Risk
IBC wants regulators to consider an approach that emphasizes the quick and efficient identification of high-risk "fire-setters" in the industry.
By Stanley Griffin, President and CEO, Insurance Bureau of Canada | September 30, 2006
6 min read
Insurers and brokers have increased their use of home inspectors: what happens to the data the inspectors send?
By Richard Brooks, Senior Vice President, Myriad Development, Inc. | September 30, 2006
As we go to press with this issue, it is just past the one-year anniversary of Hurricane Katrina, a Category 3 hurricane with sustained winds of 200 km-h that unleashed the flood waters of Lake Pontchartrain in New Orleans and inflicted more than US$57 billion of damage in Florida, Louisiana, Mississippi and Alabama. Of course, […]
By David Gambrill, Editor | September 30, 2006
4 min read
A.M. Best Co. has affirmed the financial strength rating (FSR) of A+ (Superior) and the issuer credit rating (ICR) of “aa” of Swiss Reinsurance Company (Swiss Re) (Switzerland) and its rated subsidiaries, following the company’s completed acquisition of GE Insurance Solutions. The ratings have been removed from under review, where they were placed on Nov.18 […]
September 30, 2006
1 min read
Willis Group Holdings (NYSE: WSH), the global insurance broker, has welcomed Calgary-based Cees van der Slikke as the new senior vice-president and natural resources practice leader for Willis Canada. Van der Slikke was previously a Canadian energy practice leader at Aon, where he served for 11 years. He is an insurance professional who served as […]
ENVIRONMENTAL SOLUTIONS Remediation Services (ESRS) has opened a new ESRS office in Montral, which will be managed by Ray Penta. A Montral native, Penta has more than 17 years of experience in environmental investigations and remediation projects. The Montral office will serve both U.S. and Canadian clients, as do the ESRS hub office locations in […]
The board of directors of Transatlantic Reinsurance Co., a subsidiary of Transatlantic Holdings, Inc. (NYSE: TRH), recently elected new officers. The appointments in the New York office include: Timothy Butts, vice president; Richard Boivin, assistant vice president; Tonya Davies, assistant vice president, and Vincent Eng, secretary. In the Tokyo office, Yasunori Murase has been appointed […]
By Canadian Underwriter | September 29, 2006
Royal & Sun Alliance Insurance Group plc (R&SA) has sold its US operation to Arrowpoint Capital, a vehicle set up by the R&SA US management team. R&SA also recently terminated its American Depositary Receipt program, its voluntary delisting from the New York Stock Exchange and action to terminate its US Securities and Exchange Commission registration. […]
By Canadian Underwriter | September 28, 2006
3 min read
The US Securities and Exchange Commission has filed securities fraud charges against three former RenaissanceRe Holdings Ltd. Executives regarding an alleged finite reinsurance “sham” used to “smooth earnings.”Charges of securities fraud were laid in a Manhattan federal court against RenaissanceRe’s former CEO James N. Stanard, its former controller Martin J. Merritt and former senior executive […]
By Canadian Underwriter | September 27, 2006
2 min read
Hedge fund and private equity investors continue to provide capital to support catastrophe risks for insurance and reinsurance companies, according to an article published by Standard & Poor’s Ratings Services. The article, entitled “Hedge Funds And Insurers: A Healthy But Tricky Relationship,” says the form of support has evolved from straight investments in new start-up […]
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