Industry
Reinsurers and groups with reinsurance as a key component tend to have more advanced enterprise risk management (ERM) capabilities than purely primary insurers, reports Standard & Poor’s (S&P’s).In its report, Global Reinsurers Lead the Way in Enterprise Risk Management, S&P’s notes that among the insurance companies it rates around the world, reinsurers dominate its “excellent” […]
By Canadian Underwriter | September 9, 2010
1 min read
Claims
The global reinsurance industry has shouldered an estimated $8 billion-$12 billion in insured losses arising from the powerful earthquake that struck Chile on Feb. 27, 2010, according to Standard & Poor’s Ratings Services. “These losses put a significant dent in many re/insurance companies’ annual catastrophe budgets,” Standard & Poor’s says in its article, Reinsurers Foot […]
By Canadian Underwriter | September 8, 2010
Opposition parties in New Brunswick are promising to follow Nova Scotia’s lead and increase the amount of New Brunswick’s cap on minor auto injuries from $2,500 to $7,500.The New Democrats made the announcement on Sept. 6 in the throes of the provincial election, which is to be held on Sept. 27. The Progressive Conservative party […]
Hub International Limited (Hub) has acquired the shares of Sinclair Cockburn Financial Group (SCFG), a Toronto, Ontario-based insurance and financial services firm with approximately $11 million in annual revenues. Under the terms of the acquisition, Hub has acquired the property and casualty, personal insurance and group/life insurance operations of SCFG, but not SCFG’s mortgage and […]
2 min read
Reserve releases are masking deteriorating results in the U.S. and Bermuda reinsurance market, said Greg Reisner, a senior financial analyst at AM Best.Reisner offered delegates of AM Best’s ‘Market Briefing: Canada’ an overview of the U.S. and Bermuda reinsurance markets on Sept. 8, 2010 in Toronto. He noted the trends emerging in the U.S. and […]
Ontario’s personal auto is driving the Canadian property and casualty market’s underwriting loss, said Joseph Burtone, assistant vice president at A.M. Best.Burtone offered a summary of the Canadian property and casualty market at A.M. Best’s ‘Market Briefing: Canada’ in Toronto on Sept. 8.Overall, the industry appears to be stable, with positive – not robust – […]
Power has been restored and clean-up continues in the south and west ends of Halifax, which bore the brunt of Hurricane Earl’s 130 km-h winds on Sept. 4Hurricane Earl was a Category 1 storm when the eye made landfall near Shelburne, Nova Scotia. The storm was downgraded to a tropical storm as it swept through, […]
By Canadian Underwriter | September 7, 2010
A key rainmaker in the insurance industry, Robert Clements, died of cancer at the age of 77 on Sept. 4.Clements was co-founder and non-executive chairman of insurance broker and risk management firm Integro, and most recently founded and was a director of Bermuda-based Ironshore.Prior to co-founding Integro in 2005, Clements was chairman of Arch Capital […]
Children aged five to 14 accounted for about 60% of school-age victims of car/pedestrian collisions in the province, reports Manitoba Public Insurance (MPI).In total, there are 48 pedestrians from this age group injured each year in Manitoba, said Clif Eden, MPI’s manager of road safety.One in four cyclists struck by cars in Manitoba are five […]
A Magnitude 7 earthquake rocked the New Zealand city of Christchurch on Sept. 4, causing estimated damages between $2 billion and $4.5 billion.New Zealand’s Institute of Geological and Nuclear Sciences (GNS Science) reported that the quake occurred at a shallow depth of five kilometres on a previously unknown fault that appears to have not ruptured […]
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