Risk
The Ontario School Boards’ Insurance Exchange has named Jim Sami as general manager and Attorney-in-Fact. He has over 20 years insurance experience, and began at the Safeco Claims School. Hub International shareholders have added a new independent director to the company’s board with the election of Frank S. Wilkinson, an independent consultant. Wilkinson is former […]
May 31, 2003
1 min read
Insurance broker Willis says it is forming a special unit to capitalize on the risk market created by the rebuilding of Iraq following its invasion by U.S.-led forces.The company says more than US$10 billion in reconstruction projects are expected to begin within the next five years, providing a market for risk and insurance services.Willis will […]
By Canadian Underwriter | May 30, 2003
A new study shows that “fronting” arrangements are becoming less attractive, and less available, for captives. The 2002 survey by the Captive Insurers Companies Association (CICA) and the Vermont Captive Insurance Association (VCIA) shows that a growing number of captives are avoiding fronting arrangements due to cost concerns, amongst other reasons.Fronting is a process whereby […]
By Canadian Underwriter | May 21, 2003
2 min read
A new survey suggests only about half of corporations in various sectors in the U.K. feel prepared to deal with the consequences of a terrorist attack. Digital security company mi2g, along with the Association of Insurance and Risk Managers (AIRMIC), the U.K.’s Northwest Development Agency and the Asymmetric Threats Contingency Alliance, surveyed 40 key corporate […]
By Canadian Underwriter | May 20, 2003
Export Development Canada (EDC), a Crown corporation, has agreed to provide reinsurance backing on surety bonds for exporters issued by St. Paul Guarantee Insurance Company.This is the first time EDC has provided surety quota share reinsurance, in this case for up to US$200 million in additional capacity. The treaty is part of EDC’s mandate to […]
By Canadian Underwriter | May 14, 2003
The Insurance Corp. of B.C. (ICBC), the province’s public auto insurer, is posting net income of $5 million for the first three months of 2003, compared to a loss of $30 million in the first quarter of 2002.Premiums were up to $674 million versus $614 million in the same period a year prior, an increase […]
By Canadian Underwriter | May 8, 2003
Since their inception in 1696 in London, England, mutual insurers have outlived the ups and downs of the insurance industry cycle, competition from large multi-national carriers and even changes to their own operating style. In Canada, their presence has been felt in rural communities and beyond since 1836. Today, members of the Canadian Association of Mutual Insurance Companies (CAMIC) represent annual premiums of about $1.2 billion and serve 1.5 million policyholders, or about 6% of the total Canadian marketshare. CAMIC president Normand Lafreniere says that, although the issues impacting mutual companies have changed over the last 150 years, their foundation of cooperation remains.
By Vikki Spencer | April 30, 2003
6 min read
Some property and casualty insurers rode the stock wave of the late 1990s, only to crash back to reality with the nasty downturn in equity markets over the past two years. Although most industry assets are held conservatively in bonds, investment income tailed off sharply in 2002, with few signs of reprieve this year. The recently introduced minimum capital test (MCT) and new accounting rules are prompting insurers to carefully balance risk profile with investment strategy. For some, it is a task easier said than done.
By Craig Harris | April 30, 2003
8 min read
The popular Charles Dickens quotation, "it was the best of times, it was the worst of times," would seem to aptly apply when analyzing the financial performance of the North American property and casualty insurance industry over recent years. In fact, the quotation could well be the industry's tombstone inscription based on analyst, broker, risk management and senior industry management perspectives presented at the National Insurance Leadership Symposium, which was recently held in San Francisco. Looking ahead, analysts and company CEOs predict increased financial volatility as capital continues to hemorrhage from the industry at both the primary and reinsurance levels as a result of ongoing underwriting losses, adverse reserving adjustments and the plummeting value of investment holdings. Does the traditional p&c insurance industry have a future?
By Sean van Zyl, Editor | April 30, 2003
9 min read
D&D Disability Management, Fair Medicals and Viewpoint Medical Services Inc. have formed a strategic alliance to provide a “one stop shop” for insurance clients. “This alliance reflects the ever-changing needs of the marketplace – people are requesting an easier approach to the assessment process,” explains Lou D-Angelo, president of D&D Disability. The new central number […]
April 30, 2003
3 min read
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