Claims
ICBC is planning to drop a car from a 50-foot crane at the PNE fairgrounds in Vancouver to illustrate graphically the damage of a head-on crash between a car moving at 60 km-h and a stationary object.The public event will mark the launch of Zero Crash Month, which is designed to raise public awareness of […]
By Canadian Underwriter | September 25, 2006
2 min read
A.M. Best Co. has released a new methodology for rating the “basis risk” associated with parametric catastrophe bonds.The new methodology is designed to help the ratings agency determine the amount of reinsurance credit that can be claimed by the sponsors of such bonds.Insurers and reinsurers use “parametric” bonds to protect capital, and to share profits […]
Industry
Swiss Re has confirmed plans to further cut approximately 2,000 jobs worldwide, by the end of 2007.The cuts, which Swiss Re attributes to the integration of General Electric’s reinsurance company Insurance Solutions, will be implemented mainly in European and U.S. positions through attrition.The remainder of the jobs, Swiss Re says, will be implemented through early […]
1 min read
Risk
Integro Insurance Brokers has implemented a new business venture with Indemnis Trade Risk Management, which will allow the broker to offer new trade risk management programs to its North American clients. “We are enthusiastic about our firm’s collaboration with Indemnis relative to large and complex trade risks,” said Roger Egan, chief executive officer of Integro […]
Syncro Limited, a Bermuda-based company, is establishing a Bermuda sidecar-like reinsurance arrangement to allow Lloyd’s managing agencies to increase their underwriting access to additional capacity at any point in the underwriting year. Structurally, the arrangement is similar to a side car arrangement. In a side car arrangement, a reinsurer or insurer cedes premiums associated with […]
By Canadian Underwriter | September 22, 2006
ICBC has launched a new Web site for mobile Web users to help ease the stress of being involved in a crash or experiencing a vehicle breakdown.The mobile version of www.icbc.com provides critical information on how to report a claim, what to do at the scene of a crash, and key contact numbers. “The site […]
Willis North America has appointed Don Bailey to the position of chief executive officer. Bailey succeeds Mario P. Vitale, who, after six years at Willis, will leave the brokerage to take the position of CEO of Zurich’s Global Corporate North American operations, according to the brokerage. Bailey joined Willis from Allianz Insurance Co. in March […]
Munich Re has replaced its legacy systems with a new IT platform, Gloria (Global Reinsurance Application) platform. This new platform is intended to standardize business processes and the handling of reinsurance business. Munich Re says the new IT platform should also enhance as well as the quality and efficiency of activities such as underwriting, claims […]
By Canadian Underwriter | September 21, 2006
Standard & Poor’s Ratings Services says Marsh Marsh & McLennan Cos.’s (NYSE:MMC) ‘BBB’ rating will not be affected by the Company’s plan to complete a market check of its Putnam Investments unit, in order to determine its value. S & P’s says it interprets this to mean that MMC is “considering a transaction involving Putnam, […]
Camilion Solutions, a private company based in Toronto, New York and California which provides product management, underwriting and online sales solutions for the insurance industry has released ProductAuthority(TM) V5.1 the company’s flagship enterprise product management solution.”ProductAuthority V5.1 now incorporates the foundational standards – WSDL, SOAP and UDDI to make the solution fully Web Services compliant, […]
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