Risk
XL Insurance, the global insurance operation of XL Capital Ltd (NYSE: XL), has reached an agreement with Swiss Re to purchase Global Asset Protection Services LLC (GAPS), a loss prevention consulting service provider. The transaction is expected to be completed by the end of 2007, subject to the satisfaction of certain closing conditions.GAPS is a […]
By Canadian Underwriter | November 20, 2007
2 min read
Swiss Re has reported a CHF1.2-billion, pre-tax, mark-to-market loss (about Cdn$1.058 billion) resulting from the U.S. subprime mortgage fallout.The reinsurer made its announcement following completion of its 2007 Q3 performance report.Swiss Re reported the loss came as a result of exposure to two, related credit default swaps written by its Credit Solutions unit that provide […]
By Canadian Underwriter | November 19, 2007
A.M. Best is seeking public comment on its plans to rate and assess Takaful insurance companies, which operate in compliance with Islamic Sharia principles.In its report, Draft: Takaful (Sharia Compliant) Insurance Companies, A.M. Best notes that Takaful insuranceis clearly on the rise, particularly in the Middle East and Malaysia. In addition, at least one Takaful […]
Industry
Expect more insurance companies to join the global wave of outsourcing of the management of general account investment assets, up to the tune of US$1.9 trillion by 2011, according to the asset management firm State Street.According to a study cited in State Streets Vision 2007 paper on the global insurance industry, approximately 69% of insurance […]
1 min read
The Insurance Brokers Association of Canada (IBAC) is supplying 4,000 magenta blankets featuring the BIP logo to patrols across Canada, part of a new partnership with the Canadian Ski Patrol System (CSPS). The BIP logo – or the logo promoting insurance brokers – represents a stylized human figure, wrapped in a symbolic blanket, indicative of […]
BUS Systems Inc. announced today the departure of Daniel Fauteux, vice president, business development of the company.As the founder and a major shareholder of the Company, Daniel remains committed to BUS’s success, and we wish him all the best in his new endeavours, Claude Savard, president and CEO of BUS, said in a release. Operation […]
By Canadian Underwriter | November 16, 2007
Zurich Financial Services Group has reported a net income of US$4.2 billion for the first nine months of 2007, marking an increase of 25% over the same period of 2006. The company reported and an annualized return on equity of 21.4%.Gross written premiums and policy fees for general insurance were a reported US$27.3 billion, up […]
Claims
The City of Hamilton and the Niagara Region are proposing a joint Critical Infrastructure Assurance Program (CIAP) that, if approved by city officials, would be the first of its kind in Canada, Richard Kinchlea, emergency management coordinator, City of Hamilton, told delegates of a seminar hosted by the Institute for Catastrophic Loss Reduction.Typically CIAPs are […]
The Autorit des marches financiers (AMF) handed a $5,000 fine against Richard Langevin Assurances Lte under section 115 of the Act respecting the distribution of financial products and services.The firm is also required to produce, to the AMFs satisfaction, details of the control and supervisory measures set up to ensure that the firm, the officers […]
Despite reporting gains in its general insurance operations, Desjardins Group, an integrated cooperative financial group, recorded combined surplus earnings in 2007 Q3 of Cdn$248 million, down Cdn$80 million or 24.4% from the same quarter of 2006. This decrease was primarily due to a write-down of 8.3%, or Cdn$160 million (pre-tax), related to non-bank-sponsored, asset-backed commercial […]
By Canadian Underwriter | November 15, 2007
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