Risk
The developer of the World Trade Center (WTC) Larry Silverstein alongside The Port Authority of New York and New Jersey are suing the seven WTC insurers due to payment delays, which the Port Authority says are required if the site is to be rebuilt.The action, filed in the Supreme Court of the State of New […]
By Canadian Underwriter | June 27, 2006
2 min read
Claims
The US federal anti-terrorism task force has been put on the spot to research terrorism insurance concerns prior to issuing its terrorism insurance market report due for release later this year.Under the terms of the 2005 Terrorism Risk Insurance Extension Act (TRIEA), the report must be delivered to Congress by Sept. 30, 2006. Specific areas […]
1 min read
Maggie Moody, 59, a long-time member of the Toronto Insurance Women’s Association (TIWA) and the Canadian Association of Insurance Women (CAIW), passed away suddenly on June 16.A long-time employee of Marsh Canada, Moody has served as president for both TIWA and CAIW.Moody was named Insurance Woman of the Year at a 1991 CAIW convention. At […]
Standard & Poor’s Ratings Services has revised its outlook on Germany-based Munich Reinsurance Co. and its core operating entities to positive from stable. In addition, the ‘A+’ counterparty credit and insurer financial strength ratings on Munich Re and related core entities were affirmed. “The outlook revision reflects the significant progress the group has made in […]
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Private damage insurers in 2005 collected CD$7.1 billion in premiums in Qubec almost the same level as the CD$7 billion collected in 2004, according to a recent report to Quebec’s National Assembly. “The damage insurance business in Qubec was therefore stable in 2005,” according to the report, prepared by the Autorit des marchs financiers (AMF).The […]
By Canadian Underwriter | June 26, 2006
Industry
What’s the estimated replacement cost value of the 18-carat-gold World Cup soccer championship trophy?About CD$85,400, not including design and labor costs, according to Lloyd’s of London broker Heath Lambert, a specialist in sports insurance. Charles Meaden, director of Heath Lambert’s sports, leisure and entertainment division, says this assumes “the trophy would probably be insured for […]
Kingsway Financial Services Inc. (TSX:KFS) has entered into a US$175 million three-year revolving credit facility with a syndicate of three banks. This new credit facility, which matures in June 2009, replaces the existing CD$150 million 364-day revolving credit facility, and contains similar terms, conditions and financial covenants to the facility it replaces. In the new […]
The “world’s largest passenger aircraft” is set to be introduced into the commercial aviation space despite A series of delays have altered the production and delivery schedule of the “world’s largest passenger aircraft” into the commercial aviation market, according to A.M. Best. Aviation insurers say the size and large seating capacity of the A380 will […]
Insurers recently offered support and appreciation for a special brochure called Insuring Old Homes in Nova Scotia.”We’re pleased that anyone in Nova Scotia who owns a heritage home has more information today on the insurance options available to them,” Don Forgeron, vice-President, Atlantic, Insurance Bureau of Canada (IBC), says. “This brochure helps get out the […]
By Canadian Underwriter | June 23, 2006
Deirdre Martin, 52, senior counsel for the Insurance Bureau of Canada, passed away on June 21 following a battle with lung cancer. Martin acted as counsel to the IBC’s national claims committee, the standards and practices committee (which reviews and recommends revisions to IBC advisory policy wordings), the investigative services division, and the Institute for […]
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