Risk
Guy Carpenter & Company LLC, a global risk and reinsurance specialist, has appointed a new Head of Office and expanded its office capabilities and resources in the Bermuda reinsurance market. It has been a landmark year for Guy Carpenter, as we have made an enormous investment in the Bermuda marketplace, said Kevin Fisher, the head […]
By Canadian Underwriter | June 26, 2007
2 min read
Claims
Catastrophe modelers must do a better job of expecting the unexpected, according to speakers at a European conference, as reported by A.M. Best.I think we need to move to this new age the Age of Recognized Uncertainty, A.M. Best quotes Peter Taylor, a project director at Lighthill Risk Network, as saying. He was speaking at […]
Contrary to popular belief, the captive market remains underdeveloped and more than half of the world’s top 1,500 companies (G1500) do not currently own a captive, according to research by Aon Global Risk Consulting.This means that insurance buyers within the worlds largest companies are failing to achieve a better quality of cover as well as […]
1 min read
The Facility Association (FA)s proposed framework to make it easier to create risk sharing pools (RSPs) in a given jurisdiction has been shot down in a member mail vote. In order to pass, the Plan of Operation amendments, would require 51% of all eligible votes within 60 days of the mail vote being sent out.With […]
The widespread demolition and renovation activities still under way in New Orleans after Hurricane Katrina hit in 2005 may release asbestos fibers into the air, posing a potential additional health risk, the U.S. Government and Accountability Office (GAO) wrote in a recent report.The report, conducted at the Comptroller General’s initiative, addresses the actions of the […]
By Canadian Underwriter | June 25, 2007
Signature Risk Partners (SRPI) Inc. has launched a property and casualty product designed for Canadian golf course owners, with coverage extending from property and equipment, business interruption, crime and commercial general liability.The Signature Golf insurance program was created after a two-year research study of the golf industry, and is a custom solution specifically designed for […]
Commercial
Hub International Limited has entered into a definitive purchase agreement to acquire the assets of Unity Group Insurance (Unity), based in Windsor, Ontario. Unity Group is a general insurance brokerage that focuses on commercial and personal insurance products and services. Unity has three offices in Essex County, which will increase the presence of Hub International […]
The Insurance Bureau of Canada (IBC) is urging Manitobans to check their homeowners policies for tornado coverage, after a weekend in which at least eight tornadoes destroyed homes and buildings across southern Manitoba.Tornadoes packing winds in excess of 400 km-h touched down in Southern Manitoba June 23-24, destroying homes, farms and blowing a number of […]
Industry
A.M. Best Co. has affirmed the financial strength ratings (FSR) of 43 Canadian property/casualty companies, upgraded five FSRs, assigned three FSRs and downgraded one FSR. These ratings are based solely upon public information and present the most informed view A.M. Best can offer, short of an insurer participating in the full interactive rating process, A.M. […]
By Canadian Underwriter | June 22, 2007
Home
The capital strength of the insurance industry is growing due to strong operating profitability, putting pressure on rates and resulting in a slow growth environment going forward, according to Thomas Holzheu, with Swiss Res Economic Research & Consulting Unit, in a Web cast. We should see a continuation in moderating or softening pricing and this […]
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