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Swiss Re has introduced a new dimension to the conventional combined ratio, called the “economic combined ratio” [ECR]. According to Swiss Re, the ECR presents the following advantages when compared to the conventional combined ratio: * The ECR isolates the underwriting results of a certain year (accident-year view), avoiding mingling with reserve additions or releases […]
April 30, 2006
1 min read
Claims
The Honourable Order of the Blue Goose International, Ontario Pond held its 6th annual Scotch Nosing in April at the Ontario Club. Over 160 noses attended, including an esteemed panel of judges. Throughout the evening, guests sampled some of Scotland’s finest single malts and enjoyed the expertise and humorous delivery of Ed Patrick, one of […]
2 min read
Industry
Auto claim frequencies have increased, ending their free-fall, and the race to cut claims costs is about to begin Stone Point Capital LLC recently placed a binding offer through the new company Paris Re Holdings Ltd. to acquire AXA Re from AXA SA. AXA received the offer of US$14.2 million from Stone Capital for the entire share capital of AXA Re. Other lead investors in the deal, facilitated through the Stone Capital sponsored acquisition company Paris Re, include Hellman & Friedman, Vestar Capital Partners, Crestview Capital Partners, ABN Amro and New Mountain Capital. Under the terms of the agreement, Paris Re will absorb AXA Re by 2007. Paris Re will also take on all risks associated to AXA Re's 2006 claims. AXA would continue to manage all underwriting and claims for 2006 and prior years. Furthermore, AXA would guarantee the reserves pertaining to losses incurred on or before Dec. 31, 2005. Paris Re says it plans to maintain the leadership of AXA Re's Hans Peter Gerhardt and to keep the existing employees in moving forward. AXA has agreed to a period of exclusivity with Stone Point Capital, and intends to respond to this binding offer following consultation with the relevant workers' councils.
By David Gambrill | April 30, 2006
10 min read
Chubb Insurance Company of Canada CEO Ellen Moore receives the McGill Management Achievement Award for corporate excellence and community involvement
6 min read
Risk
Supreme Court examines insurer's liability for the "indirect" use of an automobile
By Craig Harris | April 30, 2006
9 min read
How government interference in the insurance business is threatening to cause a bumpy ride for consumers
By Bill Star, Chairman, president and CEO, Kingsway Financial Services Inc. | April 30, 2006
Insurers must be vigilant to ensure litigation, claims costs and fraud don't undermine the current stability of the auto market
By John Greb, Vice President, Claims, Allstate Insurance Company of Canada | April 30, 2006
4 min read
New legislation may introduce a new exposure for vehicle renters
By Ann MacKenzie, Assistant Vice President, Claims, Technical, The Dominion of Canada General Insurance | April 30, 2006
7 min read
Direct writings flatline last year, COR increases 1.9%
By Joel Baker, President, MSA Research Inc. | April 30, 2006
5 min read
Insurance industry supports accreditation of the car repair industry
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