Industry
Hub International Limited (NYSE/TSE: HBG) recently sold its Talbot Financial hub in an undisclosed transaction to a buyout group, which includes four members of management. San Francisco-based Talbot Financial, one of four hubs created after the acquisition of Talbot from Safeco in 2004, had been classified as a discontinued operation during the third quarter of […]
By Canadian Underwriter | January 4, 2006
1 min read
Claims
A leading terrorism underwriter at Lloyd’s says the market is becoming increasingly competitive as more insurers look to balance their risk portfolio in the wake of the US hurricane season.Stephen Ashwell, a war terrorism and political violence underwriter with Hiscox, says insurers with big natural catastrophe and earthquake cover are looking to terrorism as a […]
2 min read
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Auto insurance rates may rise due to increasing injury claims costs which means the ICBC’s plans to keep basic rates frozen in 2006 will likely be abandoned, according to a recent warning from the provincial Crown corporation.”We’re seeing a deterioration in claims costs,” ICBC spokesman Doug McClelland said. “We need to take more time to […]
The Patullo Bridge, a bridge with a history of fatal accidents that spans the Fraser River and links with New Westminster and Surrey in British Columbia, was recently the scene of a deadly car accident that killed four.The multi-vehicle collision occurred on the south end of the Bridge, which, according to police, will remain closed […]
U.S. and Canadian insurance companies that use one of the so-called ‘Big 4’ auditing firms PricewaterhouseCoopers, Ernst & Young, Deloitte, and KPMG for auditing and actuarial services are more likely to receive a slightly higher financial strength rating than those that don’t, according to a special report by ratings agency A.M. Best. “By Best’s Financial […]
Montpelier Re Holdings Ltd. (NYSE: MRH) has committed a $133 million investment into the capitalization of Blue Ocean Reinsurance Ltd., a new Bermuda reinsurer.Blue Ocean, which has been capitalized with commitments totaling $300 million of common and preferred equity from Montpelier and other investors, will offer retrocessional protection in the property catastrophe market. Blue Ocean […]
By Canadian Underwriter | January 3, 2006
Symbility Solutions, a Canadian company that has developed a mobile claims system focusing principally on residential and commercial property claims estimation, has joined the Microsoft Insurance Value Chain (IVC) partner program. By joining the Microsoft IVC, Symbility will enhance the marketing of its Mobile Claims solution with assistance from Microsoft account executives. As with other […]
The Terrorism Risk Insurance Extension Act of 2005, which extends the Terrorism Risk Insurance Act of 2002 (TRIA) to the end of 2007, was recently signed into law and as a result insurers can expect higher retention levels for 2006 and 2007, according to a recent analysis of the amendments conducted by AIR Worldwide Corporation […]
3 min read
Moody’s Investors Service has upgraded the insurance financial strength rating of Zurich Insurance Company (ZIC) to A1, its senior debt rating to A3, and its subordinated debt rating to Baa1. The outlook on all ratings is stable.Commenting on its decision, Moody’s said the upgrade reflected the strong profitability of Zurich Financial Services (ZFS) in 2004 […]
Risk
Claims Management Outlook 2006
December 31, 2005
15 min read
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