Industry
Vancouver-based adjusters Brouwer Claims Canada & Co. has bought the business of Ward-InterSpect Ltd. and will now operate as Brouwer InterSpect & Associates.Ward-InterSpect is headquartered in Toronto, with field-adjsuting offices in Toronto, Montreal, Edmonton and Calgary, strengthening Brouwer’s coast to coast operations, currently in seven provinces. Ward-InterSpect also brings new services including third-party administration and […]
By Canadian Underwriter | April 11, 2003
1 min read
Risk
If risk managers’ predictions are accurate, use of alternative risk transfer techniques, specifically captives and self-insurance, should grow significantly in the year ahead.While the traditional response to hard market pricing, taking larger deductibles, remains the most utilized tool, risk managers say they will be using more self-insurance and captives in the future, according to the […]
By Canadian Underwriter | April 10, 2003
2 min read
Directors’ & officers’ (D&O) and fiduciary insurance coverage continue to be a sore spot for risk managers, according to the new Risk and Insurance Management Society (RIMS) Benchmark Survey. For the first time, the survey is delivering virtually real-time results with first-quarter 2003 data already available. Those results show that D&O and fiduciary covers remain […]
Rating agency Moody’s Investor Services has lowered the outlook on its “Aa1” financial strength rating of Swiss Reinsurance Co. and subsidiaries from “stable” to “negative”. The rating agency says the negative outlook is in response to the reinsurer’s declining profitability as well as reduction in capital during 2002. Moody’s notes that its rating of “Aa1” […]
By Canadian Underwriter | April 9, 2003
Claims
Colorado State University’s tropical storm research team under William Gray predicts that this year’s hurricane season from June to end November will spawn twice as many hurricanes than last year with the number of “named storms” amounting to about 140% of the long-term annual average. Gray has been forecasting hurricanes for the last 20 years.Gray’s […]
By Canadian Underwriter | April 8, 2003
In two separate actions, financial rating agency Moody’s Investors Service has downgraded Munich Reinsurance Co. to “Aa3” from “Aa1” while Standard & Poor’s has placed the Boston-based insurer Liberty Mutual Insurance Co. on credit watch with its current “A (plus)” rating under negative implications. In both cases, the rating agencies expressed concern with regard to […]
By Canadian Underwriter | April 7, 2003
Recent flooding across much of Nova Scotia has left many people homeless and damage to public infrastructure running into tens of millions of dollars, according to adjusters Crawford Adjusters Canada. No official estimate of insured losses resulting from the flooding has been released yet. Although water levels are now in abatement, the flooding caused damage […]
In a strange turn of events, the Centre for Study of Insurance Operations (CSIO) today said president Klaas Westera is no longer with the organization. No other details or reasons were given for the departure.Westera leaves just as the CSIO is set to launch its Internet broker-insurer portal in Ontario, and in advance of the […]
By Canadian Underwriter | April 5, 2003
Bouncing back from successive years of loss, Lloyd’s of London insurance market posted an overall profit of 834 million pounds for 2002. As well, during the year, net resources of Lloyd’s Society and its members increased 85% over 2001, to 7.51 billion pounds from 4.05 billion pounds.”It was the market’s resilience and disciplined approach, at […]
By Canadian Underwriter | April 4, 2003
The potential sale of troubled Gerling Group to HDI (Haftpflichtverband der Deutschen Industrie V.a.G.) has been called off, just as the sale of Gerling’s reinsurance arm has been given the green light.In a statement, Gerling Group says that after several months of negotiations between HDI and majority shareholders Dr. Rolf Gerling and Deutsche Bank, Gerling […]
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