Segment
P&C Companies
Caribbean Catastrophe Risk Insurance Facility now operational
June 1, 2007 by Canadian UnderwriterThe Caribbean Catastrophe Risk Insurance Facility (CCRIF) funded by participating countries, donors and the World Bank is now operational, starting with a claims-paying capacity of US$110 million on the international reinsurance and capital markets.. Thanks to the support of the…
Hannover Re completes sale of Praetorian Financial Group
June 1, 2007 by Canadian UnderwriterHannover Re has completed the sale of its U.S. subsidiary, Praetorian Financial Group, Inc., New York, to the Australian QBE Insurance Group Ltd., Sydney.The deal had been agreed upon in December 2006 and was closed, effective May 31, 2007, upon…
IBC welcomes more competition in B.C. auto insurance market
June 1, 2007 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) has welcomed new legislation in B.C. that the IBC says will provide more competition and choice in the provinces auto insurance market.Bill 93, adopted in 2003, aims to clearly separate basic insurance from optional…
What’s New: In Brief (May 31, 2007)
May 31, 2007 by Canadian UnderwriterWith spring flooding being a high risk in certain areas of B.C., the Insurance Bureau of Canada (IBC) is warning people that damage caused by overland flooding cannot be covered by home insurance.“The purpose of insurance is to spread risk…
Benfield: Reinsurance sidecars headed in different direction?
May 31, 2007 by Canadian UnderwriterSidecars remain a popular form of raising capital, but a recent Benfield report suggests sidecars could conceivably be headed in a different direction in the future.Reinsurers will typically set up a short-term entity called a sidecar, funded by investors money,…
Dale-Parizau, Morris & Mackenzie appoint CEO and president
May 31, 2007 by Canadian UnderwriterDale-Parizeau L.M. Inc. and Morris & Mackenzie Inc. have announced the appointment of Jacques Bigaouette to the position of president and chief executive officer for both entities.In December 2006, Dale-Parizeau announced the acquisition of Morris & Mackenzie with the formal…
Promotion of insurance not part of the core of banking: Supreme Court of Canada
May 31, 2007 by Canadian UnderwriterThe Supreme Court of Canada has ruled that promoting insurance is not a core function of banking. Consequently, Alberta legislation that regulates insurance agents also applies to federally regulated banks when it comes to the practice of promoting creditors insurance.In…
Bermuda reinsurers show tale of two dramatically different results
May 30, 2007 by Canadian UnderwriterThe Bermuda reinsurance market wildly fluctuated between fantastic results in 2006 and brutal results in 2005, according to an A.M. Best report. In 2005, the Bermuda market reported a devastating combined ratio of 119.4%. However, in 2006, the combined ratio…
Lloyd’s appoints new director of North American business
May 30, 2007 by Canadian UnderwriterLloyds has appointed a new director to drive its work enhancing the markets operational competitiveness and ensure a focus on North American business.Sue Langley, previously the chief operating officer at Hiscox, will take up a new position as Lloyds director…
RIMS “disappointed” some brokers reconsidering contingent fees
May 30, 2007 by Canadian UnderwriterThe Risk and Insurance Management Society said it is disappointed to learn some brokers are reconsidering their pledge to refuse to accept certain forms of contingency fee arrangements with insurers.In response to regulatory matters and settlement agreements, many brokers pledged…
What’s New: In Brief (May 30, 2007)
May 30, 2007 by Canadian UnderwriterRoyal & SunAlliance has partnered with AIR MILES Reward Program, which will provide customers who purchase or renew a home or car insurance policy with one reward mile for every $20 they spend on premium. Brokers have consistently asked us…
U.S. jury finds against risk manager in finite reinsurance deal
May 29, 2007 by Canadian UnderwriterA Manhattan federal jury has found Timothy Harcharik, a one-time risk management director for cell phone distributor Brightpoint, liable on three counts of aiding and abetting securities fraud for his part in a finite reinsurance deal, A.M. Best reports.Harcharik told…