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According to a recent survey of reinsurers’ statutory underwriting results, a group of 24 property-casualty reinsurers wrote US$6.6 billion of net premiums during the three months ended March 31, 2006.The report, conducted by the Reinsurance Association of America (RAA), indicates that the reinsurers’ combined ratio was 98.4%, a sight increase over the combined ratio of […]
By Canadian Underwriter | May 26, 2006
1 min read
Risk
The long-term counterparty credit and insurer financial strength ratings on Swiss Reinsurance Co. and its core operating companies will remain on CreditWatch with negative implications, according to Standard & Poor’s Ratings Services. Swiss Re and its entities were placed on CreditWatch on Nov. 18, 2005, following the reinsurers announcement that it agreed to acquire U.S.-based […]
2 min read
Claims
ING Canada and belairdirect are promoting car seat safety by offering to compensate auto policyholders for any child safety restraint system installed in a vehicle that is involved in an accident, even if the car seat was not damaged on impact.The majority of insurers in Quebec pay out compensation only for child car seats with […]
The commercial insurance industry remained a buyers’ market in 2005 and shows no signs of hardening any time soon, according to the 2005 Annual Benchmark Survey from the Risk and Insurance Management Society (RIMS).The 2005 survey revealed that the total cost of risk (TCOR) was down for the first time since 2001. Following 9/11, insurance […]
By Canadian Underwriter | May 25, 2006
Standard & Poor’s Ratings Services affirmed the ‘A’ counterparty credit rating on Bermuda-based reinsurer PartnerRe Ltd. (NYSE: PRE), but changed its outlook on the reinsurer from’stable’ to ‘negative.’According to the ratings agency, “the revised outlook reflects PartnerRe’s operating capital adequacy, which remains below Standard & Poor’s expectations for a ‘AA-‘ rating, at an estimated 121% […]
Aon Consulting, the human capital consulting organization of Aon Corporation (NYSE:AOC), a provider of risk management services, has launched a new corporate investigations group.The new group will “assist organizations worldwide with their most complex corporate investigations, while ensuring they adhere to regulatory standards,” a company press release says.”This group works with law firms, corporations, governmental […]
Industry
Crawford Adjusters Canada plans to conduct a pilot project utilizing SMART Insurance Technology, a portal managed by CGI Insurance Business Services. Crawford’s proprietary CMS Claims Management System will interface with the SMART portal to automate and streamline the communication process between claims adjusters and other participants on a claim. Crawford will be evaluating the portal’s […]
The energy insurance market has proven its resilience despite the large losses of 2005, according to the Energy Market Review published by Willis Group Holdings (NYSE:WSH). However, the report notes that with numerous changes and challenges affecting the industry, it is currently unclear whether the market could be as successful if the 2006 storm season […]
By Canadian Underwriter | May 24, 2006
North America’s commercial insurance industry remained a buyers’ market in 2005 and shows no signs of hardening any time soon, according to the 2005 Annual Benchmark Survey from the Risk and Insurance Management Society (RIMS).The 2005 RIMS Benchmark Survey book provides risk managers objective and actionable insurance market information based on the insurance programs of […]
The United States Attorney for the Southern District of New York has announced the arrest on May 5, 2006, in Canada of Ian Stuart, following the investigation of a massive, $7-million insurance fraud scheme.Stuart, also known as “John Harris” and “John Harrington,” is currently detained in Canada and the United States is pursuing his extradition. […]
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