Industry
The York Fire & Casualty Insurance Company recently joined the Insurance Brokers Association of Canada (IBAC)’s branding campaign, which demonstrate the company’s commitment to Canadian insurance brokers, according to IBAC.As a Full Partner in IBAC’s branding campaign, IBAC CEO Dan Danyluk says Mississauga-based York Fire & Casualty is showing a supportive vote of confidence for […]
By Canadian Underwriter | October 25, 2006
1 min read
Ontario has approved an average rate decrease of 0.46% for private passenger auto insurance during the third quarter of 2006, the Financial Services Commission of Ontario (FSCO) has reported.Almost 80% of the Ontario market had rate changes approved during the third quarter of 2006. The rate decrease during 2006 Q3 represents the smallest average quarterly […]
By Canadian Underwriter | October 24, 2006
2 min read
Claims
Heading into an El Nino year, Canadian insurers and reinsurers should be reminded that the 1998 Ice Storm which caused more than $CD1 billion in damage losses in eastern Ontario and Quebec also happened during an El Nino year, panelists told a Swiss Re seminar in Toronto.El Nino refers to the fluctuations of surface water […]
Everest Re Group Ltd. recently reported a net income of US$634.5 million for the third quarter of 2006, a distinct improvement from the net loss of US$56.5 million reported for the same period in 2005. These results indicate a trend toward higher net income in financial results for a number of other Bermuda-based reinsurers.PartnerRe Ltd. […]
ARI Financial Services Inc., a leading fleet management company, has partnered with the CertifiedFirst Network . CertifiedFirst will serve as ARI’s collision repair service provider. Operated by PPG Industries, CertifiedFirst says it offers the breadth of coverage and service excellence to put ARI vehicles back where they belongon the road. “This agreement promises tremendous benefits […]
PartnerRe Ltd. (NYSE: PRE) has reported net income of US$235.8 million for 2006 3Q. In comparison, the reinsurer reported an after-tax net loss of US$288.7 million in 2005 3Q, reflecting the record catastrophe activity in that period. The company reported its non-life combined ratio during 2006 3Q was 81.4%, compared to the 156.3% COR the […]
By Canadian Underwriter | October 23, 2006
Catastrophe modeling has been revamped as a direct result of 2004 and 2005’s catastrophic weather events, speakers told an audience at a symposium sponsored by XL Re Europe Ltd. Insurers and reinsurers are not as confident about cat models and as a result have changed their views on weather-related risks, according to managing director ofAIR […]
New catastrophe-modeling capabilities can help insurers avoid the painful consequences of underinsuring properties, according to a panelist at A.M. Best’s Insurance & Technology Conference, e-Fusion, in Boston.In its report on the conference, A.M. Best cites George Davis, a vice president at catastrophe modeling firm AIR Worldwide Corp., as saying underinsuring means not getting the right […]
Beaufort Underwriting Agency Ltd, on behalf of its managed syndicate MSF Pritchard – Syndicate 318, has licensed Risk Management Solutions (RMS)’ RiskLink catastrophe modeling platform. This license agreement is a response to what Beaufort views as the increasingly critical role of exposure and catastrophe modeling management for the Lloyd’s market. RMS licenses the RiskLink catastrophe […]
Risk
New Brunswick’s Justice and Consumer Affairs Minister T.J. Burke recently named a Fredericton lawyer as the lead negotiator for upcoming discussions with the insurance industry.Bill Anderson, a government litigator, has been retained and will begin work immediately.”Mr. Anderson is an experienced negotiator and I know that he will achieve the government’s goal of having the […]
By Canadian Underwriter | October 20, 2006
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