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According to a recent survey of reinsurers’ statutory underwriting results conducted by the Reinsurance Association of America (RAA), a group of 26 U. S. property-casualty reinsurers wrote $13.2 billion of net premiums during the six months ended June 30, 2005.The reinsurers’ combined ratio was 105.8%, compared with the combined ratio of 96.3% reported by a […]
By Canadian Underwriter | August 31, 2005
1 min read
Claims
Regional adjusting firm Pritchard Woodall & Associates were recently called upon to deal with the aftermath of the Queen of Oak Bay Ferry damaging some 29 vessels and a commercial wharf located at Horseshoe Bay in North Vancouver, BC.Working with the insurers and BC Ferries, Mark Woodall, a principal of Pritchard Woodall & Associates, lead […]
2 min read
Standard & Poor’s Ratings Services recently began monitoring the effects of Hurricane Katrina on the economy and on credit, industrial, energy and utility, financial services, insurance, and public finance issuers and reports, based on a preliminary analysis, that the damage caused by Hurricane Katrina will not result in any of the outstanding hurricane-related catastrophe bonds’ […]
By Canadian Underwriter | August 30, 2005
Cunningham Lindsey Canada recently began processing calls from the Company’s Echo Intake Solutions call center in response to Hurricane Katrina.”Our call center provides support around the clock so in catastrophe’s such as Hurricane Katrina, we have trained staff available to handle every type of insurance-related claim call and respond appropriately,” Maureen Fraser, assistant vice president, […]
Industry
Approximately one quarter of Patrick G. Ryan’s shares in Aon will be available for purchase over the next year.Ryan, the Company’s corporate executive chairman, says this move will represent the first time in his 42 years heading the brokerage that he has sold any Aon stock.Of the almost 26 million shares he currently holds only […]
Risk
Global insurance broker Willis Group Holdings (NYSE: WSH) recently announced plans to deliver on its Client Advocate Model across Canada and thus increase market share and revenues in this region. In lieu of this plan Willis will relocate its regional headquarters from Montreal to Toronto, a strategic move that will enhance the Company’s presence in […]
Automatically suspending the licenses of people charged with impaired driving is helping reduce the number of drunk drivers on the province’s roads, according to a study completed for the Alberta government.The study shows that there was a 24% drop in the number of repeat impaired drivers and a 19% reduction in the number of repeat […]
By Canadian Underwriter | August 29, 2005
Estimates for property damages incurred as a result of Hurricane Katrina range from $9 billion to $26 billion, according to three separate sources.Estimates of insured losses on the Gulf Coast could range from $9 to $16 billion, according to Oakland, CA-based EQUECAT Inc. Then extreme risk modeling company based its estimates on current post-landfall information […]
AIR Worldwide has estimated the insured losses from the initial landfall of Hurricane Katrina should not exceed US$600 million. Katrina, with maximum sustained wind speeds of 80 mph at landfall, was a fairly weak Category 1 storm. However, the AIR estimate is higher than would be expected for a typical weak Category 1 hurricane due […]
By Canadian Underwriter | August 26, 2005
Aviva recently declared an interim dividend increase of 5% with the total group operating profit jumping up by 21%, which demonstrates a robust operational performance across all its major businesses. Equity markets continue to recover but after a strong run up to March Aviva’s share price did not perform as well as anticipated in the […]
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