Risk
Tropical Storm Risk (TSR) anticipates Atlantic basin and U.S. landfall hurricane activity will be 40% above the long-term (1950-2005) norm in 2006. The TSR prediction includes: * A 74% probability of an above-normal Atlantic hurricane season, a 22% probability of a near-normal season and only a 4% chance of a below-normal season. * An expectation […]
July 31, 2006
1 min read
Saskatchewan drivers who have had their licences suspended for the first time due to a Criminal Code conviction continue to drive without their licences and without insurance, according to a study conducted by Synectics Transportation Consultants Inc. (Synectics).SGI cooperated fully with Mothers Against Drunk Driving (MADD) Canada and Synectics in the study. The research provided […]
By Canadian Underwriter | July 26, 2006
2 min read
Major global insurers are adapting well to new International Financial Reporting Standards (IFRS) but a PricewaterhouseCoopers survey says many of the financial statements are less clear and harder to follow than before.The survey titled ‘Reporting under the new regime: A survey of 2005 IFRS insurance annual reports’ reports the resulting ambiguity of new financial statements […]
By Canadian Underwriter | July 24, 2006
3 min read
R. Scott Donovan has been named Odyssey Re Holdings Corp.’s executive vp and chief financial officer. Donovan replaces Robert Giammarco, who will effectively resign Aug. 15 to pursue other interests, according to the company. For four years Donovan has been the president and chief operating officer of TIG Insurance Group, which is an affiliate of […]
By Canadian Underwriter | July 21, 2006
Standard & Poor’s Ratings Services has affirmed its ratings and stable outlook on U.K.-based insurer Aviva PLC and related core operating entities of the group, including CGU International Insurance PLC. At the same time, S & P’s revised its outlook on U.S.-based life insurer AmerUs Group Co. (AMH), the holding company of AmerUs Group, to […]
By Canadian Underwriter | July 13, 2006
Hub International Limited (NYSE:HBG)(TSX:HBG) has acquired the life insurance portfolio of Standard International Underwriters Ltd. (SIU). Details of the purchase by the Toronto-based Hub Financial Inc. (HUB Financial) were not disclosed. Both HUB Financial and SIU are managing general agencies operating in all provinces of Canada. HUB Financial will integrate the SIU servicing activities into […]
By Canadian Underwriter | July 12, 2006
Kernaghan Adjusters has opened two new and strategically located offices in southern Ontario. “This bold move,” said Patti Kernaghan, president & CEO of Kernaghan Adjusters, says the move is largely due to the appointment of Derek Francis as the manager of the Ottawa Branch and Brain Nauss who joined Kernaghan in Feb. 2006 as the […]
By Canadian Underwriter | July 7, 2006
A KPMG study of U.S. corporate behavior in the wake of strong corporate governance legislation like Sarbanes-Oxley will likely have many risk managers and D&O insurers shaking their heads According to the KPMG Integrity Survey 2005-06, 74% of the more than 4,000 U.S. employees surveyed reported they had observed misconduct in the prior 12-month period.Half […]
By Canadian Underwriter | July 5, 2006
In response to reinsurer SCOR S.A.’s plan to acquire reinsurer Revios Rckversicherung AG and its subsidiaries, Standard & Poor’s Ratings Services has affirmed SCOR’s ‘A-‘ long-term counterparty credit and insurer financial strength ratings.The deal between Paris-based SCOR and German life reinsurer Revios is valued at US$774 million (605 million). S&P’s says its outlook on all […]
Plaintiffs’ attempts to impose personal liability on directors is becoming a trend, as are insurers’ attempts to rescind D&O coverage upon learning of fraudulently-reported financial statements, A.M. Best reports.In some recent U.S. corporate scandals, A.M. Best notes, “plaintiffs’ attorneys have targeted directors and have demanded, and obtained, personal contributions from the directors.”In January 2005, for […]
By Canadian Underwriter | July 4, 2006
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