Claims
Moody’s Investors Service has assigned a Baa3 rating to US$100 million of preferred shares issued by Arch Capital Group Ltd. (“Arch Capital”)(Nasdaq: ACGL). The offering constitutes a drawdown from Arch Capital’s existing $650 million universal shelf registration rated by Moody’s in July 2005. The ratings agency said it expects net proceeds from the offering will […]
By Canadian Underwriter | January 24, 2006
2 min read
Risk
After a mere five years and a price tag of $124.9 million, Lloyd’s of London plans to close its Internet-based risk-data platform Kinnect.Kinnect customers were recently informed by interim chair of the market-backed Internet platform Michael Dawson that the Lloyd’s Franchise Board would not continue to fund the project.”After close consultation with a number of […]
1 min read
The federal US government was recently called on by three elected representatives and Allstate Insurance, to take action on the federal terrorism insurance backstop this year and thus aid in the provision of reinsurance for catastrophes.The elected officials, Congressman Steve Israel and Congresswoman Carolyn McCarthy, who urged the government to create a nationwide federal disaster […]
Swiss Re has successfully completed its first credit reinsurance securitization, the company recently announced on its Web site.The company’s EUR 252 million (about Cdn$356 million) issue benefits Swiss Re by transferring credit insurance risk to the capital markets, thereby increasing Swiss Re’s capital efficiency.John Fitzpatrick, head of Swiss Re’s financial services commented: “This is the […]
Industry
Western Financial Group has announced it is entering into a strategic partnership with the Sawchuk Group in the ownership of Northcountry Insurance Agencies, an insurance agency operation with offices in Smithers, Vanderhoof, Houston, Williams Lake, 100 Mile House, Burns Lake and Fraser Lake, British Columbia.Western Financial Group will own a minority interest in Northcountry, which […]
By Canadian Underwriter | January 23, 2006
David Williams has been appointed vice president, manager of Chubb Specialty Insurance, Canadian zone. Effective immediately, he will oversee policy development, sales and marketing and underwriting activities for all of the Chubb Insurance Company of Canada’s specialty insurance products across Canada.”Chubb prides itself on offering the most comprehensive, uniquely tailored insurance products available, many stemming […]
The Caisse de dpt et placement du Qubec a financial institution that primarily manages funds for public and private pension and insurance plans and AXA, through its subsidiary AXA Private Equity recently increased their joint private equity efforts on the key markets of North America, Europe and Asia.The two groups recently signed the agreement in […]
Upon recent monitoring of the terms and conditions regarding the global property catastrophe insurance renewals for Jan. 1, 2006, Standard & Poor’s Ratings Services says it is concerned that improvements in pricing and coverage terms might not be as significant as previously anticipated.S&P’s notes that the market trends it has been monitoring are not set […]
Home
Kanetix has launched a new French language travel insurance quote service, which will provide French Canadians access to French language quotes when they are travelling outside of the country.”Kanetix already offers online quotes in French for auto, property, life, and critical illness insurance,” Gregory Ellis, co-founder of kanetix, says. “So it only made sense to […]
By Canadian Underwriter | January 20, 2006
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