Risk
Insurance Bureau of Canada (IBC) is bringing its Emergency Ice and Cold Water Rescue demonstration to four Alberta cities this winter as part of a 10 city tour. The industry wants hockey players, skaters, snowmobilers and outdoor enthusiasts to know the cold, hard facts about ice safety, and to be aware of ice rescue tips […]
By Canadian Underwriter | January 31, 2007
2 min read
Industry
Last year was a record year for cat bond activity, but Chris McGhee, managing director of Guy Carpenter’s investment banking specialty practice in New York, predicts that 2007 will see a slowing-down in both cat bond and side car activity.McGhee, addressing the crowd at Guy Carpenter’s Property Specialty Seminar in Toronto, noted that in 2006 […]
By Canadian Underwriter | January 30, 2007
Claims
Insurers and reinsurers can expect a worse hurricane season in 2007 than in 2006, and should set their rates accordingly, Omega Insurance Holdings CEO Philip H. Cook predicted at the CIP Society-Toronto Chapter’s PROedge Industry Trends Breakfast Series in Toronto.In his annual speech, Cook identifies industry trends, reviews his predictions from the previous year, and […]
Travelers Guarantee Company of Canada (“Travelers”) has designed a new policy to give improved protection to mineral exploration companies.”Travelers Mineral Exploration Policy helps junior mining companies and their executives deal with the multitude of exposures they face in their business,” the company announced in a press release. Such exposures, the company added, are “stemming from […]
Munich Re renewed about two thirds of its property-casualty treaty business (i.e. excluding facultative reinsurance), which corresponds to a premium volume of around 9billion, according to a press release.The prices, terms and conditions negotiated on the reinsurance treaties were again in line with the risks.”We are satisfied with the outcome of renewals at 1 January. […]
Co-operators General Insurance Company is among 32 global insurance companies listed among Standard & Poor’s most recent index of 398 global companies in line for potential bond upgrades.”Financials [i.e. including insurers] maintained their preeminent position among sectors most likely to benefit from upgrades (in line with previous months) and displayed a high percentage of issuers […]
By Canadian Underwriter | January 29, 2007
1 min read
Researchers at the University of New Hampshire (UNH) unveiled a tool that calculates the risks of a cyber attack.To determine the overall threat level, analysts enter data for a particular organization or country into the UNH Cyber Threat Calculator, explains a UNH press release.The calculator assigns a value to variables that assess the actor’s intent […]
Arthur J. Gallagher & Co. recently announced the signing of a definitive agreement to acquire the Lowndes Lambert Group Canada, Ltd. headquartered in Toronto, Ontario.The transaction is expected to close mid-February, 2007. Terms of the transaction were not disclosed.Philip G. Kane and his associates will continue to operate from their eight Canadian locations under the […]
Hannover Re says it expects losses in the range of EUR120-180 million (Cdn$180-275 million) from winter storm Kyrill.Many of the losses come from claims originating in Germany, the company reported in a press release.Winter storm Kyrill swept across large parts of Europe on Jan. 18-19, 2007, causing insured losses in the order of EUR4 to […]
American International Group, Inc. (AIG) is proposing to acquire the outstanding 38.1% publicly held shares of 21st Century Insurance Group (21st Century) (NYSE: TW) for approximately US$690 million.”Following the transaction, 21st Century would become a wholly owned subsidiary of AIG,” according to a news release posted on AIG’s Web site.”Our proposal represents an excellent opportunity […]
By Canadian Underwriter | January 26, 2007
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