Industry
The average American insurance company currently faces 40 lawsuits, five of which they initiated, according to a survey of corporate counsel in America conducted by the international lawfirm Fulbright & Jaworski L.L.P. The annual “2005 Litigation Trends Survey” found that nearly one quarter of insurance companies have legal budgets of over 2% of their total […]
By Canadian Underwriter | October 14, 2005
2 min read
Claims
American International Group, Inc. (AIG) recently donated $1 million to support the relief efforts in the areas affected by the earthquake in South Asia and says it will match, by 100%, all donations its employees make to the AIG Disaster Relief Fund.The Company has a business force in South Asia through its joint venture in […]
1 min read
Standard & Poor’s has affirmed its ‘A-‘ long-term counter-party credit and insurer financial strength ratings on the main operating entities of Royal & SunAlliance Insurance Group PLC. The ratings agency described Royal & SunAlliance’s outlook as stable, reflecting “the group’s track record of successful execution of strategy, strong competitive position, and strong overall prospective operating […]
Risk
Britain’s insurance regulator, the Financial Services Authority, says British insurance companies are underestimating how much capital “they need to maintain so that there is no significant risk that they are unable to pay liabilities as they fall due.”Furthermore, he added, some firms are relying too much on management actions to mitigate risk of reduced capital. […]
Royal & Sun Alliance Insurance Group plc recently acquired Chile’s leading general insurance business Compaia de Seguros Generales Cruz del Sur S.A. and its Argentinean sister company La Repblica Compaa Argentina de Seguros Generales S.A. for $119m (68m) payable in cash. The partnership between Cruz del Sur and Royal & SunAlliance will result in the […]
By Canadian Underwriter | October 13, 2005
The aviation insurance market’s renewal season October to December will see a slow down of the recent decline in rates as a result of the hurricanes that struck the US, however recent aviation losses are not expected to effect rates significantly, according to a report by Aon Corp. Aviation hull losses for the first quarter […]
Hub International Limited (NYSE/TSX: HBG) has completed the fold-in acquisition of CEB Business Insurance Services (“CEB”) by the company’s California-based regional group, Hub International of California Insurance Services, Inc.CEB is a retail employee benefits brokerage specializing in serving the benefits needs of school districts, municipalities and private sector clients. Terms of the acquisition were not […]
The Insurance Brokers Association of Ontario (IBAO) is warning Ontarians about a province-wide automobile insurance hoax.The association notes ads have been circulating throughout the media in dozens of cities across the province advertising automobile insurance. IBAO contends that “these ads are a hoax.””Consumers should be leery of offers that include six months’ free automobile insurance […]
Max Re Capital Ltd. (Nasdaq: MXRE) recently entered into the capital markets intending to raise money after the losses caused by Hurricanes Katrina and Rita.Max Re plans to sell 11,000,000 of its common shares in an underwritten public offering at a price to the public of $23.50 per share. In addition, Max has granted the […]
By Canadian Underwriter | October 12, 2005
Arch Capital Group Ltd. (NASDAQ: ACGL) recently announced that it expects its third-quarter earnings to be negatively impacted by the losses related to recent catastrophes.The Bermuda-based company estimates its losses from Hurricane Katrina will be $173 million) while Hurricane Rita is expected to reach losses of $48 million. Although less severe, the combined losses of […]
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