Risk
Sedgwick CMS Holdings, Inc. (Sedgwick CMS Holdings), parent company of Sedgwick Claims Management Services, Inc. (Sedgwick CMS), recently concluded its agreement to acquire CompManagement, Inc. (CMI) and its affiliated companies. The finalized agreement took the form of a merger between a special purpose subsidiary of Sedgwick CMS Holdings and Security Capital Corporation (SCC), parent company […]
By Canadian Underwriter | September 13, 2006
1 min read
Industry
Oxygen Holdings P.L.C. recently introduced a reinsurance broker, Oxygen Re that will serve buyers of non-marine, marine and aviation treaty reinsurance and retrocessional covers.In addition, London-based Oxygen Holdings says it will introduce third-party capital in various forms to support underwriting.The unit is launching as the Company predicted that a “seismic shift” is occuring in the […]
Ontario’s insurance regulator is consultating with Ontario-incorporated insurers, reciprocals and fraternal societies on proposed changes to insurance legislation that would allow these insurers to operate under investment and corporate governance rules similar to those at the federal level. According to the Financial Services Commission of Ontario (FSCO), the “proposed ‘prudent portfolio’ approach would give Ontario’s […]
2 min read
Claims
Critics may dismiss the dangers of global warming, but increasing sea temperatures are nonetheless linked to more intense Atlantic hurricanes, according to the 2006 edition of the annual publication, the Hazard & Risk Science Review.Researched and edited by Professor Bill McGuire, director of the Benfield UCL Hazard Research Centre (BUHRC), and jointly sponsored by Benfield […]
The property retrocession business Swiss Reinsurance Co acquired when it purchased GE Insurance Solutions, will not be renewed.The reason the reinsurer is not renewing the business is related to the dissolution of the retrocession market. The decision of Swiss Re reiterates the fact that it will be very hard for primary insurance companies to get […]
By Canadian Underwriter | September 12, 2006
The Precept Group, a full-service insurer based in Waterloo, Ontario, is donating money to help build Canada’s first solar park The Precept Group Inc. announced it will be donating money to The Sunpark Challenge to help buy the solar panels and equipment necessary to generate clean, renewable electricity from the power of the sun. “We […]
The hurricane forecast for 2006 has been revised from Tropical Storm Risk’s original prediction of above-average activity to slightly below-normal activity.The London-based group of insurance, risk management and seasonal climate experts, led by the Benfield centre, say the new forecast indicates hurricane activity will be 10% below what has been the norm from 1950-2005. This […]
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In conjunction with the B.C. provincial government and police, ICBC is putting auto thieves and their passengers on notice that if they steal a vehicle, they will be held financially responsible.Project No Free Ride is an initiative focused on recovering costs from auto thieves directly through civil litigation. The program’s intent is to deter auto […]
The capacity shortage in retrocessional property catastrophe reinsurance protection has “materially disrupted” the property and catastrophe insurance industry, according to an article recently published by Standard & Poor’s Ratings Services. The article “Responding To The Retrocessional Squeeze” reports that the estimated US$80 billion-$90 billion in losses resulting from the 2005 hurricane season has thrown the […]
By Canadian Underwriter | September 11, 2006
Financial strength in the global reinsurance sector has declined over the past five years to the point that, when taken on a stand-alone basis, no reinsurer is currently rated higher than ‘AA-,’ according to a recent report published by Standard & Poor’s.”The downward trend in financial strength has coincided with a withdrawal from reinsurance business […]
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