Risk
XN Holdings, parent company of XN Risk Insurance Services (Canada) Inc. recently launched a Law Firm Management Liability Policy designed address a wide range of liabilities law firms may confront from customers, suppliers, job applicants and employees, unrelated to the provision of legal services. Policy limits are routinely available up to Cdn$5 million in the […]
By Canadian Underwriter | February 23, 2006
2 min read
Claims
PXRE Group Ltd. (NYSE:PXT) recently reported a net loss before convertible preferred share dividends of $446.5 million for the quarter ended Dec. 31, 2005 compared to net income before convertible preferred share dividends of $32.8 million in the fourth quarter of 2004. The net loss in the fourth quarter of 2005 principally reflects losses from […]
3 min read
The insurance industry must compensate for extreme changes in the number of tropical cyclones and hurricanes by assuming a different loss distribution for the current warm phase of the natural climate cycle than in the years before, according to a report by Munich Re.The report, entitled “Hurricanes: More Intense, More Frequent, More Expensive,” says the […]
The multimillion-pound armed robbery of a storage depot in the United Kingdom near London is likely to be felt within Lloyd’s, which has a worldwide reputation for writing insurance for this kind of risk, according to a report by A.M. Best.The robbery involved the taking of a manager’s family as hostage, and occurred at a […]
The Society of Actuaries (SOA) is initiating research on the possible implications of an avian flu pandemic on the insurance industry. Jim Toole, fellow of the Society of Actuaries and managing director of MBA Actuaries, will guide the study. Toole hopes the study will help to provide actuarial risk measurement and management regarding the readiness […]
By Canadian Underwriter | February 22, 2006
1 min read
FM Global’s 2005 financial results state that the commercial and industrial property insurer has realized a 14% increase in net income to US$635 million, representing the Copmany’s fourth consecutive year of strong results.In addition, FM Global;s policyholder surplus grew 18.8% from 2004, to reach US$4.4 billion. The client retention rate for 2005 was 92%, one […]
Manitoba vehicle owners are responding well to an initiative promoting the purchase of after-market vehicle immobilizers but the people whose vehicles are most at risk are not the ones buying the immobilizers, according to Manitoba Public Insurance.”In January alone, we saw a surge of 1,500 new appointments for immobilizer installations, but less than a quarter […]
Benfield, an independent reinsurance and risk intermediary, today announced the launch of eCatFac, a new electronic placing platform designed to help place facultative reinsurance for cedants with large catastrophe exposures.”Facultative reinsurance is a highly customized tool that is increasingly being used by risk carriers to manage catastrophe exposure and terrorism issues, including the mitigation of […]
Industry
SGI is giving its customers a one-time, 8% rebate in 2006.”SGI has not increased rates for vehicle insurance for five years and there will be no rate increase again this year,” the minister responsible for SGI, Glenn Hagel, said in a press release. “Instead, SGI’s Auto Fund will be giving Saskatchewan vehicle owners an 8% […]
By Canadian Underwriter | February 21, 2006
Managing the insurance cycle remains the most important challenge facing the global insurance industry, according to Lloyd’s underwriters.New Lloyd’s research, carried out among more than 100 underwriters from the international specialist insurance market, reveals that more than half of Lloyd’s underwriters believe that managing the ‘boom and bust’ nature of the insurance cycle will be […]
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