Risk
Lloyd’s chief executive Richard Ward has sent a letter to the market outlining proposals to promote contract certainty.The letter includes proposals that would streamline the way insurance contracts are checked, produced and issued.The changes outlined in Ward’s letter follow consultation with the market, Lloyd’s says in a press release posted on its Web site. “The […]
By Canadian Underwriter | May 23, 2006
2 min read
Industry
Taking aim at statistics that show eight out of 10 child car seats are improperly installed, The Co-operators has partnered with the Infant & Toddler Safety Association (ITSA) to bring a series of free car seat clinics to a number of communities throughout Canada. ITSA is a volunteer-run registered charity. Established in 1980, it has […]
Claims
The upcoming Atlantic hurricane season will likely see approximately six major hurricanes, according to the National Oceanic and Atmospheric Administration (NOAA).The NOAA says there will be an 80% chance of an above-normal hurricane season, a 15% chance of a near-normal season and only a 5% chance of a below-normal season, which begins June 1. In […]
1 min read
Insurers operating without effective risk management programs may lose their competitive position or become exposed to “unacceptable losses,” according Standard & Poor’s Ratings Services. S & P’s notes that there is no national regulatory agency or industry-wide trade group that has established ERM criteria, though the European Union’s Solvency II criteria are currently pending. Standard […]
The US$160 million class A and B principal-at-risk notes issued by CAT-Mex Ltd. but originally received by Mexico from Swiss Re, have been assigned a ‘BB+’ credit ratings by Standard & Poor’s Ratings Services.The transaction, which was sponsored by the Mexican government to finance rescue and rebuilding after an earthquake, closed on May 11, at […]
By Canadian Underwriter | May 19, 2006
Moody’s Investors Service has confirmed the Aa2 insurance financial strength and senior debt ratings of Swiss Reinsurance Company in anticipation of the closing of Swiss Re’s acquisition of GE Insurance Solutions.Moody’s also changed Swiss Re’s ratings outlook to negative.”The decision to place the ratings on review for possible downgrade was made on 18 November 2005 […]
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The Globe and Mail has named CNA Canada among its Top 20 small/medium-sized companies to work for in Canada.In partnership with the Queen’s School of Business and Hewitt Associates, a global HR outsourcing and consulting firm, the Globe did a survey last summer of 79 organizations from across the country. CNA Canada and its 120 […]
ACE Ltd. (NYSE:ACE) recently elected Mary A. Cirillo to its Board of Directors. Cirillo has served as an advisor to Hudson Venture Partners, a New York venture capital firm, since 2003 and as chairman of OPCENTER, a network operations services firm, from 2000-2004. Cirillo has more than 25 years of financial services experience including CEO […]
Zurich Financial Services Group’s 2006 Q1 net income of US$785 million represented an increase of about 1% over the same period last year, notwithstanding a US$262-million settlement with U.S regulators, the company announced.Zurich General Insurance achieved a combined ratio of 95.1%, an improvement of 1.8% over 2005 Q1.”Strong performances in our major markets produced a […]
By Canadian Underwriter | May 18, 2006
Paul Davis Systems Canada, a mitigation, restoration and reconstruction network, has rolled out an international version of Xactimate 24, a software estimating program for replacement cost calculations, estimate tracking, and data trending in real time.”Xactimate allows us to provide uniform pricing as well as send estimators across Canada to participate efficiently in CAT situations,” Ken […]
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