Industry
QBE Insurance Group has acquired the US insurance operations of Renaissance Re for $275 million.This includes a US crop and small specialist program insurance business. The acquisition – subject to regulatory approvals – is expected to be completed in March 2011. “The business acquired is expected to generate over $350 million of gross written premium […]
By Canadian Underwriter | November 19, 2010
1 min read
A.M. Best has upgraded Zurich Insurance Company Limited’s financial strength rating (FSR) to ‘A+’ (superior) from ‘A’ (excellent). The insurers’ issuer credit rating was upgraded from “aa-” to “a+.”The rating upgrade applies to the insurer’s Canadian branch, A.M. Best confirmed. The upgrade of Zurich’s ratings reflect anticipated improvement in consolidated risk-adjusted capitalization at year-end 2010, […]
Claims
An Ontario arbitrator has ordered a claimant to provide his insurer, Aviva Canada, with two years’ worth of medical and prescription records in a non-earner benefits case.This is one year beyond the standard practice of requiring production of only one year’s worth of medical records in accident benefits arbitrations.Aviva initially asked the claimant to produce […]
By Canadian Underwriter | November 18, 2010
2 min read
Insurance Bureau of Canada (IBC) is applauding the federal government for passing Bill S-9, known as the Tackling Auto Theft and Property Crime Act. “IBC has worked tirelessly with our partners in law enforcement and with key members of Parliament to advance this important legislation through the House of Commons and the Senate,” said Rick […]
Duck Creek Technologies Inc. (Duck Creek), a provider of software and services for the insurance industry, has signed an agreement with B.C.’s public auto insurer, the Insurance Corporation of British Columbia (ICBC), to license Duck Creek Rating.Duck Creek Rating is a solution designed to modernize a company’s rating function, whether by means of replacing a […]
Soft U.S. commercial insurance market conditions are expected to persist through 2010 Q4, Marsh reported.So far in 2010 Q4, Marsh clients renewing their programs have experienced average rate reductions across all major lines of business compared to 2009 Q4. Marsh’s preliminary 2010 Q4 figures indicate that: The rate update is based on data from Marsh’s […]
U.S. insurers are starting to see expense ratios – a ratio that has remained consistent over the past four decades – creep upwards, putting greater pressure on profit margins, Fitch Ratings warned in a recent report. Expense management has taken on greater importance for insurers, given that net written premium has declined for the last […]
The Institute for Catastrophic Loss Reduction (ICLR) and Swiss Re are calling on Canadian property insurers to bundle flood insurance into a standard homeowner policy.In a joint report, Making Flood Insurable for Canadian Homeowners, ICLR and Swiss Re advocate a partnership between the insurance industry, government and private homeowners. It explores historical flood damages in […]
By Canadian Underwriter | November 17, 2010
Manitoba Public Insurance (MPI), in partnership with Snoman Inc. and the Insurance Brokers Association of Manitoba (IBAM), has given the province’s snowmobilers more payment options to purchase their Snopasses. Snowmobilers require a valid Snopass to travel legally on Snoman’s groomed snowmobile trails. The pass, which currently costs $125, must be visible on the licence plate […]
The CUMIS Group Limited raised more than $92,000 through its annual United Way campaign this fall.The donation maintains CUMIS’ 19-year platinum sponsor status with the United Way.The funds were raised through pledges by individuals, numerous events, contests and raffles held throughout the three-week campaign.”The scope of United Way is incredible, as they touch many lives […]
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