Risk
The International Association of Insurance Supervisors (IAIS) established in 1994 to develop international principles and standards for insurance supervision has issued a paper that outlines a work plan and timetable for the development of international supervisory standards on insurance solvency assessment.The paper is entitled Roadmap for a Common Structure and Common Standards for the Assessment […]
By Canadian Underwriter | February 16, 2006
2 min read
Fitch Ratings recently upgraded FM Global’s financial strength from ‘AA-‘ to ‘AA,’ a “Very Strong” rating. Heightened confidence in FM Global’s underwriting performance, surplus growth, and engineering expertise and ability to mitigate and absorb volatility prompted Fitch to assign the commercial and industrial property insurer a “Stable” rating outlook. According to Fitch, FM Global’s favorable […]
By Canadian Underwriter | February 15, 2006
1 min read
Steven Wise, Chairman and CEO of the KRG Children’s Charities, presented a $500,000 cheque to SickKids hospital at the 17th Annual KRG Children’s Charities Gala, held in February at the historic Carlu in downtown Toronto. Wise presented the cheque to Wanda Schoonheyt, director of the burns, plastic surgery and craniofacial program at SickKids, and Dr. […]
By Canadian Underwriter | February 14, 2006
Standard & Poor’s Ratings Services has affirmed its ‘BBB’ long-term counterparty credit and insurer financial strength ratings on all Alea group operating entities: Alea Europe AG, Alea (Bermuda) Ltd., Alea Global Risk Ltd., Alea Jersey Ltd., Alea London Ltd., Alea North America Insurance Co., and Alea North America Specialty Insurance Co. The outlook is stable […]
U.S. insurance failures fell in 2005 to a record-low level of 16, according to a report recently issued by the Standard & Poor’s rating agency.”In 2005, the number of U.S. insurance failures continued to fall, reaching levels not seen in the past decade,” noted Standard & Poor’s credit analyst Steven Dreyer. “Compared with 2004, not […]
By Canadian Underwriter | February 13, 2006
Marine insurance clubs can look forward to a stable outlook for protection and indemnity according to the sector report “Industry Risk Analysis: Protection & Indemnity Clubs,” published ahead of its customary February 20 renewal date by rating agency Standard & Poor’s Corp. Rate increases will be sought out by most protection and indemnity clubs at […]
By Canadian Underwriter | February 9, 2006
Focusing on its core strength of commercial insurance, The Sovereign General Insurance Company has announced that it will no longer write personal auto and home insurance in Alberta, Nova Scotia, Saskatchewan and the Northwest Territories.”The size of the portfolios and their geographic concentration create an unacceptable level of exposure for the company,” the company announced […]
By Canadian Underwriter | February 8, 2006
The global network of independent insurance brokers Assurex Global, which represents $21 billion in premium volume, recently appointed Paul J. Hering as new chairman in order to focus on growing leading North American insuarnce markets.Hering succeeds Gregory S. Belton (with Hunter Keilty Muntz & Beatty Ltd., Toronto, ON), who continues his board service as chairman […]
By Canadian Underwriter | February 6, 2006
Dominion Bond Rating Service (DBRS) has confirmed the ‘BBB’ rating of Kingsway Financial Services Inc. (TSX:KFS) and its U.S. holding company, Kingsway America Inc. in a reflection of Kingsway’s successfully executed Group niche strategy.The Company’s success is a result of its focus on underwriting profitability and effective claims management, according to DBRS.DBRS adds that Kingsway’s […]
By Canadian Underwriter | February 2, 2006
European regulations are establishing more common insurance industry standards and this is instigating an international push that’s moving insurers towards economic capital even in North American where there is currently no standard economic capital methodology, according to a report recently released by the Insurance and Actuarial Service (IAAS) practice of Ernst & Young LLP.The study […]
By Canadian Underwriter | February 1, 2006
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