Industry
ING Group recently filed with the U.S. Securities and Exchange Commission to issue $1 billion in debt securities.The offering was disclosed on December 2 in a prospectus supplement that is a new form filed as a automatic shelf registration (ASR) statement.The underwriters for this offering include: ING Financial Markets; Merrill Lynch & Co.; Morgan Stanley; […]
By Canadian Underwriter | December 6, 2005
1 min read
Risk
Standard & Poor’s Corp. has downgraded its long-term counterparty credit and insurer financial strength ratings on the Alea Group (Alea) to ‘BBB’ from ‘BBB+’ in response to Alea’s recent announcement that Alea London Ltd. has ceased to write business and that it will sell its renewal rights for part of Alea London’s program to Canopius […]
Claims
Although drivers in Canada are more frequently switching to the use of winter tires during the snowy months, only 29% of Ontario drivers make use of winter tires, according to a recent study by the Canadian Press and Leger Marketing.The results of the study, released by the Transport Canada and the Rubber Association of Canada […]
By Canadian Underwriter | December 5, 2005
2 min read
A.M. Best Co. says it “considers catastrophic loss, both natural and man-made, to be the Number 1 threat to the financial strength and credit quality of property and casualty insurers” in the face of increasing exposures.In a recent report, A.M. Best says it is concerned about “the rapid escalation in insured exposures over the past […]
Members of the insurance industry are among a group of Canadian business representatives that is calling on the federal government to embrace the new plan to reduce greenhouse gas emission beyond the current Kyoto deadline of 2008-12.Among the members of the Executive Forum on Climate Change are: Alban D’Amours, ceo, Desjardins Group; George Cooke, ceo, […]
Auto
The Insurance Institute for Highway Safety recently introduced the new “Top Safety Pick” award and the very first gold winners are the Ford Five Hundred and Mercury Montego with optional side air bags (the Five Hundred and Montego are corporate twins and as such defined as the same car by the institute); the Saab 9-3; […]
By Canadian Underwriter | December 4, 2005
The Region of Peel is pilot-testing a new initiative this winter, the Road Temperature Monitoring System, to help monitor winter road conditions.The system uses a series of round road markers the size of hockey pucks to advise winter control staff of pavement temperatures approaching the freezing point. “Air temperature and road temperature are not directly […]
By Canadian Underwriter | December 2, 2005
A recent survey of reinsurers’ statutory underwriting results reports that a group of 26 U.S. P&C reinsurers wrote $18.8 billion of net premiums during the nine months ended September 30, 2005.The survey, conducted by the Reinsurance Association of America (RAA), indicated a combined ratio of 124.1% for the group of reinsurers’ compared to the combined […]
A more principle-based method of regulating firms and a reduction in the cost and burden of regulatory rules is on the agenda for the UK’s Financial Services Authority.”Currently our approach to regulation is a hybrid of high-level principles and detailed rules and guidance,” John Tiner, FSA chief executive, says. “While this broad structure is both […]
Reinsurance costs will likely see an increase next year as a result of 2005’s catastrophic hurricane season. Hurricane Katrina and the other major hurricanes of 2005 will lead to an increase in reinsurance costs next year, executive vice president and chief financial officer of Arch Capital Group Ltd. (ACGL) John D. Vollaro reports. Presenting at […]
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