Segment
Reinsurance
Integro launches global insurance/reinsurance unit
April 5, 2007 by Canadian UnderwriterIntegro Ltd. announced the formation of an international insurance and reinsurance business unit, designed to offer unique worldwide insurance and reinsurance business capabilities for independent brokers and partners. Based in London, its brokers will have access to the global markets…
Aon predicts flat reinsurance rates or 10% decreases in Canada
March 30, 2007 by Canadian UnderwriterReinsurance rates on line for personal lines, standard commercial lines and complex commercial lines in Canada are likely to be flat or up to 10% lower during mid-year renewals of property catastrophe reinsurance programs, Aon Re Global predicts.Additionally, Aon Re…
Fairfax to acquire additional Cunningham Lindsey shares
March 30, 2007 by Canadian UnderwriterFairfax Financial Holdings Limited (TSX and NYSE: FFH) announced that it has entered into an agreement to purchase 1,031,090 subordinate voting shares of Cunningham Lindsey Group Inc. from a group of third party investors.The Cunningham Lindsey shares will be acquired…
New Bermuda market, industry reputation and reserves key issues in 2007
March 29, 2007 by Canadian UnderwriterA new Bermuda market, reputation challenges to the industry and reserve deficiencies are among 10 major changes that Mike Wills, president of Catlins Canadian operations, said hes witnessed in the insurance industry.Wills was speaking at the Ontario Risk and Insurance…
AXIS to acquire Media/Pro from AON
March 29, 2007 by Canadian UnderwriterAXIS Capital (NYSE: AXS), a global specialty commercial property and casualty insurer and reinsurer, has agreed to acquire from AON Underwriting Managers the assets and operations of Media/Professional Insurance (Media/Pro), a managing general underwriter specializing in professional liability lines of…
Fitch ups Lloyd’s ratings based on Equitas-Hathaway deal
March 28, 2007 by Canadian UnderwriterFitch Ratings has upgraded Lloyd’s of London’s (“Lloyd’s”) Insurer Financial Strength (“IFS”) rating by one notch to ‘A+’.At the same time, the agency has upgraded the Society of Lloyd’s Issuer Default rating (“IDR”) by one notch to ‘A’. Both ratings…
What’s New: In Brief (March 27, 2007)
March 27, 2007 by Canadian UnderwriterOntarios Court of Appeal has overturned a judges order for Royal & SunAlliance Insurance Group Plc, along with 5 other insurers, to pay Canadian National Railway Co. (CN) $30 million to cover a failure of a tunnel-boring machine, reports the…
Aon launches global risk consulting unit
March 26, 2007 by Canadian UnderwriterAon Corporation has further consolidated its services with the formation of Aon Global Risk Consulting (AGRC), creating one of the largest dedicated risk consulting, captive management and risk engineering groups in the world.The formation of AGRC follows the launch of…
Bermudian reinsurers post US$11.6-billion profit in 2006
March 23, 2007 by Canadian UnderwriterWhat difference the year makes: Bermudian reinsurers posted a collective profit of US$11.6 billion in 2006, compared to a US$2.1 billion loss in 2005.2006 was a record year for the Bermudian reinsurance market, with companies reporting bumper earnings and bulging…
What’s New: In Brief (March 22, 2007)
March 22, 2007 by Canadian UnderwriterTIC Travel Insurance Coordinators Ltd. raised almost Cdn$17,000 for charity this past holiday season as a result of the companys decision to donate to charity on behalf of customers rather than spending money on holiday gifts.Three charities benefited from the…
El Nino weakens, portending more 2007 storms
March 20, 2007 by Canadian UnderwriterEl Nio which moderated storm activity last year has dissipated, thereby increasing the likelihood of 2007 being an active season, according to Tropical Storm Risk (TSR), a consortium of experts on seasonal climate forecasting led by the Benfield UCL Hazard…
Industry should improve communication to prevent intervention
March 20, 2007 by Canadian UnderwriterIn order for insurers and reinsurers to avoid government intervention and pressure from regulators, they need to improve communication with both insureds and government bodies, says Pierre Ozendo, chairman and CEO, Swiss Re America Corportation.Ozendo told journalists in a meeting…