Claims
The last time U.S. property and casualty insurers posted underwriting profitability of the scale witnessed in 2006, Jonas Salk unveiled his polio vaccine in 1953 and Sir Edmund Hillary became the first man to successfully climb Mount Everest, according to a recent statistical report by A.M. Best. The U.S. property casualty insurance industry posted US$$23.7 […]
By Canadian Underwriter | December 15, 2006
1 min read
Moody’s Investors Service has changed its outlook on the ratings of The Hanover Insurance Group, Inc. (NYSE: THG) and its subsidiary, Hanover Insurance Company, to positive from stable.”The positive outlook reflects stronger risk-adjusted capitalization, improving underwriting results, and more stable business flow from its network of independent agents,” Moody’s announced in a press release.The move […]
2 min read
Risk
Corporate governance is likely to remain an area of relevance and concern in 2007, according to a recent report by Standard & Poor’s.”While the numerous corporate governance reforms, laws, and code implemented earlier in the decade in markets around the world have in many ways improved governance standards globally, governance issues continue to present challenges […]
By Canadian Underwriter | December 14, 2006
Year 2007 promises to be a good year for the European insurance sector, according to a report by Standard & Poor’s. Nevertheless, the primary and reinsurance markets may be beyond their pricing peak, according to the report, entitled “European Insurance: 2006 In Review, 2007 In Anticipation.””The absence of large losses, peak-of-the-cycle underwriting profits, and solid […]
Industry
Industry feedback is being sought on a draft guideline, aiming to reduce the time between initiating and signing reinsurance documents, issued by the Office of the Superintendent of Financial Institutions of Canada (OSFI).The guideline gives companies a nine-month window in which to get agreements signed.An OSFI review of reinsurance arrangements across the country brought to […]
Auto
The Insurance Corporation of British Columbia (ICBC) has filed a civil action against 20 individuals for their alleged involvement in a vehicle theft ring.The case involves a total of seven vehicle claims from 2002 until 2003, says information from the ICBC.The corporation is seeking to recover approximately $300,000, the cost paid out for the stolen […]
BCAA Insurance is cautioning policyholders about the dangers of using candles as Christmas dcor items during the holiday season.”Since the early 1980s, when the popularity of candles grew rapidly, BCAA Insurance has witnessed a steady increase of candle-related claims, particularly surrounding the Christmas holidays,” BCAA Insurance notes in a press release. “Candles now rate as […]
By Canadian Underwriter | December 13, 2006
EGI Financial Holdings Inc. has entered the United States non-standard automobile insurance market, signing a reinsurance treaty with AssuranceAmerica Insurance Company (AAIC).AAIC has accepted EGI Financial Holdings’ authorization to underwrite 17.6% of AssuranceAmerica’s 2007 quota share reinsurance treaty. Under this reinsurance agreement, Echelon will accept a maximum of US$15 million of non-standard automobile premiums in […]
Allstate Insurance Company of Canada is serving as the title sponsor for MADD Canada’s annual holiday season campaign for safe and sober travel — Project Red Ribbon.”Allstate is extremely proud to be partnering with MADD Canada again to get the message out and raise awareness about safe and sober driving this holiday season,” said Mike […]
The total volume of Insurance-linked Securities (ILS) outstanding has grown three-fold over the last five years, and is now close to US$23 billion, according to Swiss Re’s new sigma study “Securitization.”Life bonds account for two-thirds (or US$15 billion) of the total volume, whereas non-life bonds make up the remaining volume (US$8 billion).ILS provide insurers with […]
By Canadian Underwriter | December 12, 2006
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