Claims
Bermuda reinsurers have forecast that rates will continue to harden through the year and a capacity squeeze could even spread beyond the Florida market into other territories in 2007.Increased demand, revised catastrophe models and more stringent capital constraints continue to squeeze capacity, according to the most recent Bermuda Quarterly Report from Benfield.The 18-page report observed […]
By Canadian Underwriter | June 16, 2006
1 min read
American International Group Inc. recently confirmed that on March 31 the company suffered a break-in during which computer equipment containing personal information on approximately 930,000 individuals was stolen from a Medical Excess L.L.C. unit office in Midwest US.The data is a compilation of personal information delivered by 690 brokers. Some of the files even included […]
By Canadian Underwriter | June 15, 2006
Industry
AXA has agreed to buy Winterthur from the Credit Suisse Group for CHF 12.3 billion (US$9.98 billion), to be paid in cash. In addition, AXA will refinance CHF 1.6 billion (US$1.3 billion) of Winterthur’s outstanding debt, of which CHF 1.1 billion (US$893,000) of internal loans is to be redeemed to Credit Suisse Group at closing.”This […]
Insurers are pleased that a federal government white paper released June 14 makes no mention of changing the Bank Act to allow banks to promote insurance products in their local branches.The finance ministry white paper is a blueprint for legislation the government will introduce to Parliament in early 2007. Its proposals do include some new […]
2 min read
Canadian organizations may be concerned about a future pandemic outbreak, but they aren’t prepared for one, according to the findings of a Conference Board of Canada survey.The survey was released to coincide with the launch of a new Pandemic Preparedness Working Group.Almost 80% of the 75 organizations responding to the survey are concerned about the […]
By Canadian Underwriter | June 14, 2006
The Canadian Council of Insurance Regulators (CCIR) and the Canadian Insurance Services Regulatory Organizations (CISRO) have adopted a reciprocal licensing model for the insurance agent/broker licensing system in Canada effective July 4, 2006.The reliance model incorporates greater harmonization for agent and broker application forms, continuing education requirements and errors and omissions insurance for agents and […]
Standard & Poors (“S&P”) has reaffirmed the ‘BBB-‘ long-term counterparty credit and senior unsecured debt ratings of Kingsway Financial Services Inc. (TSX:KFS, NYSE:KFS).The ratings agency also affirmed the rating of Kingsway’s U.S. holding company, Kingsway America Inc. The outlook is stable and the rating, according to S & P’s, reflects “Kingsway’s strong business position in […]
Risk
Integro recently established its Aviation Practice with the appointment of Edward Nicholls to the position of managing principal and aviation practice leader. Offering 25 years of experience in the aviation sector, Nicholls comes to Integro from Aon Corporation, where he served as an executive vice president for 13 years. Previously he served as chief operating […]
Hurricanes and earthquakes have the potential to cause insured losses in excess of US$150 billion and total economic losses approaching US$500 billion, AIR Worldwide president and CEO Karen Clark told Members of Congress and their senior staff.The warning was revealed at a seminar titled “Insuring and Mitigating Risks of Large-Scale Disasters: Is Federal Disaster Insurance […]
By Canadian Underwriter | June 13, 2006
Sedgwick CMS Holdings, Inc. recently signed a definitive agreement to acquire CompManagement, Inc. and its affiliated companies.The acquisition is facilitate through a merger of a subsidiary of Sedgwick CMS Holdings and CompManagement’s parent company, Security Capital Corporation (AMEX: SCC), for a cash purchase price of approximately US$191.5 million. CompManagement and its affiliates provide third-party claims […]
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