Industry
First Canadian Title, a provider of title insurance, recently enabled the multi-jurisdictional acquisition of HBC, which involved the purchase of all HBC shares in January by South Carolina businessman Jerry Zucker in a deal worth more than $1 billion.”The historical nature of some of the properties, along with the complexity of the land title records […]
By Canadian Underwriter | June 9, 2006
1 min read
St. Paul Travelers Cos. is removing the “St. Paul” out of its Company name as part of a multimillion-dollar advertising and marketing campaign that will streamline its personal and commercial insurance products under one brand.In one of its first steps in the new campaign, the insurer removed “St. Paul” from all marketing material related to […]
Claims
If you think stealing a car is a small-time crime motivated by the need for thrill-seeking or a quick buck, it’s time for a reality check, according to the Insurance Bureau of Canada (IBC).”Today, auto theft is big business,” the IBC says in a press release issued at the opening of a two-day summit meeting […]
By Canadian Underwriter | June 8, 2006
2 min read
Tropical Storm Risk (TSR) anticipates Atlantic basin and U.S. landfall hurricane activity will be 40% above the long-term (1950-2005) norm in 2006.The TSR prediction includes: A 74% probability of an above-normal Atlantic hurricane season, a 22% probability of a near-normal season and only a 4% chance of a below-normal season. An expectation of 14 tropical […]
Standard & Poor’s Ratings Services is enhancing its process for evaluating the terrorism exposure of interactively rated insurers and reinsurers. The updated process, S &P’s says, is partly a response to the increased insurance retentions under the two-year extension of the Terrorism Risk Insurance Act of 2002. The ratings agency says the enhancement will also […]
KRG Children’s Charitable Foundation has offered Muskoka-based CNIB Lake Joseph Centre (Lake Jo), which is a camp for visually impaired children and their families, a cornerstone gift of CD$500,000 toward their “Restoring the Spirit” campaign. The capital campaign aims to raise enough money to rebuild the entire camp facility. The generous donation from KRG will […]
3 min read
In response to increasing frequency and severity of natural catastrophes, Swiss Reinsurance Co. recently placed a natural catastrophe bond program, which will provide the Company with US$950 million of protection for North Atlantic hurricane, European windstorm, Californian earthquake and Japanese earthquake risks.The bond program, which is called “Successor,” will allow Swiss Re’s investors to choose […]
By Canadian Underwriter | June 7, 2006
Risk
Fitch Ratings has released its proposed guidelines for assessing insurance companies’ internal capital models.”Fitch Ratings welcomes the use of in-house capital models developed by insurers as an important part of the enterprise risk management of these organizations,” the agency says in an online posting announcing its new guidelines for assessment.Fitch went on to note that […]
Risk Management Solutions (RMS), a provider of products and services for the management of natural hazard risk, has updated its U.S. and Canada earthquake models to reflect phenomena such as demand surge and claims adjustment and inflation. The earthquake model update features third-generation modeling capabilities throughout the region and incorporates perspectives on loss amplification gained […]
Arch Capital Group Ltd. (NASDAQ: ACGL) recently promoted Mark Lyons to the position of president and chief operating officer of Arch Insurance Group (U.S.), effective immediately. In his new role, Lyons will assume responsibility for each of the underwriting units of Arch’s U.S.-based insurance operations.Lyons, 49, joined Arch Insurance Group in August 2002 as senior […]
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