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Insured losses from Japan quake could reach $35 billion: AIR

March 14, 2011 by Canadian Underwriter

Insured property losses from the March 11 Japan earthquake will likely range from $15 billion to $35 billion, reported AIR Worldwide. The event is Japan’s costliest event to date – and possibly one of the costliest in world history –

News InsuranceMergers and Aqcuisitions

California tsunami causes estimated $50 million in damage

March 14, 2011 by Canadian Underwriter

The March 11 Japan earthquake triggered tsunami waves that crossed the Pacific and thrashed the coast of California, causing at least $50 million in economic damages and killed one person, reported the Los Angeles Times.The 9.1-magnitude quake off the coast

News InsuranceMergers and Aqcuisitions

IIHS awards Top Safety Pick to minivan and three SUVs

March 14, 2011 by Canadian Underwriter

The Honda Odyssey minivan, and three GM SUVs manufactured after January 2011 – GMC Acadia, Chevrolet Traverse, and Buick Enclave – are the latest 2011 Top Safety Pick winners, reported the Insurance Institute for Highway Safety (IIHS).The Odyssey is the

News InsuranceMergers and Aqcuisitions

Adjusters from around the world mobilize to assist in Japan

March 14, 2011 by Canadian Underwriter

Adjusting firms are springing to action in response to the March 11 Japan earthquake.The first of Cunningham Lindsey’s CAT team members are set to arrive in Tokyo over the next few days to support clients in Japan and internationally. Crawford

News Insurance

AMF reaches agreement with St. Paul Fire and Marine

March 14, 2011 by Canadian Underwriter

The Autorité des marchés financiers (AMF) has reached an agreement with St. Paul Fire and Marine Insurance Company, after the insurer failed to properly file its statistical data with the regulator. The insurer was ordered to pay a $35,000 fine

News Insurance

CFC Underwriting launches coverage for headhunter/staffing agencies

March 14, 2011 by Canadian Underwriter

CFC Undewriting has launched ProSurance RES, a new combined policy for Canada’s recruitment, employment and staffing agencies. RES offers vicarious liability cover for placed personnel, in addition to office cover and general liability. “This means the agency’s legal liability is

News Insurance

Canadian P&C insurers report profit increases in 2010: SCOR Report

March 11, 2011 by Canadian Underwriter

Profits have generally improved for the 36 Canadian property and casualty insurance companies appearing in an updated version of the 2010 SCOR Report.Individual companies writing more than $1 billion in premiums in the report include Axa Canada, Co-Operators General (Consolidated),

News Insurance

Kane acquires HSBC’s insurance management operations

March 11, 2011 by Canadian Underwriter

Kane, a provider of specialist risk and insurance management services, has signed an agreement to acquire the insurance management operations of HSBC.Under the agreement, which has been signed with HSBC Bank Bermuda Ltd., HSBC Bank Cayman Ltd. and HSBC Insurance

News Climate ChangeInsuranceMergers and Aqcuisitions

Powerful, Magnitude-9.1 earthquake in Japan triggers global tsunami warnings, including in B.C.

March 11, 2011 by Canadian Underwriter

A powerful, Magnitude-9.1 earthquake occurred offshore of the east coast of Honshu, Japan on Mar. 11, triggering a tsunami that washed over the Pacific coastal area of Honshu, Hawaii and prompted a tsunami advisory for the north and central coasts

News Climate ChangeInsuranceMergers and Aqcuisitions

NatCat events in Canada expected to increase by 2050: climate change research

March 11, 2011 by Canadian Underwriter

Lightning-caused wildfires in western Canada, intense winter storms in B.C., freezing rain events in Ontario and Quebec and intense hurricane events in Eastern Canada are all expected to increase by 2050, based on climate change research posted online by the

News InsuranceLegal

Argentina changes reinsurance rules: reinsurance must be purchased through national or registered reinsurers

March 11, 2011 by Canadian Underwriter

Argentina has changed its reinsurance rules, cautions the insurance broker Marsh.“Argentine Superintendency (SSN) mandated last month that reinsurance in Argentina must be purchased through national or registered reinsurers,” Marsh Canada notes on its Web site. “This resolution follows the measures

News Insurance

Guy Carpenter selected as new placing broker for Caribbean Catastrophe Risk Insurance Facility

March 11, 2011 by Canadian Underwriter

Guy Carpenter & Company, a global risk and reinsurance specialist, and a member of Marsh & McLennan Companies (NYSE: MMC), has been selected as the new placing broker for the Caribbean Catastrophe Risk Insurance Facility (CCRIF). CCRIF is a risk