Segment
P&C Companies
What’s New: In Brief (April 20, 2007)
April 20, 2007 by Canadian UnderwriterThe Women in Cancer Crusade (WICC) Alberta chapter is rallying around its Fifth Annual WICC Day, to be held May 1, 2007.Your generosity in supporting WICC has resulted in contributions of more than Cdn$525,000 to the Alberta division of the…
Manitoba car thieves to be fitted with GPS tracking devices
April 19, 2007 by Canadian UnderwriterTwenty Manitoba car thieves will be fitted with GPS tracking devices in the fall as part of a one-year pilot project to fight auto theft, the CBC reported on its Web site.Under the program, the highest-risk repeat offenders will wear…
Canadian reinsurance market sees drop in cession rates
April 19, 2007 by Canadian UnderwriterThe Canadian reinsurance market has been impacted by a decrease in cession rates, and now there is a need for sustainability to combat the volatile underwriting results, Jean-Jacques Henchoz, president and CEO of Swiss Reinsurance Company of Canada, told attendants…
Canadian insurance insolvencies on the rise
April 19, 2007 by Canadian UnderwriterThe costs of insurance insolvency in Canada have been substantially lower than most countries, but the insolvency of insurance companies in this country has been on the rise over the past few decades, according to a report by the Property…
What’s New: In Brief (April 19, 2007)
April 19, 2007 by Canadian UnderwriterSSQ Financial Group reported an increase of 11.8% in premiums underwritten in 2006, representing an increase from $1.2 billion to $1.4 billion. SSQs Group Insurance business line experienced $95 million in new sales and growth in annual premium income of…
Decreased reinsurance premium pool in 2007: Partner Re
April 18, 2007 by Canadian UnderwriterRenewals in January 2007 have demonstrated some negative trends in the market that are expected to intensify through 2007, according to Partner Res 2006 Annual Report, entitled The Value of Risk.Partner Re reported that Jan. 1, 2007 was a good…
Newport purchases majority of Baird MacGregor Insurance Brokers
April 18, 2007 by Canadian UnderwriterNewport Partners Income Fund (TSX: NPF.UN) announced it has invested $18.2 million cash for a 77.5% interest in the business of Toronto-based Baird MacGregor Insurance Brokers LP (BMI), an insurance broker specializing in the transportation and logistics industries in Ontario.Under…
Interest in stand-alone terrorism cover increases in Canada
April 18, 2007 by Canadian UnderwriterA combination of increased capacity, more predictable premium rates and innovative program design is creating steady growth in the take up of stand-alone terrorism insurance, according to Aons latest Stand-alone terrorism market update. Also, the ongoing bombardment of television images…
NAIC teams with SNL to publish insurance data
April 18, 2007 by Canadian UnderwriterSNL Financial, a provider of business information to financial institutions has reached an agreement with the National Association of Insurance Commissioners (NAIC) to acquire and publish statutory insurance data.Statutory insurance data consists of detailed financial and operating data filed quarterly…
AMF and RBC General Insurance reach agreement
April 17, 2007 by Canadian UnderwriterThe Autorit des marches financier (AMF) announced that it has reached an agreement with RBC General Insurance Company to close a file concerning the compliance of statistical data.The AMF recommended improvements to the procedure for the collection and transmission of…
Echelon opposes proposed Facility Association changes (April 17, 2007)
April 17, 2007 by Canadian UnderwriterEchelon is strongly opposed to the Ontario Facility Associations most recent proposal to redesign its residual market structures, according to a statement from the company.The proposed changes would revamp the current Risk Sharing Pool (RSP) which was originally designed to…
New Jersey tops list of U.S. states vulnerable to insured tornado damages
April 17, 2007 by Canadian UnderwriterWhen you think of U.S. states most vulnerable to huge insured tornado damage losses, think New Jersey.In its 2007 Special Report: U.S. Tornadoes, A.M. Best notes that New Jersey tops Connecticut, Massachusetts, Ohio and Rhode Island for the title of…