Segment
P&C Companies
Top companies not using captives to full potential
June 26, 2007 by Canadian UnderwriterContrary to popular belief, the captive market remains underdeveloped and more than half of the world’s top 1,500 companies (G1500) do not currently own a captive, according to research by Aon Global Risk Consulting.This means that insurance buyers within the…
FA proposed amendments shot down
June 26, 2007 by Canadian UnderwriterThe Facility Association (FA)s proposed framework to make it easier to create risk sharing pools (RSPs) in a given jurisdiction has been shot down in a member mail vote. In order to pass, the Plan of Operation amendments, would require…
Asbestos inhalation risk emerges post-Katrina
June 25, 2007 by Canadian UnderwriterThe widespread demolition and renovation activities still under way in New Orleans after Hurricane Katrina hit in 2005 may release asbestos fibers into the air, posing a potential additional health risk, the U.S. Government and Accountability Office (GAO) wrote in…
SRPI launches product designed for Canadian golf courses
June 25, 2007 by Canadian UnderwriterSignature Risk Partners (SRPI) Inc. has launched a property and casualty product designed for Canadian golf course owners, with coverage extending from property and equipment, business interruption, crime and commercial general liability.The Signature Golf insurance program was created after a…
Hub acquires Unity Group Insurance assets in Windsor
June 25, 2007 by Canadian UnderwriterHub International Limited has entered into a definitive purchase agreement to acquire the assets of Unity Group Insurance (Unity), based in Windsor, Ontario. Unity Group is a general insurance brokerage that focuses on commercial and personal insurance products and services.…
IBC urges Manitobans to check policies for tornado coverage
June 25, 2007 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is urging Manitobans to check their homeowners policies for tornado coverage, after a weekend in which at least eight tornadoes destroyed homes and buildings across southern Manitoba.Tornadoes packing winds in excess of 400 km-h…
A.M. Best rates Canadian P&C insurers
June 22, 2007 by Canadian UnderwriterA.M. Best Co. has affirmed the financial strength ratings (FSR) of 43 Canadian property/casualty companies, upgraded five FSRs, assigned three FSRs and downgraded one FSR. These ratings are based solely upon public information and present the most informed view A.M.…
What’s New: In Brief (June 22, 2007)
June 22, 2007 by Canadian UnderwriterThe capital strength of the insurance industry is growing due to strong operating profitability, putting pressure on rates and resulting in a slow growth environment going forward, according to Thomas Holzheu, with Swiss Res Economic Research & Consulting Unit, in…
Guy Carp offers multi-territory, multi-event cat bond
June 22, 2007 by Canadian UnderwriterGuy Carpenter & Company, Ltd and MMC Securities Ltd. announced the completion of a multi-territory, multi-event catastrophe bond transaction.The bond will pay Brit Insurance Holdings PLC principal subsidiary, Brit Insurance Limited, up to US$200 million [approximately Cdn$214 million] in the…
Canadian carriers lagging in service: survey
June 22, 2007 by Canadian UnderwriterCanadian carriers scored the lowest in terms of quality of underwriting, policy administration and service when compared with the United States, London and Bermuda carriers in Willis Groups inaugural Carrier Evaluation Survey.In terms of claims, Canadians nudged ahead of Bermuda-based…
Requirements for showing ‘Good Faith’
June 21, 2007 by Canadian UnderwriterWhen it comes to the disaster restoration industry, there are two major ways insurance factors in: claims by property owners on property insurance, and contracts on general liability.In many cases, an insurance company will be in a more powerful position…
What’s New: In Brief (June 21, 2007)
June 21, 2007 by Canadian UnderwriterKingsway Financial Services Inc. has announced its newly-formed, wholly-owned subsidiary, Kingsway 2007 General Partnership, has filed a preliminary short form prospectus with the securities regulatory authorities in each of the provinces and territories of Canada for a proposed public offering…