Risk
After a mere five years and a price tag of $124.9 million, Lloyd’s of London plans to close its Internet-based risk-data platform Kinnect.Kinnect customers were recently informed by interim chair of the market-backed Internet platform Michael Dawson that the Lloyd’s Franchise Board would not continue to fund the project.”After close consultation with a number of […]
By Canadian Underwriter | January 24, 2006
1 min read
Swiss Re has successfully completed its first credit reinsurance securitization, the company recently announced on its Web site.The company’s EUR 252 million (about Cdn$356 million) issue benefits Swiss Re by transferring credit insurance risk to the capital markets, thereby increasing Swiss Re’s capital efficiency.John Fitzpatrick, head of Swiss Re’s financial services commented: “This is the […]
2 min read
A.M. Best Co. has affirmed the financial strength ratings of A- (Excellent) for both Royal & Sun Alliance Company of Canada and Quebec Assurance Co. A.M. Best also affirmed the financial strength rating of Ascentus Insurance Ltd. at B+ (Very Good).Additionally, A.M Best downgraded the financial strength rating of Unifund Assurance Co. (Newfoundland) to C […]
By Canadian Underwriter | January 19, 2006
Benfield Corporate Risk, the corporate insurance and risk intermediary catering for the complex risk management and transfer needs of the corporate sector worldwide, has announced the opening of a Canadian office in Calgary. Incorporated Jan. 19, Benfield Corporate Risk’s Canadian operations will be managed by Richard Cutfield. Cutfield has more than 25 years of experience […]
Strategy International Insurance Group, Inc. (OTCBB:SGYI) and Nexxus One Holding, Ltd. recently signed a binding letter of intent, which states that Nexxus One will provide $100 million in new capital for Strategy by January 31, 2006.Under the terms of the letter Nexxus One will increase the underwriting capacity of Strategy by delivering $100 million in […]
By Canadian Underwriter | January 18, 2006
South Western Group rang in the new year by beginning to use Crawford Adjusters Canada as their exclusive supplier of claims administration services. Under an agreement between the two company’s, Crawford is providing South Western Group with 24 hour-a-day claims intake through CLAIMSALERT” and complete claims adjusting and administration services for all lines of business […]
By Canadian Underwriter | January 17, 2006
The Financial Services Commission of Ontario (FSCO) has approved an average fourth-quarter rate decrease of 2.56% for 12 companies representing almost a quarter of the Ontario private passenger auto insurance market.Average rate decreases for the first, second, and third quarters were 1.12% (representing 7.5% of the market), 1.62% (representing 45.79% of the market) and 1.62% […]
In response to the collision repair industry’s reported problem of finding qualified staff/apprentices that are both affordable and familiar with their type of work, a new pilot program has been introduced.The Hamilton District Autobody Repair Association (HARA) in conjunction with Mohawk College and the local apprenticeship office of the Ministry of Training, Colleges and Universities […]
By Canadian Underwriter | January 13, 2006
RiskProNet International, a network of 29 leading independent insurance brokers throughout the United States and Canada, recently announced that the president for 2006 will be Scott Drew, vice president of Associated Financial Group in Minnetonka, Minn.Drew was previously vice president of CFG Insurance Services, which was acquired by Associated Bank in 2003. Associated bank subsequently […]
By Canadian Underwriter | January 11, 2006
The Financial Services Commission of Ontario (FSCO) is reminding insurers that any changes to rates and risk classification systems, including territory definitions, must be filed with and approved by FSCO, notwithstanding recent postal code changes made by Canada Post.”To reflect increases to the population of certain areas over time, Canada Post, using a process it […]
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