Risk
The insurance sector will continue to be a significant player in the “opaque” credit derivatives market, says the Fitch ratings agency.Fitch surveyed the activities of 120 financial institutions 73 banks and broker-dealers, 39 insurance companies and reinsurers, and eight financial guarantors in credit derivatives markets throughout the world.A credit derivative is a contract between parties […]
By Canadian Underwriter | November 18, 2005
1 min read
Industry
Lloyd’s Underwriters in Canada has issued a press release “alerting brokers and policyholders that neither Marine Risks Limited of Toronto and Miami nor its representative Iain Duncan are approved coverholders or registered open market correspondents and that they have no authority from Lloyd’s to place Canadian business in the Lloyd’s market.”The release, written on the […]
Swiss Re today announced it has agreed to acquire GE Insurance Solutions, the fifth largest reinsurer worldwide, from General Electric Company (GE) for US$6.8 billion.After closing of the transaction, Swiss Re estimates it will have combined revenues of 46 billion Swiss francs (about US$35 billion), based on 2004 figures, and assets of 265 billion Swiss […]
2 min read
The Atlantic Task Force on Insurance Availability and Affordability has announced it will release its final report Nov. 23 at a news conference in Halifax.Established early this year, the task force has a mandate to develop recommendations to increase insurance availability and affordability for commercial and not-for-profit sectors in Atlantic Canada.The task force brings together […]
Standard & Poor’s Ratings Services has removed Swiss Reinsurance from CreditWatch with negative implications, where they were placed Sept. 9, 2005.S&P has affirmed a counterparty credit and financial strength rating of ‘AA’ for Swiss Re and its core operating companies, although the outlook is negative.Following discussions with Swiss Re’s management, Standard & Poor’s says it […]
By Canadian Underwriter | November 17, 2005
Claims
New legislation aimed at providing a legal recourse for a child who sustains prenatal injuries as the result of the negligent driving of his or her mother was introduced November 15 in the Alberta Legislature.Current law already allows a child – after birth – to sue his or her father, another family member or any […]
The Cayman Islands Monetary Authority (CIMA) has welcomed a new licensee, Greenlight Re, a Cayman-based global property and casualty reinsurance company, to the islands.The CIMA said in a press release that the recent licensing of a company providing open-market reinsurance was “a first for many years in the jurisdiction.”Greenlight Re “has more than US$220 million […]
Aon Corporation (NYSE: AOC) has sold its U.S.-based wholesale broking operation, Swett & Crawford, to an investor group including Hicks, Muse, Tate & Furst Inc. and Banc of America Capital Investors.Terms of the sale were not disclosed.In a press release, Greg Case, Aon’s president and CEO, said: “We believe Swett & Crawford has a great […]
Insurance industry association codes that outline best practices for disclosing income and potential conflicts of interest may not go far enough, as suggested in a November 2005 report by the Canadian Council of Insurance Regulators (CCIR) and the Canadian Insurance Services Regulatory Organizations (CISRO).The much-anticipated report by the regulators’ Industry Practices Review Committee (IPRC) contains […]
By Canadian Underwriter | November 16, 2005
Gross premiums on The London Market were conservatively estimated at 21.7 billion in 2004, down 15% on the previous year, according to a report by the International Financial Services London, a private sector organization promoting financial services worldwide.This news follows five consecutive years of growth, during which premiums increased by more than 80%, the report […]
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
