Industry
Munich Re has agreed to acquire specialty insurer HSB Group from American International Group (AIG) for US$742 million in cash.The HSB Group, headquartered in Hartford, Connecticut, has been a wholly owned subsidiary of AIG since 2000. The core of the HSB Group is Hartford Steam Boiler Inspection and Insurance Company, an insurance and inspection company […]
By Canadian Underwriter | December 22, 2008
2 min read
Police-reported motor vehicle theft decreased 9% in 2007, the fourth consecutive annual decline, Statistics Canada noted in a recent report.Vehicle theft remains one of the most frequent offences committed in Canada, according to police-reported data. But the rate peaked in 1996, and has been generally dropping since.“According to police and insurance companies, reasons for this decline include the […]
Claims
Although a competitive pricing environment is expected to abate somewhat because of the recent decline in market capacity, “it is premature to predict a shift to a hardening market, outside of a few hard hit market subsegments,” says a recent report by Fitch Ratings on the U.S. property and casualty industry posted by Fitch Ratings.The […]
1 min read
Stephen Greene, former executive director of the Insurance Brokers Association of Nova Scotia (IBANS), is one of 18 new senators appointed by Prime Minister Stephen Harper.Harper announced his new appointments to the Senate on Dec. 22. Greene served as the executive director of IBANS for eight years. He went on to serve as Preston Manning’s […]
The Office of the Superintendent of Financial Institutions has outlined the type of notice a ceding company can expect to receive from a reinsurer that experiences a change in status as a result of OSFI’s changes to Part XIII of the Insurance Companies Act (effective Jan. 1, 2010).OSFI’s amendments are intended to clarify that the […]
By Canadian Underwriter | December 19, 2008
Maple Leaf Foods has reached a Cdn$25-million settlement agreement in a class action following a listeriosis outbreak.The settlement is designed to increase by up to Cdn$2 million to the extent that claims and costs exceed $25 million, according to Maple Leaf Foods. The compensation paid from the settlement amount will be administered by the class […]
Despite a predicted 10% decline in the U.S. property and casualty market’s surplus in 2008, Fitch Ratings predicts the industry’s capital adequacy will remain favourable.The U.S. property and casualty industry experienced surplus growth of nearly 80% between 2003 and 2007, due to strong underwriting profits in three of the last four years and favourable investment […]
Many accountants believe their companies will be ready for the changeover to International Financial Reporting Standards (IFRS) in 2011, although most of these companies remain in an early stage of preparedness, according to a recent survey of Canadian chartered accountants in senior executive roles.About 425 senior executives were surveyed in November 2008 as part of […]
Global catastrophes in 2008 cost insurers US$50 billion, making it the second-costliest year ever in terms of insured losses, according to a forthcoming Swiss Re sigma study.More than 238,000 people lost their lives to natural catastrophes and man-made disasters this year, including the death of 138,400 people in Myanmar during a tropical cyclone and 87,400 […]
By Canadian Underwriter | December 18, 2008
The Insurance Brokers Association of Ontario (IBAO) is reminding consumers that if thieves break into a vehicle and steal some of its contents, two insurance claims will need to be filed.The auto policy covers damage to the vehicle, while the homeowners or tenants policy will cover any lost possessions that were in the car. During […]
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