Industry
Earlier this year, ING crossed the finish line once again as sponsor of the Ottawa Marathon. At the same time, they broke through another finish line — the one ending the WICC (Women in Insurance Cancer Crusade) Challenge. For the past four years, WICC and ING Insurance joined forces to challenge brokers, employees and others […]
August 31, 2008
1 min read
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It's hard not to think of the 2005 Suncor oil refinery explosion in Alberta when trying to come up with a reference point for damages incurred in an industrial explosion.
By David Gambrill, Editor | August 31, 2008
3 min read
Although an ongoing shipping boom continues unabated, insurers remain concerned the skyrocketing cost of steel may cause shipyards in some countries to cut back on the quality of steel used in shipbuilding.”This, coupled with the growth of new, but relatively inexperienced, ship builders and diminishing crew resources, will likely give rise to the potential for […]
By Canadian Underwriter | August 29, 2008
2 min read
Two insurers, Royal & SunAlliance (now RSA) and Aviva Insurance Company of Canada, have lost their appeals from an arbitration under the loss transfer provisions of s. 275 of the Ontario Insurance Act. The arbitration arose from an incident occurring early in the morning at an Ontario gas bar located on County Road 46, just […]
Claims
Although New Orleans’ levees have been strengthened since Hurricane Katrina ripped through them three years ago, they are not scheduled for completion until 2011, leaving the city “far from protected” as Tropical Storm Gustav approaches, according to the Seattle Times. According to the Times, the hurricane protection system’s US$15-billion upgrade is only 20% complete, though […]
A.M. Best Co. has placed York Fire & Casualty Company’s financial strength rating of B (Fair) under review with developing implications.This rating action is a result of the recent announcement by Kingsway Financial Services Inc. to sell York Fire to La Capitale Compagnie d’Assurance Generale, an A.M. Best release says.York’s ratings will remain under review […]
Canadian and foreign property and casualty insurers licensed by the Office of the Superintendent of Financial Institutions (OSFI) reported better financial results in 2008 Q2 than they did in the first quarter of the year.But they were still well off the pace established during the second quarter of 2007.OSFI figures for 2008 Q2 show Canadian […]
By Canadian Underwriter | August 28, 2008
Fifty-nine per cent of consumers who are satisfied with their auto insurers reported that they would not switch their auto insurer for any price, according to J.D. Power and Associates.The report titled ‘Producing Highly Satisfied Customers Can Improve the Bottom Line for Auto Insurers Through Increased Renewal Rates’ measures customer satisfaction with auto insurance companies […]
Natural catastrophe (nat cat) bonds, currently the main insurance-linked securities (ILS) asset class, have proven generally resilient during the capital market’s turbulence over the past year, with the acid test being the current credit crunch, reports Standard & Poor’s.The pricing of nat cats, particularly since the credit market disruptions that began in mid-2007, shows how […]
By Canadian Underwriter | August 27, 2008
A.M. Best Co. has left unchanged its financial strength rating of B++ (Good) for the Hermitage Insurance Group and its lead member, Hermitage Insurance Company (Hermitage) (White Plains, NY), following the announcement that CastlePoint Holdings, LTD (Bermuda) [NASDAQ: CPHL] has entered into a definitive agreement to acquire Hermitage Insurance Group, Inc.Hermitage Insurance Group Inc. is […]
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