Risk
Benfield has launched a new division within Benfield Advisory, for all forms of non-traditional risk transfer solutions, including sidecars, cat bonds, industry loss warranties (ILWs), collaterized reinsurance and other indexed linked securities.With the convergence of the capital and reinsurance markets accelerating almost daily, the launch of a dedicated Capital Markets Division within Benfield Advisory is […]
By Canadian Underwriter | September 4, 2007
1 min read
Claims
As Hurricane Felix slammed into Nicaragua and Hurricane Henriette barrels towards Mexico, researchers at Colorado State University (CSU) maintain their prediction of above average activity for the remainder of the hurricane season.<br>Hurricane Felix made landfall with maximum sustained winds of 257 km-h, making it a boderline Category 4 or 5 storm, a release from AIR […]
2 min read
The Canadian Hurricane Centre recently told Canadian Press that conditions are right for a turbulent close to the hurricane season.In an online posting, CTV cited a CP interview with Peter Bowyer of the Canadian Hurricane Centre in Dartmouth, N.S. CP cites Bower as saying meteorologists are currently watching unsettled weather off Florida that could spell […]
Industry
XL Insurance, the global insurance operations of XL Capital Ltd., announced the increase of its underwriting capacity for construction projects, boosting its available capacity from $40 million to $100 million per project, according to a release. Like many industries, the construction sector faces its share of business risks, john Gallagher, Chief Underwriting Officer, XL Insurance, […]
Home
Continued soft pricing, expense inflation and a drop in investment income marred the 2007 Q1 results reported by the Canadian insurance industry, according to a report by MSA Research Inc. and Baron Insurance Services Inc. “Despite a 4.2% increase in direct premiums written (Cdn$7.7 billion at three months 2007 versus Cdn$7.4 billion for the same […]
August 31, 2007
The Ontario government has expanded its crackdown on street racing, increasing the maximum fine to Cdn$10,000 and widening the definition of the crime in an effort to curb dangerous driving. The definition of a “stunt” will include driving at 50 km-h or more above the posted speed limit, a press release from the Ministry of […]
Insurance companies have reported increased claims frequencies and costs in Newfoundland and Labrador as a result of tropical storm Chantal in late July. The storm blasted the eastern third of the province with high winds and approximately 150 mm of rain earlier this week, washing out roads and causing extensive damage. IBC’s estimates of insured […]
EGI Financial Holdings Inc. has reported a 15.5% increase in direct written and assumed premiums — from Cdn$36.6 million in 2006 Q2 to Cdn$42.3 million in 2007 Q2. The increase is attributed to a growth in motorcycle premiums in Ontario, new reinsurance treaties with AssuranceAmerica and continued significant growth in the Niche Products division, which […]
Approved auto insurance rates indicate an average change of -0.13% in 2007 Q2, based on the entire market, FSCO reported on its Web site. In the 2007 Q2, for the 31.12% of the market that had rate changes approved, the average rate change was -0.41% when weighted by 2006 market share,” FSCO reported in the […]
ING Canada Inc. (TSX: IIC) reported a 2007 Q2 net income of Cdn$194.3 million, down 5.7% from the Cdn$206 million it reported in 2006 Q2. The company said its growth in direct premiums written “remained strong during the quarter despite overall rate reductions,” amounting to Cdn$1.205 million (a 3.7% increase over the same period last […]
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