Claims
The Ontario government is amending the province’s Insurance Act so that motor vehicle liability policies carried by the customers of leasing and rental companies are first in line for liability for any damages arising from accidents caused by the negligent operation of a leased or rented motor vehicle.The amendments, effective March 1, 2006, will also […]
By Canadian Underwriter | February 21, 2006
2 min read
Munich Re’s P&C contract rates as renewed in January 2006 saw an increase of 3%, even after the record 2005 hurricane season. Approximately 66% of Munich Re’s traditional non-life reinsurance business saw renewals in January with a premium volume of about 8.9 billion euros (US$10.6 billion). Only around 6% of the business was not renewed […]
1 min read
A.M. Best Co.’s expectation that significant price increases are mainly limited to business lines affected by the U.S. hurricanes, whereas European treaties (which account for approximately two-thirds of the renewable portfolio) saw relatively stable premium rates, has been confirmed by European-based global insurers recently published January 2006 renewals. This stability was also partially a result […]
By Canadian Underwriter | February 20, 2006
Industry
Willis Group Holdings Ltd. recently hired Derek A. Smyth as chief financial officer of the brokerage’s North American operations.Smyth has 13-years experience at General Electric Co., during which time he served as vice-president securitization, strategic pricing and financial planning and analysis. He also served as CFO of GE Capital IT Solutions in Munich, Germany. Smyth, […]
Risk
Standard & Poor’s Ratings Services is keeping Swiss Reinsurance on CreditWatch with negative implications — and GE Insurance Solutions Corporation on CreditWatch with a positive outlook — pending Swiss Re’s completed acquisition of GE Insurance, expected in mid-2006.S&P recently placed Swiss Reinsurance Co. (Swiss Re) and its core operating companies on CrreditWatch. “The long-term counterparty […]
Home
Allianz Insurance Company of Canada and The Nordic Insurance Company of Canada, both insurance subsidiaries of ING Canada Inc. (TSX:IIC.LV), have announced their intention to amalgamate under the name The Nordic Insurance Company of Canada. The transaction is subject to regulatory approval. ING Canada acquired Allianz Insurance Company of Canada in 2004. ING Canada president […]
A.M. Best has extended its negative outlook for the 2006 U.S. commercial insurance market. “A.M. Best anticipates there will be few rating upgrades or positive rating outlooks assigned in 2006 due to pricing deterioration in 2005, the expectation of continued (albeit lessened) reserve development and the dimmed long-term business prospects attributable to the emergence of […]
By Canadian Underwriter | February 17, 2006
ICBC presented a $10,000 cheque recently to a search and rescue team in Hope, B.C. to help replace the community’s Jaws of Life, the Hope Standard reported recently. According to the newspaper, a thief had stolen the team’s search and rescue vehicle and $104,000 worth of equipment. Also missing were avalanche victim locaters, flashlights, a […]
Kingsway Financial Services Inc. (TSX:KFS) has entered into a new Cdn$150 million, 364 day revolving credit facility with a syndicate of banks. This credit facility replaces the existing Cdn$150 million, 364 day revolving credit facility that is slated to mature on March 3, 2006. In the new facility, The Bank of Nova Scotia is acting […]
Co-operators General Insurance Company (TSX:CCS.PR.A.) has gained a consolidated after-tax net income of $39.1 million for the fourth quarter ended Dec. 31, 2005, compared to the $38.8 million profit for the same period in 2004.Gross written premium in the Q4 declined 1.8% to $486 million, compared to $495 million in the Q4 of 2004. The […]
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