Claims
Pricing of property and marine lines experienced major changes as a result of the record storm activity of 2005 however, casualty and accident and health lines were predominantly spared, according to Guy Carpenter & Company’s report titled “U.S. Reinsurance Renewals at January 1, 2006.” Published annually, the report is an “annual review of pricing, retentions […]
By Canadian Underwriter | January 10, 2006
3 min read
Industry
Montpelier Re Holdings Ltd. (NYSE: MRH) recently raised $100 million through a private sale of trust preferred securities. The trust preferred securities were issued by Montpelier Capital Trust III a newly formed statutory trust that is wholly-owned by the Company. The securities have a fixed rate of interest equal to 8.55% per annum through March […]
By Canadian Underwriter | January 9, 2006
1 min read
The U.S. P&C industry experienced an underwriting loss of US$2.8 billion through September 2005, down from the US$13.3 billion profit resulting from the first six-months of 2005 , according to a recent study by A.M. Best Co. Although the insurance industry posted strong results for the first half of 2005, underwriting losses were experienced due […]
2 min read
Echelon General Insurance Company, a wholly-owned subsidiary of EGI Financial Holdings Inc. (TSX: EFH), has entered the Ontario motorcycle insurance market with a $5 million brokerage agreement with Riders Plus Insurance.Riders Plus, the Ontario-based motorcycle insurance brokerage, will place $5 million of motorcycle insurance premiums with Echelon in the first 12 months following the scheduled […]
The majority of sports utility vehicles and pickup trucks do not provide adequate protection for passengers in the instance of rear-end collisions, according to a crash test conducted by the Insurance Institute for Highway Safety.The new crash test results, which put seats and head restrains in SUV and pickup truck models through a simulated rear-end […]
Risk
This holiday season, more than 6,500 Ontarians were driven home by Operation Red Nose – a volunteer designated-driver service for holiday partiers.”That’s 6,500 occasions where someone was at risk of drinking and driving but made the smart choice instead,” Mark Yakabuski, vice-president,Federal Affairs and Ontario, Insurance Bureau of Canada. “Canada’s home, car and business insurers […]
By Canadian Underwriter | January 6, 2006
Anthony Clark International Insurance Brokers Ltd. (TSE: ACL) recently negotiated a settlement to all of the outstanding legal actions with DKWS Enterprises Inc., John Kabaker and the Kabaker Family Trust of July 2, 1998.The negotiated settlement includes a dismissal of all pending legal actions and a substantial discount to the purchase price in connection with […]
Willis Group Holdings (NYSE:WSH) recently released its reinsurance review of the marketplace for the January 1, 2006 renewals, which indicates key findings including rate movements and territory and class line commentary.The report, published by Willis Re, indicates that specialty lines and retrocession have been catastrophically impacted by the hurricanes that hit in the 2005 season. […]
By Canadian Underwriter | January 5, 2006
The Canadian Council of Insurance Regulators (CCIR) is circulating a consultation paper that discusses giving insurers privilege over self-assessment documents and providing protection for whistle-blowers.The document discusses the value of moving towards risk-based regulation, in which “more supervisory attention” is paid “to higher risk companies and less to low risk companies.”In such a system, the […]
Insurance Systems Inc. (ISI), a provider of web-based solutions to the global property and casualty insurance industry, today announced the sale of WebWriter Inspection to The Wawanesa Mutual Insurance Company headquartered in Winnipeg, Manitoba.”Wawanesa is one of Canada’s leading insurers,” ISI President and CEO Terry Neilson says. “This sale is a strong endorsement of our […]
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