Risk
The Innovation Society Ltd. (St. Gallen, Switzerland), a nanotechnology consulting firm, and technology company TV SD (Munich, Germany) have developed the first certifiable nano-specific risk management and monitoring system, the Innovation Society announced in a press release. The system, called CENARIOS, provides a “state-of-the art” hazard and risk assessment, encompassing risk monitoring tools to minimize […]
By Canadian Underwriter | March 15, 2007
1 min read
Industry
Hub International Limited (NYSE:HBG) (TSX:HBG) has agreed to acquire substantially all of the assets of BNC Insurance Services, Inc., one of the largest Arizona-based insurance brokers.The brokerage, which does business as Milne & BNC Insurance Services, has approximately US$19 million in revenue. This operation will become a new regional platform (hub) doing business as Hub […]
Claims
The Lloyds insurance market has obtained a licence from Google to offer underwriters the means to see Lloyds data on Google Earth maps, allowing underwriters to plot their exposure to hurricanes, earthquakes, terrorist attacks and other catastrophes.In a press release posted online, Lloyds says its 42 managing agents can use Googles popular mapping service to […]
By Canadian Underwriter | March 14, 2007
2 min read
CanAm Special Risk Agency Limited (CanAm Insurance) has acquired the travel insurance book of business from PrimeLink Management Services Inc., Broker Advantage Inc. and the Pentius Group. The travel medical insurance products, marketed under the brand names PrimeLink, Travel Protect and TravelRite, are offered across Canada through well-established channels. The policies are administered by CanAm […]
Hannover Re said it generated the best result in the company’s history in 2006.The Group reported a 2006 net income of EUR514.4 million [Cdn$799.8 million] and a return on equity of 18.7%. The companys combined ratio in 2006 stood at 98.4%”Not only did we meet our targets, we surpassed them and recorded the highest group […]
Standard & Poor’s Ratings Services has lowered its counterparty credit rating on Cunningham Lindsey Group Inc. (LIN) to ‘B-‘ from ‘B’. The outlook is negative.”The downgrade reflects LIN’s weak earnings and cash flow, liquidity [that is] dependant on support from Fairfax Financial Holdings Ltd. (Fairfax, 75% equity owner), and sizeable debt obligations maturing in 2008,” […]
Guy Carpenter & Company has launched SelectCat, an index-based product designed to provide reinsurers with capacity, flexibility and rational pricing for managing their property catastrophe risks. SelectCats pricing and loss index is developed from a synthetic layer, structured for a basket of programs selected to act as a proxy for the portfolio that a reinsurer […]
By Canadian Underwriter | March 13, 2007
Benfield Group Limiteds profits in 2006 increased to 38.4 million [Cdn$87 million], compared with a 34.9 million [Cdn$79.1 million] profit in 2005.Overall, the Groups reinsurance broking revenue increased by 12.9% (to 299.4 million, or Cdn$678.5 million), up from 265.1 million [Cdn$600.9 million] in 2005.We are pleased to announce results which demonstrate the strength of our […]
ICBC is structuring its rates over the next two years so that lower-risk drivers will be paying lower rates, while higher-risk customers will pay higher rates.”Higher rates for high-risk drivers means benefits for good drivers,” said Paul Taylor, ICBC’s president and CEO. “Drivers need to drive more safely or they will pay higher premiums.”For implementation […]
The Honourable Order of the Blue Goose, Ontario pond, is presenting its Annual Charity Scotch Nosing on April 5th at the Saint Andrews Club in Toronto, with all benefits going to the Sean Corner Benefit Fund. Gooses and ganders of both scotch expert and novice status alike will be treated to a four-course dinner and […]
By Canadian Underwriter | March 12, 2007
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