Claims
Devastating catastrophes that struck this year have resulted in an estimated insurance loss of $80 billion making 2005 the costliest year ever for insurers, according to Swiss Reinsurance Co. A preliminary study that was recently sent via e-mail from Swiss Re’s Zurich office reports that although the entire magnitude of catastrophes in 2005 have not […]
By Canadian Underwriter | December 20, 2005
1 min read
ACE Limited (NYSE: ACE) has announced some key financial guidelines for its group of companies for the full year 2006.”Property and casualty net earned premium growth is expected to average 6% to 8% for the full year,” ACE announced in a press release. “Earned premium growth is expected to be slower in early quarters and […]
By Canadian Underwriter | December 19, 2005
The more stringent capital requirements of ratings agencies post-Katrina will challenge the ability of new Bermuda reinsurers to generate attractive financial returns, according to a new study by Benfield Group Ltd.”Most business plans [of the new reinsurers in Bermuda] indicate projected returns on equity in the range of 12-19%, compared with the 20-25% targeted by […]
The Terrorism Risk Insurance Revision Act of 2005 has been approved by a voice vote from house lawmakers and the legislation is now awaiting a sign-off from President Bush.The federal terrorism backstop is in line to be renewed in two years. The new legislation, which follows a Senate version that is favourable to the Bush […]
2 min read
Industry
Western Financial Group (TSX – WES, WES.DB.A) has acquired Leroy Agencies in Leroy, Saskatchewan, which offers an insurance program in the hog farming industry.<br>The Company also acquired Coronation Alberta-based NHI Agencies, which is a oil and gas and farming centre as well as B.C.-based Pender Island Agencies, which is a growing tourism and retirement area […]
Equisure Financial Network Inc. has announced an agreement with the Autorit des marchs financiers (AMF) that will conclude the Quebec regulatory agency’s examination into the business practices of the property and casualty insurance brokerages that Equisure represents in the province.Under its agreement with the AMF, which started its enquiry in March 2005, Equisure has agreed […]
By Canadian Underwriter | December 16, 2005
Risk
AIG United Guaranty Canada, which will be open and licensed in 2006, has named Andy Charles as president.The company is an affiliate of AIG United Guaranty, which provides mortgage guaranty insurance designed to increase home ownership. Beginning in 2006, AIG United Guaranty Canada plans to offer Canadian consumers additional choice by providing mortgage default insurance […]
Auto
The Insurance Corporation of British Columbia’s (ICBC) contribution of 50% funding for a bicycle patrol program was recently approved by Burnaby city council. The North Road Business Improvement Association already agreed to pay 10% of the funding and the city of Coquitlam agreed to fund 20%. Burnaby will provide the remaining 20% through its casino […]
The Chubb Corporation (NYSE: CB) expects to garner a pre-tax gain of $200 million gaining $168 million in the fourth quarter of 2005 and $32 million deferred from it’s recently completed strategic transaction of the new global reinsurance company Harbor Point Ltd.Chubb has received from Harbor Point $200 million of 6% convertible notes and warrants, […]
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Integro (Canada) Ltd. recently named Suzanne Cuillerier as principal and head of construction in the Montral office. Cuillerier brings over 25 years of experience in the property and casualty brokerage sector including eight years at Willis Canada where she most recently served as senior vice president and director of the construction division. In addition, she […]
By Canadian Underwriter | December 15, 2005
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