Risk
Kingsway Financial Services Inc. (TSX:KFS,NYSE:KFS) has entered into a program management agreement with The Robert Plan Corporation (‘RPC’) to provide additional underwriting capacity to assume the policies serviced by RPC. The agreement is effective for new and renewal business on and after January 1, 2006.”We are pleased to have entered into an agreement with The […]
By Canadian Underwriter | November 23, 2005
2 min read
Making risk management strategies available to small businesses and volunteer-based operations in Atlantic Canada should help improve the availability and affordability of insurance in the area, a task force has recommended.Established in February 2005, the Atlantic Task Force on Insurance Availability and Affordability released its final report in November 2005. The report contains a number […]
Claims
Standard & Poor’s Ratings Services has taken Transatlantic Reinsurance Co. and its wholly-owned subsidiaries, Putnam Reinsurance Company and Trans ReZurich, off CreditWatch with negative implications and downgraded the company’s rating from an ‘AA’ to an ‘AA-‘.Standard & Poor’s said the outlook for these companies is stable.”We lowered the ratings because Transatlantic’s recent operating performance, albeit […]
By Canadian Underwriter | November 22, 2005
AXIS Capital Holdings Ltd [NYSE:AXS] has sold 6.8 million of its common shares at $29.42 per share to Citigroup Corporate and Investment Banking, raising aggregate proceeds of approximately $US200 million.Citigroup bought the shares from AXIS Capital and subsequently reoffered the common shares to public investors, AXIS announced in a press release.”AXIS Capital expects to use […]
1 min read
Industry
Total integrated solution advisor and client manager for brokerages CoVirt Inc. (Canada) recently initiated the production of 20 independently owned insurance agency Equinox Marketing Centers that work through Equinox to sell products for insurance company partners. Tim Fitzpatrick, President of CoVirt Inc. says each marketing centre has a standalone VirtGate database and supporting web site […]
The insurance industry is sponsoring Operation Red Nose in Ontario, Alberta and the Atlantic provinces this year. The popular program offers a volunteer designated driver service for holiday revelers while raising money for charity (The service is free, but donations are accepted). “It’s a natural extension of our industry’s long-standing commitment to road safety” Mark […]
In order to attain additional protection against Western Europe windstorm losses, Munich Reinsurance Co. recently placed catastrophe bonds worth $129.9 million.The bonds are meant to complement the Company’s existing retrocessional reinsurance program, according to Thomas Blunck, a management board member at Munich responsible for retrocession and capital markets solutions Dubbed “Aiolos” otherwise known as the […]
By Canadian Underwriter | November 21, 2005
The past year has resulted in the financial strengthening of the property & casualty insurance market however A.M. Best Co. recently released a report warning that it will take several more profitable years for the full balance sheet to be truly replenished after the softening of the market as the industry is still overcoming a […]
Pethealth Inc. (TSX VENTURE:PTZ) recently announced a total revenue for the third-quarter ended September 30, 2005 of $3.8 million, representing a 26% increase over revenue of $3.0 million for same period last year.The Company also reported significantly greater net loss of $190,120 for the Q3 2005 as compared to the net loss of $50,419 for […]
Pet insurance revenues in North America have jumped 23% since 2004, according to the new report “Market Trends: Pet Insurance” published by the market researcher Packaged Facts.This growth is expected to continue over the next five years and Packaged Facts projects that by 2010, the pet insurance market in the U.S. and Canada will reach […]
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