Industry
Although Canada’s economy has had a “fantastic” first quarter, there is still quite a bit of uncertainty in the global financial environment, which has a knock-on effect on the Canadian property and casualty industry, Louis Gagnon, president of Intact Insurance, told delegates of the Young Brokers Council Annual Conference in Toronto.”Canada enjoyed 6.1% growth in […]
By Canadian Underwriter | June 4, 2010
2 min read
Property pricing for drilling platforms in the wake of the Deepwater Horizon loss has already increased between 15% and 25% for rigs operating in shallow waters and up to 50% higher for deepwater rigs, Moody’s Investors Service in a new report.Total insured losses from the explosion of the Deepwater Horizon drilling rig are currently estimated […]
By Canadian Underwriter | June 3, 2010
1 min read
International counter-terrorism efforts appear to be stifling the ability of terrorist groups to mount significant attacks on the scale of those of Sept. 11, 2001, according to the 2010 Aon Terrorist Threat Map.Aon Crisis Management, a business practice of Aon Corporation, issues the annual map.al-Qaida claimed responsibility for flying several hijacked airliners into U.S. landmarks […]
Aon Corporation (NYSE: AON) has kicked off its four-year shirt sponsorship of Manchester United with a program of global charity initiatives designed to promote youth development and healthier communities. The sponsorship and charity campaign were launched on June 1 at Manchester United’s Old Trafford stadium. The event included executives of Aon and Manchester United, along […]
Ironshore Canada has announced its entry into the financial and professional lines market.Dane Hambrook, vice president at Ironshore Canada, will lead the division.The financial and professional lines division will provide liability coverages for directors and officers, errors and omissions, employment practices, fiduciary and fidelity insurance for public companies, financial institutions, private companies and not-for-profit companies.Hambrook […]
Guy Carpenter’s global reinsurance composite net income declined 31% in 2010 Q1 over 2009 Q1, falling to an aggregate net gain of $1.4 billion. The primary driver of the decline was an increase in non-life underwriting losses, says Guy Carpenter’s Capital Ideas.The composite’s non-life underwriting result in 2010 Q1 was a loss of $1.5 billion. […]
Alberta auto insurers demonstrated a wide variety of ways to handle claims reserving and payments for bodily injury during the period of minor injury cap uncertainty, according to an actuarial report prepared by Oliver Wyman for the Alberta Auto Insurance Rate Board (AIRB).The report outlines actuarial assumptions to help the board determine Alberta insurance rates […]
By Canadian Underwriter | June 2, 2010
Six mid-size SUVs earned a top rating for rollover protection in the first Insurance Institute for Highway Safety (IIHS) test of roof strengths in the vehicle class.One earned an ‘Acceptable’ rating, and five others earned the second-lowest rating of ‘Marginal.’Those earning ‘Good’ ratings included:• 2010 Chevrolet Equinox (twin GMC Terrain) built after March 2010, • […]
Significant catastrophe losses in 2010 Q1 failed to halt declining reinsurance rates, according to Aon Benfield’s June 1 Renewals Update report.Reinsurance capital rose by 8% in Q1 to $434 billion, surpassing record levels set in 2007 before the global financial crisis took hold, despite loss events such as the earthquake in Chile and Windstorm Xynthia […]
Genstar Capital LLC, a middle-market private equity firm based in San Francisco, has acquired Granite Global Solutions, a Canadian provider of risk mitigation services to insurance and corporate clients.The terms of the deal were not announced.Granite Global operates five business lines:•McLarens Canada, a niche independent claims adjuster; •Sibley & Associates, a disability management company; •King […]
By Canadian Underwriter | June 1, 2010
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