Industry
The Co-operators has contributed $10,000 towards a new arena that will continue the tradition of hockey nights in P.E.I.In Tignish, P.E.I. residents are trying to raise $750,000 to rebuild an arena that is a centrepiece of the town. The Co-operators contribution went towards the town’s Centennial Arena Capital Campaign.”Raising the money we need to build […]
By Canadian Underwriter | November 16, 2005
2 min read
Risk
Aon Corporation (NYSE: AOC) is seeking a new owner for its warranty, credit insurance and property & casualty underwriting businesses.Greg Case, Aon’s president and CEO, says “by exploring alternatives, we expect to determine if the potential of our warranty, credit and property & casualty businesses can be more fully realized under different ownership.”Aon Corporation provides […]
1 min read
Claims
Capital Markets Subcommittee Chairman Richard H. Baker tecently introduced legislation in the U.S. House of Representatives that would extend the Terrorism Risk Insurance Act for at least two years. The bill will increase the deductibles on all lines of insurance covered by the federal financial backstop created by TRIA and raise the size of insured […]
By Canadian Underwriter | November 15, 2005
American International Group Inc. (AIG) recently reported a net income of $10.02 billion for its delayed third-quarter earnings, which represents an increase of 20.9% above its restated prior-period result. AIG’s third-quarter 2005 net income was $1.72 billion, down 36.1% from the restated prior-period figure, due to net aftertax catastrophe losses of $1.57 billion related to […]
The Co-operators and the Insurance Bureau of Canada (IBC) are warning of frauds designed to profit from the damage Hurricanes Katrina and Rita have wrought in the southern United States. “As a result of the recent natural disasters in the Southern US, many vehicles and boats were destroyed beyond repair,” the Co-operators notes on its […]
Arch Capital Group Ltd. (NASDAQ: ACGL) predicts its after-tax earnings for the 2005 fourth quarter will take a US$40-million to $60-million hit because of Hurricane Wilma.The estimate is based on industry insured losses of $8 to $12 billion and is net of reinsurance and reinstatement premiums, the company says in a statement. If the industry […]
The Risk and Insurance Management Society, Inc. (RIMS) is planning to become the premiere resource and support organization for Enterprise Risk Management (ERM). In the months ahead, RIMS plans to prepare new resources to support organizational implementation of enterprise risk management. “As we head towards the future of the risk management industry, RIMS will be […]
By Canadian Underwriter | November 14, 2005
The Traffic Injury Research Foundation (TIRF) and the Insurance Bureau of Canada (IBC) have released a study that calls for measures to improve graduated driver licensing (GDL) across the country.The report calls on provincial governments to improve GDL programs by limiting the number of teenage passengers in GDL programs, raising the age of supervisory drivers, […]
The quality and completeness of most insurers’ commercial policy data is insufficient for a detailed and accurate assessment of their catastrophe risk, according to a recent analysis of insurers’ exposure data by risk modeling company AIR Worldwide Corporation (AIR). “Nine out of 10 commercial properties analyzed had replacement values significantly less than the amount estimated […]
The Office of the Superintendent of Financial Institutions has issued Atradius Credit Insurance, NV, Canada Branch, a license to sell trade credit insurance in Canada.Majority owned by Swiss Re and Deutsche Bank, Atradius is a leading credit insurer with total revenue of approximately $1.6 billion. It insures about $370 billion of worldwide trade annually against […]
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