Claims
Guy Carpenter & Company, Ltd and MMC Securities Ltd. announced the completion of a multi-territory, multi-event catastrophe bond transaction.The bond will pay Brit Insurance Holdings PLC principal subsidiary, Brit Insurance Limited, up to US$200 million [approximately Cdn$214 million] in the event of a series of pre-defined severe natural catastrophes.Events covered by the transaction include US […]
By Canadian Underwriter | June 22, 2007
1 min read
Risk
Canadian carriers scored the lowest in terms of quality of underwriting, policy administration and service when compared with the United States, London and Bermuda carriers in Willis Groups inaugural Carrier Evaluation Survey.In terms of claims, Canadians nudged ahead of Bermuda-based carriers for third place.The results of the programme are based on a survey of 2,500 […]
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When it comes to the disaster restoration industry, there are two major ways insurance factors in: claims by property owners on property insurance, and contracts on general liability.In many cases, an insurance company will be in a more powerful position than the insured who has made a claim, according to Ian J. Houston, partner at […]
By Canadian Underwriter | June 21, 2007
2 min read
Kingsway Financial Services Inc. has announced its newly-formed, wholly-owned subsidiary, Kingsway 2007 General Partnership, has filed a preliminary short form prospectus with the securities regulatory authorities in each of the provinces and territories of Canada for a proposed public offering of senior unsecured debentures.The offering will be jointly and severally guaranteed by Kingsway and Kingsway […]
The Autorite des Marches Financiers (AMF) found Sylvain Desgens guilty of five charges under the act respecting the distribution of financial products and services. Desgens was found guilty of acting as a representative in insurance of persons without holding a certificate issued for such purpose by the AMF and offering insurance products, thereby violating sections […]
A decrease in teen auto collisions may be related to graduated licensing laws, suggests an Insurance Institute for Highway Safety (IIHS) report. According to the US report, based on crashes of all severities, the crash rate per mile for 16-19 year-olds is four times the rate for drivers 20 and older, with the risk being […]
Industry
Bermuda reinsurers continued the 2006 trend of bolstering balance sheets with record profits during 2007 Q1, according to the Benfield Bermuda Quarterly report, despite a softening market.According to Benfield, light losses and reserve release helped Bermuda’s 16 leading reinsurers produce US$3.1 billion [approximately Cdn$3.3 billion] in aggregate net income and raise the island’s capital base […]
By Canadian Underwriter | June 20, 2007
The Risk and Insurance Management Society (RIMS) has commended the June 18 introduction of the Terrorism Risk Insurance Revision and Extension Act (TRIREA) of 2007.RIMS strongly supports the reauthorization of TRIA and believes the introduction of this important measure represents the commitment of Rep. Mike Capuano (D-Mass.) and Rep. Barney Frank (D-Mass.) to protect the […]
Risk Management Solutions (RMS) has launched a software platform that aims to enable insurance industry professionals to gain a more comprehensive view of their portfolio risk. “The Reinsurance Platform will help insurance, reinsurance, and catastrophe management professionals to reduce uncertainty in modelled losses, build a deeper understanding around regional accumulations of risk, and make better-informed […]
At a time when independent adjusters are voicing concerns about a shrinking job market due to insurers working directly with contractors, a new network is set to enter the Canadian market that will work as a third-party administrator between insurers and contractors, delegates of the Disaster Restoration Contractors Conference & Trade Show, in Toronto were […]
By Canadian Underwriter | June 19, 2007
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