Claims
January renewals in the United States and Europe are telling a “tale of two markets,” according to Grahame Millwater, the chairman and CEO of Willis Re, who was quoted in the recent edition of A.M. BestWeek.A.M. Best notes in the Jan. 23, 2006 edition of its newsletter that “a few months after the record-breaking losses […]
By Canadian Underwriter | January 20, 2006
1 min read
Standard & Poor’s Ratings Services affirmed its long-term counterparty credit and insurer financial strength ratings on Hannover Rckversicherung-AG and its core entities – collectively Hannover Re – and removed them from CreditWatch, where they had been placed with negative implications on Nov. 10, 2005. At the same time, S&P’s affirmed its long-term counterparty credit and […]
2 min read
Risk
A.M. Best Co. has affirmed the financial strength ratings of A- (Excellent) for both Royal & Sun Alliance Company of Canada and Quebec Assurance Co. A.M. Best also affirmed the financial strength rating of Ascentus Insurance Ltd. at B+ (Very Good).Additionally, A.M Best downgraded the financial strength rating of Unifund Assurance Co. (Newfoundland) to C […]
By Canadian Underwriter | January 19, 2006
Benfield Corporate Risk, the corporate insurance and risk intermediary catering for the complex risk management and transfer needs of the corporate sector worldwide, has announced the opening of a Canadian office in Calgary. Incorporated Jan. 19, Benfield Corporate Risk’s Canadian operations will be managed by Richard Cutfield. Cutfield has more than 25 years of experience […]
Industry
In lieu of Swiss Re’s deal to acquire the insurance division of US General Electric, the reinsurer plans to reduce its workforce by approximately 1,700 jobs globally.The senior management of the two companies reportedly met to discuss the consolidation of the two workforces and the future plan for leadership.According to the Financial Times, Swiss Re’s […]
By Canadian Underwriter | January 18, 2006
There have been dramatic increases in the severity of U.S. securities class actions over the last five years, panelists have told 18th Annual PLUS International Conference attendees. At the same time, the frequency of class actions remains manageable and is showing signs of decreasing.The Professional Liability Underwriting Society (PLUS) is an international, non-profit association with […]
Last year’s unprecedented catastrophe losses had an uneven impact on pricing and capacity at 2006 reinsurance renewals, according to Benfield’s recently published renewal report “Reinsurance Market and Renewals Review Swings and Roundabouts.”Benfield’s 82-page report finds that the hurricanes that occurred in 2005 caused dramatic increases in reinsurance rates in the US, particularly for property catastrophe […]
Strategy International Insurance Group, Inc. (OTCBB:SGYI) and Nexxus One Holding, Ltd. recently signed a binding letter of intent, which states that Nexxus One will provide $100 million in new capital for Strategy by January 31, 2006.Under the terms of the letter Nexxus One will increase the underwriting capacity of Strategy by delivering $100 million in […]
Lloyd’s is offering shipowners a new type of kidnap and ransom insurance, following rising levels of piracy attacks around the globe.Specialist intermediary Seacurus and Lloyd’s broker Cooper Gay have launched CrewSEACURE, a new type of marine cover underwritten within Lloyd’s.Captain Thomas Brown, managing director of Seacurus, said the product had been developed in response to […]
By Canadian Underwriter | January 17, 2006
South Western Group rang in the new year by beginning to use Crawford Adjusters Canada as their exclusive supplier of claims administration services. Under an agreement between the two company’s, Crawford is providing South Western Group with 24 hour-a-day claims intake through CLAIMSALERT” and complete claims adjusting and administration services for all lines of business […]
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