Risk
Swiss Re has reported a CHF1.2-billion, pre-tax, mark-to-market loss (about Cdn$1.058 billion) resulting from the U.S. subprime mortgage fallout.The reinsurer made its announcement following completion of its 2007 Q3 performance report.Swiss Re reported the loss came as a result of exposure to two, related credit default swaps written by its Credit Solutions unit that provide […]
By Canadian Underwriter | November 19, 2007
2 min read
A.M. Best is seeking public comment on its plans to rate and assess Takaful insurance companies, which operate in compliance with Islamic Sharia principles.In its report, Draft: Takaful (Sharia Compliant) Insurance Companies, A.M. Best notes that Takaful insuranceis clearly on the rise, particularly in the Middle East and Malaysia. In addition, at least one Takaful […]
Zurich Financial Services Group has reported a net income of US$4.2 billion for the first nine months of 2007, marking an increase of 25% over the same period of 2006. The company reported and an annualized return on equity of 21.4%.Gross written premiums and policy fees for general insurance were a reported US$27.3 billion, up […]
By Canadian Underwriter | November 16, 2007
1 min read
Even though government regulators and corporate stakeholders are demanding that companies do more to address and mitigate enterprise-wide risks, only 10% of companies in the Americas and Europe have fully integrated an enterprise risk management (ERM) strategy into their practices, according a survey of global ERM practices by Aon Global Risk Consulting (AGRC).The ERM practice […]
By Canadian Underwriter | November 15, 2007
Operation Red Nose, a free service that keeps impaired drivers off the road, will be available in three Nova Scotia communities this year: Sydney, Truro and Halifax. This service, which allows holiday revelers to opportunity to make a call and have their car and themselves drive home safely on Friday and Saturday nights, has been […]
By Canadian Underwriter | November 14, 2007
Marsh & McLennan Companies, Inc. (MMC) reported a 2007 Q3 profit of US$1.9 billion, compared to US$176 million during the same period last year.Marsh reported being happy with revenues generated by its consulting businesses. MMC’s consulting segment revenue grew 14% to US$1.2 billion in the third quarter on a reported basis, and 9% on an […]
By Canadian Underwriter | November 13, 2007
Benfield Corporate Risk has acquired the businesses of Beaufort International Insurance Inc. (BIII) and Beaufort Insurance Services Inc. (BISI), from Beaufort Group in Canada. The terms of the acquisition were not disclosed.Based in Calgary, Alberta, BIII and BISI provide specialist insurance broking services to companies operating in the oil and gas exploration and oil sands […]
Pharmaceutical insurers underwriting huge liabilities and risks in the United States are migrating to a much-friendlier climate in Canada, according to a report by A.M. Best. Canadas feature attraction is that its legal environment is much more predictable than that of the United States when it comes to assessing medical liability risk, A.M. Best says. […]
By Canadian Underwriter | November 12, 2007
CNA Financial Corporation has restructured its property and casualty operations so that field operations will be led from two regional centres Field Operations East and Field Operations West. Steve Stonehouse will lead the West and Dennis Barger will lead the East. The newly structured operations will help increase CNAs visibility in the market, leverage the […]
By Canadian Underwriter | November 7, 2007
For the first time since the U.S. Sarbanes-Oxley Act [SOX] went into effect in 2002, a growing number of internal audit departments are returning to business as usual, according to a new survey by Protiviti Inc.Protiviti is a provider of independent risk consulting and internal audit services. Its survey was conducted from October 2006 through […]
By Canadian Underwriter | November 6, 2007
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