Risk
Fitch Ratings has affirmed and removed all of its ratings on American International Group, Inc. (AIG) and subsidiaries from watch negative, which it originally place in March 2005. In addition, Fitch has assigned ‘AA’ Issuer Default Ratings (IDRs) to AIG and several of its downstream holding company subsidiaries. The Rating Outlook is Stable. Fitch says […]
By Canadian Underwriter | April 11, 2006
3 min read
Auto
CGI Group Inc. has signed a seven-year, US$45-75 million agreement to provide Universal Insurance of North America with policy and accounting business process services (BPS). CGI will process Universal’s personal lines book of business, including homeowners, dwelling-fire, auto, and umbrella in Texas and Florida.As part of the agreement, CGI will open a processing facility in […]
1 min read
The OIAA will hold this years ‘Out of Town Meeting’ on June 2 and 3, 2006 in Thunder Bay, ON. Details about the annual shindig, dubbed “Rendezvous 2006: Thunder Bay,” can be found at www.tbiaa.ca. The Website offers information about the seminars, trade show, tours and special events that will be featured at the event. […]
Technological advancements in the medical field may improve hospital performance and safety leading to lower medical malpractice and professional liability costs but panelists told the Sixth Annual PLUS Medical Professional Symposium that such advances may also expose hospitals and doctors to emerging risks leaving underwriters hurting. This new technology impacts productivity and revenue, principal of […]
By Canadian Underwriter | April 10, 2006
2 min read
Industry
Condominium owners can find protection against gaps in typical condo coverage with Chubb Insurance Company of Canada’s new insurance policy. Most condo owners are unaware of expenses they are accountable for as a result of limitations in their building corporation’s master insurance policy. Chubb’s ‘Masterpiece Condominium’ policy addresses these limitations by offering protection in a […]
The national organization of Canada’s actuarial profession says the Socit de l’assurance automobile du Qubec (SAAQ) has no choice but to raise Qubec motorists’ premiums because of the SAAQ’s “very large funding deficits.””The Government of Qubec is correct in stating that the SAAQ posted a surplus last year,” the Canadian Institute of Actuaries (CIA) says […]
Willis Group Holdings, Ltd. (NYSE: WSH) is strengthening its Canadian contingent with the appointment of five new insurance professionals to its Canadian operations. The new Toronto-based employees include Ayesha Navarro, Murray Kammer, Charles Fogden, Matthew Cook, and Douglas Bundock.Formerly senior vice president at Aon, Navarro joins Willis as senior vice president, account executive with Willis’ […]
By Canadian Underwriter | April 7, 2006
The Qubec automobile insurance industry posted further growth in 2005, reporting an overall operating income totalling 16.8% of earned premiums up slightly from the 16.6% generated in 2004.Losses in 2005 (3.0%) grew at a slower pace than earned premiums (3.2%), according to the Autorite des marches financiers (AMF). The findings came from the 2005 annual […]
Claims
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 […]
Manitoba Public Insurance [MPI] is offering immobilizers at no cost to 78,000 Winnipeg and commuter customers whose vehicles are most likely to be targeted by thieves provided the installations are completed within the next six months.According to MPI, the unprecedented strike against auto theft will cost up to CD$21.8 million, but could reduce claims costs […]
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