Industry
In advance of its Annual Report Fairfax Financial Holdings Ltd. (TSX:FFH.SV) says it is releasing a disclosure excerpt in order to coincide with the 10-K filing by Crum & Forster Holdings Corp.The early release of the disclosure is a direct result of the previously disclosed delay in the filing of its Annual Report.The disclosure states:On […]
By Canadian Underwriter | March 22, 2006
2 min read
Claims
Aided by investment income, SCOR reported its net income for 2005 has increased 75% over 2004. “Net income after tax for 2005 amounted to EUR131 million ($US158.2 million), compared to EUR75 million (US$90.6 million) in 2004, representing an increase of 75%,” the company announced in a press release. “This demonstrates the solidity of the global […]
ICBC representatives are on site in Prince Rupert, B.C. to aid ferry passengers and expedite the handling of all vehicle-related claims related to the sinking of the Queen of the North.According to the Vancouver Sun, a Canadian Coast Guard vessel remained off B.C.’s north coast, scouring the choppy waters for fear there could yet be […]
Risk
Willis Group Holdings Ltd. recently hired Phillip Ellis to lead its global energy practice in London. Ellis, is an expert on energy having spent six years with Boston-based Consulting Group Inc. as the head of its oil and gas practice. In a statement Willis said Ellis has an “extraordinary wealth” of experience in working with […]
1 min read
Standard & Poor’s Ratings Services says it will be revising its criteria for measuring catastrophe risk for primary insurers early in the second quarter of this year. S&P’s says however, that it has no current plans to further revise criteria for reinsurers, which were last updated in July 2005. The revised primary insurer catastrophe criteria […]
By Canadian Underwriter | March 21, 2006
Noel Group is selling Travel Guard International and several affiliated companies to American International Group, Inc. (AIG). Travel Guard International provides travel insurance, emergency medical assistance and travel assistance programs. It markets its products through a network of more than 14,000 agents and nearly 500 travel suppliers in the United States, Canada, and Central and […]
Fitch Ratings predicts any merger between Aviva and Prudential would result in “downward pressure” on Prudential’s current ‘AA’ rating and a “potentially positive” effect on Aviva’s current ‘A+’ rating.Fitch made its observation following Aviva’s recent announcement of its proposal to acquire Prudential for 17 billion (US$29.7 billion). Aviva’s all-share proposal was rejected by the Prudential […]
Zurich American Insurance Company and its subsidiaries (ZAIC) have reached settlements totaling US$171.1 million with nine U.S. state attorneys general and one insurance commissioner, Zurich Financial Services Group (Zurich) has announced.The settlements relate to U.S. industry-wide investigations into broker compensation and insurance placement practices, and they require the implementation of new disclosure and compliance regimes. […]
By Canadian Underwriter | March 20, 2006
Home
MFX, a provider of technology and IT outsourcing solutions, has announced the Western Life Assurance Company in Alberta is using its WriteNow Web-based policy-writing platform for Western Life’s suite of ‘@pprove’ online, term life products.MFX developed WriteNow to provide agents and brokers with the ability to qualify, rate, quote, bind and deliver policy documents in […]
AMAC Consultants Inc. is expanding its Ontario operations with the appointment of Peter R. Morris as vice-president. Morris will lead the firm’s operations in Toronto, ON. Prior to joining AMAC, Morris was the branch director, Ontario division, CGI Insurance Business Services. Morris has held executive positions with the Society of Fellows in both Calgary and […]
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