Risk
Bermuda-based XL Capital has finalized its purchase of the Wintherur International operations of Credit Suisse Group. The all-cash deal, valued at US$405 million, is slightly less than originally announced because of the exclusion of "certain parts of the business agreed by the parties", states a press release.The sale includes the Canadian branch of Winterthur International, […]
By Canadian Underwriter | July 27, 2001
1 min read
Industry
The Insurance Corporation of British Columbia (ICBC) says it will cut up to 800 jobs by the end of the year, in a move that some observers expect is in preparation for competition in the provincial auto insurance market.The government-run insurance corporation has had a monopoly on insurance in the province, but Liberal Premier Gordon […]
By Canadian Underwriter | July 26, 2001
Claims
Following the sale of its North and South American reinsurance operations, Groupama has now put its U.K. insurance subsidiary up for bids. Earlier this year the French mutual, also known as Caise Centrale des Assurances Mutuelles Agricoles, announced the sale of Sorema S.A. and Sorema N.A. to Scor, boosting its share in Scor to more […]
Reinsurance will play an key role in capital management for insurers, says a new study from international reinsurance intermediary Guy Carpenter. The study, based on a seminar on capital management, notes that insurance companies need to manage capital more effectively for greater profitability, and that reinsurance will be a part of this strategy.In “Managing Capital […]
By Canadian Underwriter | July 25, 2001
A new Internet insurance marketplace is up and running, created by Riskebiz Internet Services Inc. The new site will provide links to web related services for insurers, brokers, adjusters and other insurance professionals. The new site uses UDDI, a set of XML protocols and infrastructure, as a tool for searching based on line of business, […]
Approximately $700,000 worth of stolen goods was recently recovered by Quebec police following the theft of three vehicles which had been equipped with cellular-based tracking systems (manufactured by Boomerang Tracking Inc.).The theft of all three vehicles occurred separately on the same day, according to a Boomerang press statement, and were traced within an hour. "In […]
By Canadian Underwriter | July 24, 2001
Home
Property and casualty insurers incurred US$4.4 billion in catastrophe-related property losses for the second quarter to end June this year, according to the Insurance Service’s Office (ISO).The nine catastrophic events, of which two storms generated more than US$1 billion in property losses, resulted in this year’s second quarter being the industry’s second worst comparative period […]
By Canadian Underwriter | July 20, 2001
2 min read
The newly-elected Liberal government in British Columbia has made good on its promise to clean house at the Insurance Corporation of B.C. (ICBC). The recent appointment of new chairman Nick Geer has been followed by the replacement of other board positions. The only remaining member is ICBC president and CEO Thom Thompson.The changes come as […]
By Canadian Underwriter | July 19, 2001
Royal Bank of Canada (TSE, NYSE: RY) has announced the sale of Louisiana-based State National Fire Insurance Company to an undisclosed Louisiana company. Royal Bank had acquired State National Fire as part of its buyout of Liberty Life and Liberty Insurance Services late last year.While no details of the sale have been released, Royal Bank […]
By Canadian Underwriter | July 18, 2001
Auto
Following last fall’s announcement that Quebec brokerage DiPerno and Associates would be among the first to launch an online sales vehicle, AssureMoi.com president Mark DiPerno says the site will be up and running in the next few weeks. The first stage will offer auto quotes to Quebec customers in both official languages.AssureMoi.com was originally slated […]
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