Claims
Bermuda start-up Validus Reinsurance Ltd. has reported gross written premiums of US$220 million during the January 2006 renewal season a performance that the company describes as exceeding expectations.The holding company formed on Dec. 12, 2005, to add capacity to the reinsurance market after the unprecedented catastrophic activity of 2004 and 2005.Validus Re commenced operations with […]
By Canadian Underwriter | January 31, 2006
1 min read
Industry
Fidelity National Financial, Inc. (NYSE:FNF), a Fortune 500 provider of outsourced products and services, has paid $635 million to purchase Sedgwick CMS Holdings, Inc.Sedgwick CMS Holdings is the sole shareholder of Sedgwick CMS, a North American provider of outsourced claims and productivity management solutions to large corporate and institutional clients. FNF also announced that Thomas […]
2 min read
Risk
Storm losses and US claims has lead Bermuda-based reinsurer Alea Group Holdings Ltd. to estimate a 2005 after-tax loss of between $200 and $240 million (between $1.15 and $1.38 a share), which may ultimately cause the reinsurer to close to new business and call a breach of agreement with its lenders.With shares in its corporation […]
In a strategic move to continue strengthening its presence in key geographic markets across North America, global insurance broker Willis Group Holdings (NYSE: WSH) recently appointed Gilles Duclos to the senior management position of executive vice-president and chairman of Qubec operations. Duclos offers extensive industry experience including business expertise acquired by successfully running his own […]
A trend towards the reduction of Canadian bankruptcies in 2006 is on the horizon but global trade credit insurer Euler Hermes says the Canadian economy will still face negative pressures from several sources, including export countries, regional trends, and structural industry weakness. The forecast predicts that the number of Canadian corporate insolvencies will fall to […]
By Canadian Underwriter | January 30, 2006
A two-year trend of steadily falling property insurance premiums is changing as evidenced by the sharp increase of property insurance rates in the fourth quarter of 2005, according to the new RIMS Benchmark Survey.Through the industry-wide survey of current policy renewal prices, corporate risk managers report that some commercial insurance buyers saw property premiums increase […]
The Allstate Corporation, the second-largest property casualty insurer in the U.S., has announced new reinsurance agreements for its countrywide personal lines property and auto insurance business, excluding Florida, and for personal property excess losses in California for fires following earthquakes. “The fundamental goal of Allstate’s catastrophe management strategy is to enable our shareholders to earn […]
As a result of significantly increased costs for injury claims, ICBC has applied for a 6.5% increase in 2006 basic insurance rates with the BC Utilities Commission.If BCUC approves the request, basic insurance premiums would increase by $38 for the average customer. The filing updates materials provided to the commission in recent months.”Over the past […]
If a recent request to President Bush is realized, than a Risk and Insurance Management Society Inc. (RIMS) member may soon be appointed as a policyholder representative functioning as both an analyst of the terrorism insurance market and a consultant to a presidential body On Jan. 25, 2006, RIMS president Ellen Vinck sent President Bush […]
By Canadian Underwriter | January 27, 2006
A recent survey by the Tillinghast unit of Towers Perrin revealed that directors at almost half of all public companies polled were inquiring about their directors and officers liability coverage in 2005; scrutiny which incited changes to the coverage at 19% of the corporations in question. Elissa Sirovatka, a principal at Tillinghast, says that D&O […]
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