Risk
With most insurance claims the paper trail starts with an incident report. The incident report is then prepared as a claim report by the internal claims handler who in turn creates a paper track process. A third party adjuster then creates a file and, with larger claims involving risk managed environments, the broker and the […]
By Philip Sceviour, President of Panda Systems Inc. | January 31, 1999
6 min read
New York-based Worldwide Weather Trading (WWT), a trading company dealing exclusively in weather hedges, has announced agreements with 10 reinsurers to underwrite its trading risk. With the announcement, the company unveiled its new trading offices in New York, facilitating full-scale trading operations. WWT, along with reinsurers such as Hannover Re and Zurich Re, are among […]
January 31, 1999
1 min read
Industry
Hannover Re has announced the appointment of Dr. Detlef Steiner to the Executive Board at Hannover Re for the North American market, for worldwide facultative reinsurance and claims. Until 1998, Steiner was a member of the Corporate Executive Board at the Zurich Insurance Group. The Property and Casualty Insurance Compensation Corporation has appointed Alex Kennedy […]
Instant communication has come to the computer desktop through a miraculous little software company called Mirabilis. The Tel Aviv based company has revolutionized communication across the Internet with its innovative little program called ICQ which translates to the not-quite-acronym “I Seek You”. ICQ is a program that, once installed on an Internet-connected computer, acts as […]
By Andy Walker | January 31, 1999
4 min read
In response to the opening up of Quebec’s insurance market to the Caisse Populaire Desjardins through the controversial Bill 188 which was passed by the province last summer, AXA Insurance has entered into a marketing partnership with National Bank to cross-sell product ranges. In June this year the insurer and bank will launch a jointly […]
Bermuda-based ACE Ltd., listed on the NYSE, has acquired the global property and casualty insurance operations of CIGNA Corporation for US$3.45 billion. Subject to regulatory approval by the end of June this year, the deal will be cash financed which Ace says will be raised through the issue of new stocks and debts. The purchase […]
2 min read
Claims
Dear editor: Vibration from construction equipment, or blasting operations commonly results in claims from nearby homeowners for structural damage to their residence. It is now common to conduct pre-construction surveys of such residences to document any existing damage prior to starting the construction project. This is especially true if blasting is to occur. There are […]
Co-operators General Insurance Company is the latest insurer to take an ownership position in a broker network, trading its equity holdings in Ontario-based Barton Insurance Brokers to the Hub Group in exchange for an approximate 10% stake of the latter’s ordinary shares. Incorporated in November 1998, The Hub Group has merged fourteen brokerages across Canada […]
Home
During the third quarter of 1998, preliminary net earning returns of Canadian property and casualty companies were down $59 million in comparison to the same quarter in 1997, says the latest issue of The Belton Report. The combined impact of the claims and expense numbers in third quarter 1998 was a $188 million loss, compared […]
December 31, 1998
Queensway Financial Holdings Ltd. (QFH) has entered into an agreement to acquire Alliance Insurance Group, a property and casualty insurance holding company located in Chicago, Illinois. Alliance, posting gross premiums written totalling $17 million in 1997, specializes through subsidiaries in writing general liability and property coverages for small to medium sized businesses in 39 states […]
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