Industry
Global reinsurer SCOR placed a new catastrophe bond on Nov. 1, the company has announced. Atlas Reinsurance VII Limited, an Irish reinsurance vehicle, will provide the company US$60 million against hurricanes and earthquakes in the United States, and 130 million euros against European windstorms, for a risk period extending from Jan. 1, 2013 to Dec. […]
By Canadian Underwriter | November 5, 2012
1 min read
Crawford and Company announced Nov. 5 its financial results for the period ending Sept. 30, reporting a company-wide increase in revenues and profits, a 43% increase in legal settlement administration revenue and a drop in revenue for the Americas region. Total revenues (after reimbursements) for the third quarter were $324.2 million, up 7% from $308.2 […]
2 min read
The Insurance Corporation of British Columbia, a Crown corporation that provides auto insurance in the province, has cut about 250 positions, mainly in management. Five members of its executive have left the company, and two executive positions reporting to the CEO have been eliminated, ICBC announced. Its executive team now includes: “These reductions go beyond […]
By Canadian Underwriter | November 2, 2012
The Guarantee Company of North America has announced it will subsidize the cost of the recently-launched Insurance Companion mobile application for its contracted Personal Lines brokers in Ontario. The app, created by Independent Broker Resources Inc., allows brokers to have their own branded mobile app available to clients for reporting a claim from their phone […]
American International Group Inc., which offers property and casualty insurance under the Chartis brand, has reported a profitable third-quarter, while Q3 property casualty operating income is up year-over- year due to lower catastrophe losses. New York City-based AIG released financial results Nov. 1 for the period ending Sept. 30, noting its head office remains without […]
Willis Capital Markets & Advisory (WCMA) has acted as sole bookrunner on a catastrophe bond transaction to provide Munich Re with $75 million of multi-year, fully collateralized protection against United States hurricane and European wind exposures. The “Queen Street VII Re” cat bond transaction – which closed on Oct. 31 and expires in April 2016 […]
The use of predictive analytics is advancing into areas beyond the traditional rating and underwriting fronts. Organizations that opt not to venture into these new arenas - including customer service, sales and marketing - risk losing competitive positioning to other insurers.
By Roger Burkhardt, President and CEO, EagleEye Analytics | November 1, 2012
6 min read
PartnerRe Ltd. announced Oct. 31 its financial results for the period ending Sept. 30, recording a 3% year-over-year decrease in net premiums written for the third quarter, and a 170% increase in net income. The Pembroke, Bermuda based firm, whose reinsurance services include property, casualty, motor, agriculture, aviation, catastrophe and marine, has a Canadian operation […]
By Canadian Underwriter | November 1, 2012
Allstate Corp. has reported a net income of $723 million for the third quarter of the year, compared to $175 million for the same period in 2011, and remains “well-capitalized” to take on losses from post-tropical storm Sandy in the United States, its CEO has said. “Our strategy of serving four distinct customer segments is […]
CAA Insurance Company (Ontario) has introduced two new products, including a new product covering some types of damage to home equipment. The company has launched Home Equipment Breakdown coverage, which covers “appliances and electronics against mechanical, electrical or pressure-system breakdowns,” it said. “The new coverage includes all your home’s belongings from your computer to your […]
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