Auto
Manitoba Public Insurance (MPI) is mailing out CD$58 million in refund cheques, representing 10% of the basic Autopac premiums paid by Manitoba drivers during the 2004-05 policy year.About 550,000 policyholders will receive a rebate this year. The rebates will not affect policyholders’ new basic rates this year, MPI announced, “although 57% of policyholders will enjoy […]
By Canadian Underwriter | April 24, 2006
1 min read
Industry
MFX, a provider of technology and IT outsourcing solutions, has signed a deal with holding company C.V. Starr for a comprehensive application service provider solution to C.V. Starr’s policy, claims and reinsurance processing needs.C.V. Starr is a New-York based holding company with insurance agencies and a portfolio of global investments. Historically, the company has produced […]
Claims
Even though property and general liability insurance rates increased in the first quarter of 2006, all indications point to a continuing soft commercial insurance market according to the RIMS Benchmark Survey, a comprehensive survey of current policy renewal prices as reported by corporate risk managers.In keeping with soft market conditions that have prevailed over the […]
SGI Canada had its second-best year on record in 2005, posting a consolidated profit of more than CD$35 million, despite record storm costs of more than CD$28 million in Saskatchewan, according to SGI’s 2005 annual reports recently tabled with the provincial legislature. SGI Canada is the competitive arm of the corporation, selling property and casualty […]
2 min read
Swiss Re says a “very strong capital position” has allowed it to adjust the way it plans to finance its proposed purchase of GE Insurance Solutions. “Swiss Re expects to raise US$3.9 billion instead of US$4.7 billion in equity securities to fund the GE Insurance Solutions acquisition,” the company announced recently on its Web site. […]
By Canadian Underwriter | April 21, 2006
AIG intends to sell up to 15.4 million of the common shares (24.2% of outstanding shares) it owns of reinsurer IPC Holdings in a public offering, subject to market conditions.AIG was the sponsoring shareholder of Bermuda-based reinsurer IPC in 1993. IPC was established after Hurricane Andrew touched down in 1992. Since 1993, AIG has provided […]
Benfield, an independent reinsurance and risk intermediary, has formed a relationship with Merrill Lynch to offer insurers and reinsurers catastrophe (cat) bonds as a form of alternative capital for peak risk exposures.Recent hurricane losses, likely revisions to cat models and rating agency requirements have created more interest in cat bonds among primary insurers and reinsurers, […]
The United States seems to be experiencing the same signs of commercial market softening as is developing in Canada, according to a recent survey by the Washington, D.C.-based Council of Insurance Agents & Brokers (CIAB).”Commercial property/casualty rates were flat or fell slightly during the first quarter of 2006, with renewal premiums for half of all […]
Consolidated revenues for The Co-operators Group Limited reached a record CD$2.7 billion in 2005 up from CD$2.6 billion the previous year. Net income was down slightly from 2004 to CD$138 million, with a return on equity (ROE) of 15.4%The Co-operators said its healthy financial position allowed it to share CD$10.6 million with its co-operative and […]
By Canadian Underwriter | April 20, 2006
St. Paul Travelers (NYSE:STA) is offering a new policy designed to give directors and officers of Canadian companies broader protection for claims made against their personal assets.St. Paul’s new Executive Choice Plus package provides coverage for “Side A” non-indemnifiable claims or claims that can’t be reimbursed by a company, such as derivative lawsuits or those […]
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