Claims
Despite record-breaking damage losses absorbed during consecutive hurricane seasons, U.S. property and casualty insurers are on track to record the lowest financial impairment and failure rates in a decade. “Typically, major catastrophes trigger surges in property/casualty impairments, pushing already vulnerable companies into financial failure,” according to a special report issued by ratings agency A.M. Best. […]
By Canadian Underwriter | December 13, 2005
2 min read
Effective April 1, 2006 Andrew Cook will step down as chief financial officer of AXIS Capital Holdings Limited (NYSE: AXS). The Bermuda-based global insurance and reinsurance Company has commenced an executive search to replace Cook, who left for personal reasons. “As our chief financial officer since our founding,” John Charman, chief executive officer and president […]
3 min read
Standard & Poor’s Ratings Services has affirmed its ‘A’ long-term insurer financial strength rating on the U.K.-based Lloyd’s insurance market and removed the ratings from CreditWatch, where they had been placed with negative implications on Sept. 9, 2005.The outlook for Lloyd’s is now stable, S & P has affirmed. At the same time, S& P […]
By Canadian Underwriter | December 12, 2005
State Farm Insurance is issuing refunds to approximately 6,300 automobile insurance policyholders in Alberta as a result of an error in the application of a New Business Discount that was introduced in 2000.The average refund is approximately $74.00State Farm reported the error to the Alberta Superintendent of Insurance and advised of its plan to process […]
1 min read
Auto
Provisions recently passed to B.C.’s impaired driving legislation allow the Insurance Corporation of B.C. (ICBC) to refuse vehicle or trailer insurance to any driver who has an outstanding fine under the Liquor Control and Licensing Act.The new provision reads that even if a driver was not driving but had been fined for an alchohol related […]
Risk
The personal lines sector is expected to remain stable for 2006 despite the losses stemming from 2005’s aggressively violent hurricane season, according to a new report from Standard & Poor’s.However, the report titled, “2006 Outlook: Personal Lines Insurance Sector Remains Stable Despite Hurricane Losses,” also states that it is likely that the profitability of personal […]
Hub International Limited (TSX:HBG) has acquired the assets of Impact Insurance Services and the consolidation of those operations with Hub International Midwest’s financial institutions business. As a direct result of this transaction, Kirby Jordan and Scott Eckerty, principals of Impact Insurance, will join Hub International Midwest (HUB Midwest) as managers of the expanded business unit. […]
By Canadian Underwriter | December 9, 2005
A.M. Best Co. recently upgraded the financial strength rating of Alberta-based Peace Hills General Insurance Company from B (Fair) to B+ (Very Good), with a stable rating. According to A.M. Best, the rating is indicative of Peace Hills’ capitalization and strong balance sheet, profitable operating performance, sound liquidity and conservative reserve position. However, partially offsetting […]
SCOR has agreed to terms with the Alea Group regarding the acquisition of the 2006 renewal rights relating to the Alea Europe property and casualty treaty portfolio.The heads of terms include the payment in 2006 of a 9.5 % commission on gross written premiums on Alea Europe’s business renewed by SCOR in 2006. The two […]
Industry
Swiss Re has successfully completed the book-building process for a 1-billion Swiss franc (US$761 million) offering of mandatory convertible securities due 2008.The securities are mandatorily convertible into ordinary shares of Swiss Re in December 2008. The securities will be issued by a wholly owned subsidiary of the Group and guaranteed by Swiss Reinsurance Company.Net proceeds […]
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