Industry
Through its subsidiary, Johnson Inc., Royal & SunAlliance Canada has acquired the commercial rights to the business of Morgex Insurance Group a leading insurance broker in Alberta for C$44.7 million. Royal & SunAlliance says the consideration, payable in cash, is for the commercial rights to the main insurance activities, non-core business and other assets of […]
By Canadian Underwriter | October 6, 2005
1 min read
Risk
Many car drivers and passengers in B.C. still aren’t wearing seat belts, according to police-reported collision statistics. Among victims killed in passenger cars in 2003, B.C. police statistics show that approximately 41% were not wearing a seat belt or using a child restraint. The numbers are worse for motorists in light trucks, where approximately 57% […]
2 min read
Board directors at global businesses are failing to identify and manage emerging risks effectively, according to a recent survey conducted by Lloyd’s and the Economist Intelligence Unit.The survey dealt with complex risk and although companies are spending more time on risk management, they are having difficulty managing new areas of risk such as cyber crime […]
Claims
Aon Re, a unit of Aon Corporation (NYSE: AOC), recently called for the implementation of some form of a privately funded, federally mandated “facility” and bonding process that would support insurers’ in their ability provide adequate and affordable terrorism coverage and help cover catastrophic terrorism losses.Aon Re’s proposal centers on a mandatory terrorism reinsurance facility […]
By Canadian Underwriter | October 5, 2005
Home
The U.S. property and casualty insurance industry’s after-tax net income rose 29.1% over last year from $23.9 billion in the first half of 2004 to a record-setting $30.9 billion in the first half of 2005.The Insurance Services Office (ISO) and the Property Casualty Insurers Association of America (PCI) also reported recently that the industry’s consolidated […]
Insurers are receiving aid from the US Securities Exchange Commission (SEC) in their efforts to pay off the extensive claims resulting from hurricanes Katrina and Rita. Many insurers have been placed on credit watch and issued warnings because of extensive catastrophic loss claims. In an effort to help insurers raise money and avoid credit downgrades […]
Auto
Attempting to retrieve loose objects in a car is slightly more of a distraction for car drivers than using cell phones, according to a recent poll conducted by www.InsuranceHotline.com.The poll identifies the Top 3 driving distractions as “loose objects in a car” (24%), cell phones (19%), and external distractions (16%).In a research paper, InsuranceHotline.com has […]
Hurricane Katrina is expected to cost U.S. property and casualty insurers an estimated $34.4 billion in insured property losses, making it the costliest U.S. catastrophe ever, according to preliminary estimates by ISO’s Property Claim Services (PCS) unit.Katrina caused widespread damage to homes and businesses in six states Louisiana, Mississippi, Alabama, Florida, Tennessee and Georgia. New […]
Canada-specific software solutions developer PowerSoft and provider of technology solutions for the p&c insurance industry Applied Systems Canada have integrated PowerSoft’s PowerQuote rate comparison and sales tool with Applied Systems’ agency management systems, The Agency Manager (TAM) and TAMOnline. Making use of Applied Systems technology, PowerSoft will develop a two-way integration that will allow the […]
3 min read
ACE Limited (NYSE: ACE) is selling 28 million of its ordinary shares at a price of $45.58 per share in a public offering expected to raise gross proceeds of more than $1.3 billion.ACE has also granted to underwriters an option to purchase up to an additional 4 million ordinary shares at the same price. In […]
By Canadian Underwriter | October 4, 2005
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