Industry
On March 16, 2006 Aviva plc sent the board of Prudential a written proposal referencing a possible merger between the two groups, according to Aviva. Aviva’s board of directors says it anticipates such a merger will be valuable for shareholders of both Company’s, but add that they will only proceed with the proposal on a […]
By Canadian Underwriter | March 20, 2006
1 min read
Home
A group of 26 U. S. property-casualty reinsurers wrote $25.3 billion of net premiums during the 12 months ended Dec. 31, 2005, according to a survey of reinsurers’ statutory underwriting results conducted by the Reinsurance Association of America (RAA). Among the companies surveyed, the RAA survey shows the leading companies in terms of 2005 net […]
By Canadian Underwriter | March 17, 2006
EGI Financial Holdings Inc. (TSX: EFH) has appointed Mary G. Connolly to the boards of directors of EGI and its subsidiary, Echelon General Insurance Company.Connolly was most recently the managing director of the Toronto office of the law firm Fraser Milner Casgrain, LLP (FMC). In her role with FMC, Connolly was responsible for directing operations […]
Claims
American International Group (AIG) quarterly profits dropped 72% as a result of over US$2 billion in charges for regulatory settlements and increased reserves. In addition to these financially damaging the losses related to last year’s U.S. hurricanes also hurt AIG’s fourth-quarter (Q4) earnings.Executive Martin J. Sullivan, president and chief executive of AIG, informs investors that […]
2 min read
Insurers for Nortel Networks Corp. will pay $228.5 million toward a proposed shareholder lawsuit settlements. In February, Toronto-based Nortel said it would settle with payments of $575 million cash from reserves and issue 628.7 million common shares as well the Ontario-based company said it would contribute half of any recovered funds relating to lawsuits against […]
In the wake of the worldwide surge in natural catastrophes over the past few years, the insurance industry is turning more frequently to catastrophe bonds, according to a Standard & Poor’s report.The bonds are designed to mitigate the catastrophe risk in insurer and reinsurer portfolios by shifting a portion of it to the capital markets. […]
By Canadian Underwriter | March 16, 2006
Risk
Guidewire Software Inc. has released Guidewire PolicyCenter, a policy administration system for all lines of P&C insurance. Guidewire PolicyCenter is a web-based system facilitating business between agents and insurance carriers. The technology also works towards enhancing underwriting accuracy and efficiency. “Underwriting professionals told us they needed an intuitive, rule-driven policy processing environment to maximize and […]
The Insurance Brokers Association of Canada (IBAC) and the Canadian Federation of Independent Business (CFIB) have agreed to work together to present a united voice on issues affecting both small businesses and insurance brokerages.”Looking back, both organizations recognize the huge challenges that the last ‘hard market’ placed on small businesses concerning insurance availability and pricing, […]
Tornadoes that recently hit a number of Midwest states have already resulted in thousands of insurance claims.Preliminary numbers indicate approximately 100 storms struck Arkansas, Illinois, Kansas, Missouri and Oklahoma, causing less than 12 deaths. The National Weather Service has not confirmed the actual number of tornadoes to hit the region.A current tally indicates that that […]
After a delay granted for 2005, the consumer complaint declaration function of the Autorit des marchs financiers (AMF)’s Complaint Reporting System is now available to insurance and other financial companies required to report complaints in the new system, the AMF has announced.The AMF together with the Financial Services Commission of Ontario launched the Complaint Reporting […]
By Canadian Underwriter | March 15, 2006
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