Risk
Kingsway Financial Services has promoted Claude Smith to the role of vice president and chief information officer. Smith has been with the company four years, and most recently held the same titles with subsidiary Kingsway General Insurance. Kingsway Financial has also named Andrew Wright as assistant vice president, reinsurance and risk management. Wright is a […]
By Canadian Underwriter | July 14, 2004
1 min read
B.C.’s public auto insurer has filed for no rate increase on its basic coverage package for 2005, citing improved investment results and lower claims.The Insurance Corp. of B.C. (ICBC) says it may also drop rates on its optional coverage, a market in which it competes with private insurers. While basic rates are filed with the […]
By Canadian Underwriter | July 13, 2004
Claims
Even as some countries prepare to comply with the Kyoto Protocol, new research suggests greenhouse gas emissions are on the rise, and the global warming impact of these emissions will surely cause more intense weather events for insurers to deal with.The report “Climate Change 2004”, by Prof. Bill McGuire, director of Benfield Hazard Research Centre, […]
2 min read
In a new report on bond insurers, Fitch Ratings says the market is stable, owing to its predictable earnings stream and ultra-conservative risk profile, as well as its high levels of excess capital. Nonetheless, pressures exist to grow business and competition is heating up in the sector. There has also been a shift towards insuring […]
Industry
Broker consolidator Hub International Ltd. has purchased California-based Payne & Co. Insurance Brokers Inc.The brokerage, acquired for an undisclosed amount of cash, brings in about US$2 million in annual revenue, largely focused on middle market commercial business benefits and personal insurance. While the Payne operation will move to Hub’s existing Los Angeles office, owner John […]
By Canadian Underwriter | July 12, 2004
Independent adjuster Cunningham Lindsey Canada has secured a new loan facility for $105 million with Brascan Bridge Lending Fund.The unsecured, non-revolving facility has an initial termination of March 31, 2005, with the possibility of two six-month extensions beyond that date. Proceeds from the loan are being used to pay short-term debt, including that owed under […]
Insurers are increasingly focused on their own risk management practices in response to market turmoil as well as incoming regulatory changes. In a new study, Ernst & Young looks at best practices for insurers to evaluate, control and account for their risk exposures.E&Y postulates insurers need to look at building a “risk-adjusted performance measurement” (RAPM) […]
The Women in Insurance Cancer Crusade is hitting the track, the horse track that is, with a “Night at the Races” planned for Wednesday, September 1. The evening of fine dining and thoroughbred racing is slated for Toronto’s Woodbine racetrack, with proceeds from the $150 ticket price going to battle cancer. For more information, visit […]
In 2003, Canadian commercial property writers saw across-the-board improvement with rising rates and declining loss ratios, according to a new report by A.M. Best.Best’s data shows the net loss ratio in commercial property dropped to 49.5% in 2003, a 12.3 % improvement over the 61.8% posted in 2002. Direct written premiums were up 10.4% year-over-year, […]
By Canadian Underwriter | July 11, 2004
Home
Anthony Clark International Insurance Brokers has named Patti Runnalls to its board of directors. She is a chartered accountant and controller for Onyx Energy Inc. U.S. insurers are unimpressed with a draft “best practices” document produced by the National Association of Insurance Commissioners (NAIC) credit scoring working group. Amongst other things, the Property Casualty Insurers […]
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