Segment
Reinsurance
Lloyd’s endorses new protocol for resolving reinsurer/client disputes
January 4, 2007 by Canadian UnderwriterLloyd’s has endorsed a new International Reinsurance Industry Dispute Resolution Protocol, which, according to Lloyd’s, “provides the insurance industry with an alternative to a court case or a lengthy arbitration if a disagreement should arise between reinsurer and client.”In a…
Ironshore Insurance formed in response to U.S. market dislocation
January 3, 2007 by Canadian UnderwriterIronshore Inc. has raised more than US$1 billion through a private placement of its equity securities, and it will begin underwriting specialty lines of insurance immediately through its Bermuda-based insurance subsidiary, Ironshore Insurance Ltd., the company has announced. “This newly…
Frank Cowan forms partnership with Temple Insurance
January 3, 2007 by Canadian UnderwriterFrank Cowan Company has announced that Canadian-based Temple Insurance Company (Temple) will participate on all of its insurance programs starting Jan. 1, 2007. Temple is a member of the worldwide Munich Re Group.Frank Cowan Company has been providing specialized insurance…
A.M. Best assigns ‘A-‘ rating to Co-operators General Insurance Company
December 21, 2006 by Canadian UnderwriterA.M. Best Co. has affirmed the financial strength rating (FSR) of A- (Excellent) and the issuer credit rating (ICR) of “a-” of Co-operators General Insurance Company (Co-operators General) (Ontario). A.M. Best has also upgraded the FSR to B++ (Very Good)…
What’s New: In Brief (December 21, 2006)
December 21, 2006 by Canadian UnderwriterMore effort is needed to keep Canadian roads safe from drunk drivers, according to a Traffic Injury Research Foundation (TIRF) poll.The poll asked drivers if they drove at times when they felt they might be above the legal alcohol limit.…
Catastrophes cost US$15 billion in 2006
December 20, 2006 by Canadian UnderwriterNatural and man-mad catastrophes triggered total economic losses worldwide of approximately US$40 billion and cost property insurers US$15 billion in 2006, according to Swiss Re.The 2006 figure compares favourably to the 2005 amount of US$78 billion for insured loses.Earthquake, cold…
What’s New: In brief (December 20, 2006)
December 20, 2006 by Canadian UnderwriterPeace Hills General Insurance Company’s financial strength received a B+ rating from A.M. Best Co. The positive rating is due to the Alberta firm’s “excellent risk-adjusted capitalization, strong liquid balance sheet, steady organic surplus growth from better than average profitability,…
Canada petitions U.S. to help Canadian trucking insurers compete
December 19, 2006 by Canadian UnderwriterThe Canadian government has petitioned the U.S. Federal Motor Carrier Safety Administration (FMCSA) to allow Canadian trucking insurers to underwrite Canadian carriers operating south of the border without having to link with an American counterpart, according to a report by…
What’s New: In brief (December 18, 2006)
December 18, 2006 by Canadian UnderwriterThe General Insurance OmbudService (GIO) has announced the appointments of Brigid Murphy and Charles Reid to the organization’s board of directors. Murphy is currently senior vp with the Dominion of Canada General Insurance Company in Toronto, Ontario and brings more…
Federal regulator seeks feedback on guideline
December 14, 2006 by Canadian UnderwriterIndustry feedback is being sought on a draft guideline, aiming to reduce the time between initiating and signing reinsurance documents, issued by the Office of the Superintendent of Financial Institutions of Canada (OSFI).The guideline gives companies a nine-month window in…
EGI Financial enters U.S. non-standard auto market
December 13, 2006 by Canadian UnderwriterEGI Financial Holdings Inc. has entered the United States non-standard automobile insurance market, signing a reinsurance treaty with AssuranceAmerica Insurance Company (AAIC).AAIC has accepted EGI Financial Holdings’ authorization to underwrite 17.6% of AssuranceAmerica’s 2007 quota share reinsurance treaty. Under this…
Growth potential huge for insurance-linked securities
December 12, 2006 by Canadian UnderwriterThe total volume of Insurance-linked Securities (ILS) outstanding has grown three-fold over the last five years, and is now close to US$23 billion, according to Swiss Re’s new sigma study “Securitization.”Life bonds account for two-thirds (or US$15 billion) of the…