Industry
Strategy International Insurance Group, Inc. (OTCBB: SGYI) (“Strategy”) has announced that its subsidiary, Strategy Holding Company Limited, has finalized the transaction for the sale of $700 million of preferred stock of Strategy Holding Company to Grupo Lakas S.A., a Panamanian corporation, in exchange for a US$700-million convertible note (collateralized assets having an initial value of […]
By Canadian Underwriter | December 15, 2005
2 min read
Risk
The primary non-life sector is expected to attain positive results in 2006 with primary premiums growing above inflation and specifically, significant increases arising in classes impacted by 2005’s hurricane season, Swiss Re reported at its recent annual review and outlook for the insurance industry. In order to maintain positive results in light of strong competitive […]
Claims
State Farm Insurance has announced it is issuing refunds to approximately 3,800 automobile insurance policyholders in New Brunswick as a result of an error in the application of a New Business Discount that was introduced in 2000. The average refund is approximately $82.00. The refund applies to customers who were eligible for the New Business […]
Royal & SunAlliance Insurance Group plc has completed the sale of its 21.5% shareholding in Rothschilds Continuation Holdings AG on the originally agreed terms. The total cash consideration is 109.5 million (US$182 million) and the pre-tax gain on disposal is 60 million.Jardine Strategic Holdings Ltd., a holding company within the Jardine Matheson Group, acquired Royal […]
By Canadian Underwriter | December 14, 2005
1 min read
The Insurance Brokers Association of Canada (IBAC) has expressed its disappointment with the recently announced demise of the CSIO Portal Project.”It is with great disappointment for IBAC that the portal project will not continue growing to better serve the needs of brokers as well as insurers,” IBAC announced in a press release.The Internet-based portal which […]
Home
The Dominion of Canada General Insurance Company, a property and casualty insurer of cars, homes, and businesses across Canada, has selected Guidewire ClaimCenter as its next-generation claims processing system.The ClaimCenter is a product of Guidewire Software, a provider of technological solutions to property and casualty and workers’ compensation insurers. Recognizing what it calls “the limitations […]
Alberta insurers do not have to release records if they fall under the realm of “insurer information” as defined by the Insurance Act, according to a recent ruling by Alberta Information and Privacy Commission adjudicator Dave Bell.The Alberta adjudicator decided the ‘Freedom of Information and Protection of Privacy Act’ (the “FOIP Act”) does not apply […]
The CSIO Portal Project a technology project conceived six years ago to improve the efficiency of workflow between independent brokers and insurers will be “winding down” immediately, the Centre for the Study of Insurance Operations (CSIO) has announced in a press release.”The CSIO wishes to thank the brokers from across Canada and the insurance companies […]
By Canadian Underwriter | December 13, 2005
Montpelier Re Holdings Ltd. (NYSE:MRH) recently implemented actions deemed necessary to receive an affirmative rating from A.M. Best Company. In concurrence with these actions, Montpelier has declared a quarterly dividend of $0.075 per Common Share, which is payable on January 13, 2006 to shareholders of record on December 31, 2005. “Reducing our ordinary dividend will […]
Canadian insurance companies invested about 33% less per person on information and communications technology (ICT) than did their US counterparts, according to a 130-page study released by the Centre for the Study of Living Standards.The study outlines explanations for the ICT investment gap that exists between Canada and the United States. The study rates ICT […]
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