Claims
Alea Group Holdings (Bermuda) Ltd continues to benefit from profitable underwriting conditions in its core specialty insurance and reinsurance, with an average rate decrease of 2% for the period ending April 30. Reprots from the Company’s recent Annual General Meeting state it will continue to implement strategic exits from businesses exhibiting rate deterioration in order […]
By Canadian Underwriter | June 6, 2005
1 min read
Risk
Former General Re executive John Houldsworth has plead guilty to one count of conspiracy regarding the accounting investigations into American International Group (AGI). Houldsworth, a former executive at Berkshire Hathaway’s General Re unit and former chief executive of Gen Re’s Cologne Re Dublin unit in Ireland, admitted his criminal role in conspiring to misstate AIG’s […]
Industry
Insurers of recently Ridley Inc. a North American commercial animal nutrition company have recently been of law suits seeking recovery of damages for losses Canadian cattle farmers incurred from the international bans on the export of Canadian beef and cattle as a result of the discovery of a BSE infected cow in Alberta. Due to […]
3 min read
Auto
The Traders General Insurance Co. has recently been charged with a penalty of $20,000 for failing to apply October’s 5% auto insurance premium rebate and reduction to two consumer programs. As of May 2005, the Company had still not issued rebates due Jan. 31 nor applied the 5% premium reductions required after Oct. 1, 2004.The […]
By Canadian Underwriter | June 3, 2005
Home
US property-casualty reinsurers experienced a combined ratio of 93.9% for the quarter ended March 31, compared to a combined ratio of 94% last year for a similar group of reinsurers. These results reflect a 68.2% loss ratio and a 25.7% expense ratio for the group of 26 reinsurers surveyed by the Reinsurance Association of America […]
A statistical error occurring in the original release of the RIMS/Mercer risk management compensation survey, resulted in incorrect information being published in Canadian Underwriter’s May 26 article, “Risk management compensation rises.” The error reflected the unintentional amalgamation of Canadian and US data that reflected inaccurate compensation trends. The correct data, citing only US data, states […]
Toyota Motor Co’s (TM.NYS) Prius petrol-electric hybrid sedan is facing investigation by the US regulatory authority, due to complaints of a sudden stalling of its engine. Preliminary evaluation of approximately 75,000 Prius models manufactured in 2004-2005 is being implemented by the National Highway Traffic Safety Administration. The investigations result from a to-date 33 complaints relating […]
2 min read
The Insurance Bureau of Canada (IBC) recently sent its submission to the federal Department of Finance on the Government’s consultation paper, “An Effective and Efficient Legislative Framework for the Canadian Financial Services Sector.” Part of “Budget 2005,” the consultation paper was released in February as a step towards the next periodic review of financial institutions […]
By Canadian Underwriter | June 2, 2005
RS Group of Companies, Inc. (OTCBB: RSG) has signed an exclusivity agreement to become a wholly-owned subsidiary of Strategy International Insurance Group, Inc (OTCBB: SGYI). The transaction identifies Strategy’s intent to acquire all RS’s outstanding shares of common stock, options and all other outstanding equity securities. Subject to negotiation and execution of a definitive merger […]
The hard market that has dominating the US personal lines insurance sector is exhibiting a softening trend, a result of record catastrophe losses (about $27 billion) experienced in 2004. According to the report recently released by Standard & Poor’s Ratings Services “U.S. Personal Lines Insurer Mid-Year Outlook: Market Continues To Soften Despite Heavy 2004 Catastrophe […]
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