Industry
The U.S. Securities and Exchange Commission intends to enact a series of actions to improve the implementation of certain internal control requirements of the Sarbanes-Oxley (SOX) Act. These actions include issuing SEC guidance for companies and working with the Public Company Accounting Oversight Board (PCAOB) on revisions of its internal control auditing standard. “The steps […]
By Canadian Underwriter | May 18, 2006
2 min read
Reiterating its commitment to Canadian insurance brokers, ING Insurance Canada has increased its involvement in the Insurance Brokers Association of Canada (IBAC) Broker Identity Program to Full Partner status. Under the terms of this new status ING will provide more than double its financial support for the Broker Identity Program. “This increased level of support […]
Auto
New Brunswick-based car insurance companies are set to see higher profits than other Atlantic Canadian provinces that are exposed to rate regulations. The New Brunswick Insurance Board (NBIB) recently granted NB car insurers permission to earn these higher profits. This development stems from the NBIB’s approval of company rate applications including a 14% profit margin. […]
By Canadian Underwriter | May 17, 2006
1 min read
Claims
AIG recently unveiled a new policy that will manage the risks and capture the business opportunities posed by climate change, making it the first U.S.-based insurance company to adopt such a product.The national coalition of investors and environmental groups Ceres says AIG’s new policy is in line its goal to incite improvement in insurance industry […]
Reinsurance “side-cars” special-purpose reinsurers are likely to become increasingly important to the business strategy of insurers and reinsurers, according to a recent Moody’s report.In its report, Reinsurance Side-Cars: Going Along for the Ride, Moody’s notes reinsurance side-cars are “a recent innovation in the catastrophe-battered insurance and reinsurance industries, whose managements are seeking solutions to stabilize […]
Risk
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Aviva Insurance Company of Canada, Scottish & York and Traders General Insurance Company, all Aviva Canada Inc. (Aviva) member companies, are rewarding drivers in Quebec who choose to be kind to the environment with an automatic 10% discount on their Aviva auto policy premium.Effective June 1, 2006, upon sign-up, Aviva policyholders in Quebec who drive […]
Insurance industry mergers and acquisitions increased in 2005 to the highest level since 2001 and may foreshadow an acceleration of activity this year and the next, according to a new study by Hartford, Connecticut-based Conning Research and Consulting, Inc.The study is entitled: Mergers & Acquisitions and Public Equity Offerings-Fasten Your Seat Belts!”There are a number […]
By Canadian Underwriter | May 16, 2006
Arch Capital Group Ltd.’s (NASDAQ:ACGL) proposed $100 million issuance of Class B, noncumulative preferred shares recently received a ‘BB+’ preferred stock rating from Standard & Poor’s Ratings Services. In addition, S & P’s also affirmed its ‘BBB’ long-term counterparty credit and senior debt ratings on Arch Capital Group Ltd. and affirmed its ‘A-‘ long-term counterparty […]
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