Risk
The Insurance Institute joined the Institutes of Nova Scotia and New Brunswick in Halifax for a tree-planting ceremony that aimed to help rebuild Point Pleasant Park after being devastated two years ago by Hurricane Juan. The Institutes sponsored the ceremony, which closed the September brokers’ conference, presented by the Insurance Brokers Associations of Nova Scotia […]
September 30, 2005
8 min read
Financial executives at the world’s top companies believe supply chain risks pose the top threat to companies’ revenue, according to a FM Global study. At the same time, close to half of all respondents in the study said risks associated with globalization and outsourcing are only a low priority or concern for their organizations, potentially […]
2 min read
Industry
Without the support and input of dozens of dedicated industry volunteers earlier this year, the Fellows of the CIP Society’s 11th Annual Charity Gala could not have exceeded its goal to become the event ‘where wishes and dreams can come true.’ All proceeds from this dreamy event were donated to the Starlight Starbright Children’s Foundation, […]
Fairfax Financial Holdings Limited (TSX:FFH.SV) recently received multiple subpoenas from the U.S. Securities and Exchange Commission (SEC), requesting documents regarding nontraditional insurance/reinsurance transactions made or products offered by entities of the Fairfax group. Fairfax is a majority stockholder of Odyssey Re Holdings Corp., so the reinsurance company had been advised of the subpoena request by […]
Kingsway Financial Services Inc. (TSE:KFS,NYSE:KFS) has announced that it has reached a definitive agreement to acquire HI Holdings, Inc. (HI), including HI’s wholly owned Zephyr Insurance Company Inc. HI and Zephyr were formed in 2000 by its current shareholders, including Everest Reinsurance Company, Guy Carpenter & Company, Inc., Hannover Ruckversicherung AG, and Island Holdings, Inc. […]
Catastrophic risk modeling company’s Risk Management Solutions (RMS) and AIR Worldwide Corporation estimate that insured losses resulting from Hurricane Rita range from $2.5 billion to $7 billion. Based on current information on Rita’s landfall location and wind speeds, RMS estimates losses will range between $4 billion and $7 billion while AIR predicts a total loss […]
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Peel Maryborough Mutual Insurance Company has become the 40th property and casualty insurance company to become a member of the Centre for Study of Insurance Operations (CSIO).CSIO is Canada’s national standards association of property and casualty insurance companies, broker management system/vendors and independent insurance brokers. It oversees the development, implementation and maintenance of industry standards […]
By Canadian Underwriter | September 30, 2005
1 min read
Claims
While individual states sue U.S. insurers over whether flood damage in New Orleans wrought by Hurricane Katrina is exempted from coverage, the U.S. federal government is preparing a bill that would allow victims of Hurricanes Rita and Katrina to buy retroactively into the federal government’s National Flood Insurance Program (NFIP).As reported by A.M. Best, if […]
The Insurance Bureau of Canada (IBC) is hailing Canadian Attorney General Irwin Cotler for introducing new legislation to help curb organized auto theft, while at the same time calling on Canada’s department of justice to impose tougher penalties.”We are encouraged that the Justice Minister is moving ahead on this file,” IBC’s vice president of investigations […]
The Supreme Court of Canada has ruled that the B.C. government may sue tobacco companies to recover health care costs related to smoking, raising the question of whether tobacco insurers would ultimately be on the hook for any liability tobacco companies may incur.In a 1999 report entitled ‘Tobacco in Canada,” Swiss Reinsurance Company Canada noted […]
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