Claims
Catlin Insurance Company Ltd. of Bermuda plans to enter into catastrophe swap agreement that would provide it with coverage of up to US$200.25 million in the event of a series of severe natural catastrophes.The transaction, which is subject to completion of contractual arrangements, would provide Catlin with competitively priced and fully collateralized protection against severe […]
By Canadian Underwriter | September 28, 2006
3 min read
Industry
The House of Representatives recently voted 417 to zero in favor of a bill intended to create a system for the regulation and taxing of surplus lines insurers and reinsurers. The Nonadmitted and Reinsurance Reform Act will make nonadmitted insurance subject to regulation only in the policyholders’ home states. It will also give a reinsurer’s […]
1 min read
Risk
The US Securities and Exchange Commission has filed securities fraud charges against three former RenaissanceRe Holdings Ltd. Executives regarding an alleged finite reinsurance “sham” used to “smooth earnings.”Charges of securities fraud were laid in a Manhattan federal court against RenaissanceRe’s former CEO James N. Stanard, its former controller Martin J. Merritt and former senior executive […]
By Canadian Underwriter | September 27, 2006
2 min read
Insurance brokers worldwide face challenges as a result of New York Attorney General Eliot Spitzer’s investigation into bid-rigging in the insurance broker industry, according to a recent report published by Standard & Poor’s Rating Services.S&P’s report, entitled “Challenges Still Loom For Global Insurance Brokers In Post-Scandal Era,” references specific major brokers in the market.”For the […]
Auto
The Insurance Corporation of British Columbia (ICBC), along with the provincial government and local police, have designated October as “Zero Crash Month,” in order to raise awareness of the impact crashes have on people, families and communities, and as a challenge to make a difference. The ICBC reports that it is predicted that this October […]
Hedge fund and private equity investors continue to provide capital to support catastrophe risks for insurance and reinsurance companies, according to an article published by Standard & Poor’s Ratings Services. The article, entitled “Hedge Funds And Insurers: A Healthy But Tricky Relationship,” says the form of support has evolved from straight investments in new start-up […]
A national partnership agreement between Enterprise Rent-A-Car and the Association of Canadian Travel Agencies (ACTA) will result in the promotion of Enterprise Rent-A-Car services to association members nationwide. Under the agreement, running from September 2006 to December 2007, Enterprise will support the association in its membership advocacy and promotional activities in Canada. In turn, ACTA, […]
By Canadian Underwriter | September 26, 2006
The quality of financial reporting in Quebec has improved over the past few years, according to the province’s regulator of financial institutions, the Autorit des marches financiers (AMF), but there is still work to do particularly when it comes to filing Management’s Discussion and Analysis (MD&A) reports and financial statements.”This year, once again, we issued […]
The International Underwriting Association (IUA) has launched a new Web site to discuss Solvency II, the planned new European solvency regime for insurers to be established in 2010.The new Web site outlines the background to Solvency II, including a summary of previous European Union (E.U.) directives governing insurer solvency rules since the 1970s. It also […]
Aon Re Global has appointed Elliot Richardson as the new head of its global cedant facultative reinsurance activities. Richardson recently resigned from his role as head of facultative reinsurance at Benfield. Based in London, he will reportto Michael O’Halleran, chairman and chief executive of Aon Re Global. Aon says it has “been recruiting in the […]
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
