Claims
Another year of comparatively mild losses for the reinsurance market in 2007 means “any remaining post-loss caution from previous years is rapidly dwindling,” according to a report, ‘Changing the Game,’ published by Benfield, an independent reinsurance and risk intermediary. The report finds property catastrophe rates at the January 2008 renewals are continuing to decline. “Risk-adjusted […]
By Canadian Underwriter | January 10, 2008
1 min read
Industry
The subprime mortgage and securities crisis in the United States might lead to increased D&O rates over the next two to three years, Philip H. Cook, the CEO of Omega Insurance Holdings, predicts.Cook noted D&O rates have been falling in the current “soft” U.S. market, with 20% drops in rates not being unusual. But that […]
2 min read
Clive R. Tobin will retire from his post as chief executive of XL Capital Ltd.’s insurance operations, and David B. Duclos will succeed him.Tobin will continue with XL as vice chairman of XL Insurance (Bermuda) Ltd., where he will concentrate on assisting with strategic opportunities in emerging markets, an XL release says.Duclos is currently the […]
By Canadian Underwriter | January 9, 2008
A U.S. Supreme Court decision that reinforced a heightened pleading standard in securities suits was deemed the most important court award or settlement of 2007, according to a Willis Group Holding Canadian alert on executive risks. While the list of Top 10 court awards and settlements only addresses U.S. cases, “it will be of relevance […]
The B.C. Supreme Court ordered Sovereign General Insurance in December to pay its half of a Cdn$2.3-million policy to a couple who lost their multi-million dollar wine collection due to a sewer back-up, according to Canadian Press.A rare and expensive wine collection containing more than 8,000 bottles owned by Ralph and Diane Wells including 50 […]
Westport Insurance Corporation, a Swiss Re company, has merged with Employers Reinsurance Corporation. Employers Reinsurance Corporation holds a Canadian branch. In the merger, Employers Reinsurance Corporation assumed the Westport name and all of the liability and obligations under and according to the terms of the policies issued by Westport Insurance Corporation, according to a Swiss […]
By Canadian Underwriter | January 8, 2008
The United States government has started to present its case against five former executives of General Reinsurance Corp. and American International Group Inc. in a fraud case surrounding a finite reinsurance transaction.The insurers have denied the fraud charges. They will present their case following the government’s opening statements.The insurance executives have reportedly argued the government’s […]
This year holds the highest levels of political and economic uncertainty for a decade, with systemic financial risk topping the list of greatest threats, according to the World Economic Forum’s report, Global Risks 2008.Diversification of risk may have strengthened stability in good times, but systemic financial risk remains acute, researchers warn. Changes in the financial […]
Crawford & Company announced a new operating structure that includes a smaller Global Executive Management team and four business units.The new units will include legal settlement administration as well as the information and communications technology division. In addition, Crawford Global Property & Casualty will be broken down into two distinct business units: Americas; and EMEA […]
By Canadian Underwriter | January 7, 2008
By focussing on the 2004 and 2005 hurricane seasons, risk models may overestimate the probabilities of both U.S. landfall risk and potential insured losses, new research from AIR Worldwide says.”By only focusing on the 2004 and 2005 seasons, it is easy to forget every hurricane season is unique and actual landfall activity is a function […]
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