Risk
Insurers operating without effective risk management programs may lose their competitive position or become exposed to “unacceptable losses,” according Standard & Poor’s Ratings Services. S & P’s notes that there is no national regulatory agency or industry-wide trade group that has established ERM criteria, though the European Union’s Solvency II criteria are currently pending. Standard […]
By Canadian Underwriter | May 23, 2006
2 min read
Moody’s Investors Service has confirmed the Aa2 insurance financial strength and senior debt ratings of Swiss Reinsurance Company in anticipation of the closing of Swiss Re’s acquisition of GE Insurance Solutions.Moody’s also changed Swiss Re’s ratings outlook to negative.”The decision to place the ratings on review for possible downgrade was made on 18 November 2005 […]
By Canadian Underwriter | May 19, 2006
Reinsurance “side-cars” special-purpose reinsurers are likely to become increasingly important to the business strategy of insurers and reinsurers, according to a recent Moody’s report.In its report, Reinsurance Side-Cars: Going Along for the Ride, Moody’s notes reinsurance side-cars are “a recent innovation in the catastrophe-battered insurance and reinsurance industries, whose managements are seeking solutions to stabilize […]
By Canadian Underwriter | May 17, 2006
Royal Bank of Canada Insurance Company Ltd. (RBCI) has received a financial strength rating of A (Excellent) and the issuer credit rating of “a+” from A.M. Best Co.The rating’s agency reports that these ratings, which have stable outlooks, reflect RBCI’s capitalization, as well as its underwriting and operating performance. A.M. Best also notes that RBCI […]
By Canadian Underwriter | May 11, 2006
MFX recently entered into a three-year contract to manage all IT infrastructure and operations for the Matlen Silver Group, an integrated business and technology solutions provider headquartered in Somerset, New Jersey. Under the terms of the contract, Matlen Silver’s IT operations will be run from one of MFX’s high-security data center locations and will include […]
By Canadian Underwriter | May 9, 2006
3 min read
Social hosts of parties where alcohol is served do not owe a duty of care to public users of highways, the Supreme Court of Canada has ruled in Childs v. Desormeaux.Insurers were watching the case with interest because of its implications on how homeowners insurance, which would pay out for social host liability, might be […]
By Canadian Underwriter | May 5, 2006
The New York subsidiary of Hub International Limited (NYSE:HBG)(TSX:HBG), Hub International Northeast (HUB Northeast), has acquired the assets of Hirsch Wolf & Co., LLC, a Brooklyn-based property and casualty insurance brokerage with special expertise in the healthcare industry. Terms of the transaction were not disclosed. Hirsch Wolf will add approximately US$7 million to HUB Northeast’s […]
By Canadian Underwriter | May 3, 2006
1 min read
Marsh & McLennan Companies, Inc. (MMC) reported its consolidated revenues in 2006 1Q were US$3 billion a 1% decline from 2005 1Q. Overall net income in 2006 1Q was US$416 million, compared with US$134 million in 2005. “A number of noteworthy items affected first quarter results in both 2006 and 2005,” Marsh noted in a […]
Guy Carpenter & Company, Inc., a global risk and reinsurance specialist, and a part of the Marsh & McLennan Companies (NYSE: MMC), is launching an Electronic Claims File (ECF) initiative for reinsurers in the London market.Guy Carpenter has been involved with the development, testing and implementation of the ECF pilot project with select Lloyd’s managing […]
By Canadian Underwriter | May 2, 2006
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