Claims
Munich Re has reported posting a record profit totalling EUR3.5 billion [Cdn$5.4 billion].The company also reported reducing its combined ratios in reinsurance (92.6%) and primary insurance (90.8%) to new record lows.”A record profit for the third time in a row that shows the powerful effect of our clear profit focus,” said Nikolaus von Bomhard, chairman […]
By Canadian Underwriter | February 28, 2007
1 min read
Risk
A.M. Best has maintained a stable outlook on the personal lines segment of the U.S. market, driven primarily by favourable frequency and severity trends, modest catastrophic activity and the maintenance of pricing and underwriting discipline, among other factors.Performance in the personal lines segment continues to be driven by the automobile liability and physical damage lines, […]
Willis North America has urged the United States government to renew the Terrorism Risk Insurance Act (TRIA), due to expire at the end of 2007, and establish a permanent government terrorism insurance backstop.Don Bailey, CEO of Willis North America, a subsidiary of Willis Group Holdings, told the U.S. Congress recently that the federal program has […]
Industry
The CIP Society will host its third annual industry symposium, An Industry in Change on April 24, at the Board of Trade in Toronto. The one-day forum will feature a keynote and seminar speakers addressing such topics as: contingency and pandemic liability; underwriting for tomorrow; planning for and dealing with catastrophe; succession planning and recruiting […]
The Co-operators has donated Cdn$30,000 for a new research centre launched by St. Joseph’s Health Care in London, Ontario. St. Josephs Aging, Rehabilitation & Geriatric Care Research Centre is dedicated to collecting and using research knowledge gained in the fields of aging, rehabilitation, geriatric care, wound care and assistive technology. The centre is intended to […]
By Canadian Underwriter | February 27, 2007
2 min read
The Sovereign General Insurance Company and OneBeacon Insurance Company have formed a strategic alliance regarding the introduction of products to Canada for certain commercial segments.Policies will be written under Sovereigns name and the 2 companies will share equally in the underwriting results of the policies through a reinsurance arrangement, explains a Sovereign press release.This alliance […]
Marsh Inc. announced the appointment of Henry S. Allen as global leader, consumer business, which includes the firms affinity and program management businesses, as well as its private client services division.Allen joined Marsh in 2002 as practice leader for the Global Trade Credit Practice and head of Marshs Affinity Business in Europe and the Middle […]
Canadas insurance regulators are contemplating market conduct surveys in the spring of 2007 that may ask insurance companies what they are doing to oversee the market behaviour of the brokers and sales intermediaries acting on their behalf.This is a development of which brokers should be aware, Dominion of Canada General Insurance Company president and CEO […]
Converium has rejected an offer by SCOR for the whole of the share capital of the company.In a press release, Converium representatives said that the board of directors of Converium continues to be unanimous in its rejection of the offer.The unsolicited proposal fundamentally fails to recognize the value of Converiums franchise and growth prospects, and […]
By Canadian Underwriter | February 26, 2007
Following successful securitizations in property/casualty and life/health reinsurance business, Hannover Re has now for the first time transferred the risks deriving from so-called “reinsurance recoverables” to the capital market.Reinsurance recoverables the outstanding claims held by reinsurers against their retrocessionaires traditionally constitute a substantial item on Hannover Re’s balance sheet, the company said in a press […]
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