Sue Howard, manager, PetCare Insurance Brokers Ltd. | August 31, 2005
3 min read
Approximately one-quarter of Patrick G. Ryan’s shares in Aon will be available for purchase over the next year. Ryan, the Company’s corporate executive chairman, says this move will represent the first time in his 42 years heading the brokerage that he has sold any Aon stock. Of the almost 26 million shares he currently holds, […]
Approximately one quarter of Patrick G. Ryan’s shares in Aon will be available for purchase over the next year.Ryan, the Company’s corporate executive chairman, says this move will represent the first time in his 42 years heading the brokerage that he has sold any Aon stock.Of the almost 26 million shares he currently holds only […]
By Canadian Underwriter | August 30, 2005
Aviva recently declared an interim dividend increase of 5% with the total group operating profit jumping up by 21%, which demonstrates a robust operational performance across all its major businesses. Equity markets continue to recover but after a strong run up to March Aviva’s share price did not perform as well as anticipated in the […]
By Canadian Underwriter | August 26, 2005
AXIS Capital Holdings Ltd. (NYSE: AXS) has entered into a $1.5 billion credit agreement with a syndicate of lenders. This renewal agreement is an unsecured five-year facility that allows the Company to issue letters of credit up to the full amount of the facility and to borrow up to $500 million for general corporate purposes. […]
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