Industry
AXIS Capital Holdings Ltd. (NYSE: AXS) has entered into a $1.5 billion credit agreement with a syndicate of lenders. This renewal agreement is an unsecured five-year facility that allows the Company to issue letters of credit up to the full amount of the facility and to borrow up to $500 million for general corporate purposes. […]
By Canadian Underwriter | August 26, 2005
1 min read
Claims
A catastrophe insurance pool bolstered by taxpayers may be the best bet for US consumers, according to Allstate Corp.Natural and manmade disasters from hurricanes to flooding and explosions and even terrorism are inevitable yet the US private insurance system is vulnerable and most consumers do not know how to respond to disaster. In order to […]
Risk
The Federal Motor Carrier Safety Administration recently issued new hours-of-service rules for commercial truck drivers to replace those that had been vacated by a U.S. Circuit Court of Appeals over a year ago and insurers claim these rules allow for too much time behind the wheel. Some of these old proposals are part of the […]
By Canadian Underwriter | August 25, 2005
Home
Swiss Reinsurance Co. has appointed Jacques Aigrain, currently deputy CEO of the company, as the new chief executive officer.Aigrain will succeed John Coomber upon his retirement as CEO in December.Coomber will be nominated for the board of directors at Swiss Re’s annual general meeting in 2006, according to the Company.Swiss Re also recently created the […]
The 8th annual CARSTSTAR industry conference recently held in Ottawa, ON representing over 80% of the CARSTAR network nationwide served as a platform for insurance partner executives to offer opinions and insight into the current state of Canada’s auto insurance market. This year’s conference, "In The Spotlight," included sessions on insurance trends and claims and […]
2 min read
The Insurance Corporation of British Columbia (ICBC) recently filed a statement of claim in BC Supreme court to take civil action with the intent to recover claims paid and investigation costs, plus damages, associated to an alleged motorcycle theft scheme.In 2003, ICBC investigators received information through its Tip Line the ICBC’s tool to combat fraud […]
By Canadian Underwriter | August 24, 2005
The series of thunderstorms and tornadoes that recently hit southern Ontario will cost over $100-million in claims, according to the Insurance Bureau of Canada (IBC).Mark Yakabuski, vice president federal affairs and Ontario, IBC, says already 5,200 homeowner insurance claims and 700 automobile insurance claims have been made in just the Greater Toronto Area. Over 300 […]
The 12th depression of the Atlantic hurricane season recently gained strength en route from Nassau, Bahamas to southeastern Florida reaching 39 mph upgrading it to Tropical Storm Katrina.According to the U.S. National Hurricane Center forecast, the storm is expected to cut across the Florida peninsula and into the northern Gulf of Mexico within about five […]
The Ontario government recently implemented measures so that insurers must offer policies that allow good drivers to sever their records from bad drivers in the same household. Insurers traditionally look at all licensed drivers in the same household when setting a premium rate. As a result “clean” drivers had to pay higher rates if another […]
By Canadian Underwriter | August 23, 2005
ING Insurance Company of Canada and ING Novex will reimburse 180,000 Ontario clients as a result of the miscalculation of a discount from August 2003 until April of this year.The reimbursement applies to clients with a combined home and auto insurance package approximately 6% of their customers. A system decimal rounding malfunction caused these clients […]
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