Topic
Insurance
Economic turmoil presents opportunity for reinsurers to regain market share
January 5, 2009 by Canadian UnderwriterThe manner in which cedants select reinsurance partners has shifted as the demand for reinsurance capacity increases, according to a Willis Re report.In 1st View; Capital Rules, Willis Re examines global trends that emerged during the Jan. 1, 2009 renewal…
Declining capital worrisome to Canadian (re)insurers as claims costs rise: Swiss Re
January 5, 2009 by Canadian UnderwriterInvestment and capital losses associated with Canada’s economic recession are happening at a time when the country’s industry is in need of capital to offset claims costs, a Swiss Re online newsletter reports.In its report, “Implications of the Financial Crisis…
What’s New: In Brief (January 05, 2009)
January 5, 2009 by Canadian UnderwriterACE Canada has expanded its International Executive Assistance Services product to include emergency political evacuation and concierge services. Political evacuation coverage is automatically provided to reimburse an insured’s covered costs up to a policy limit, according to ACE. Additionally, a…
Happy Holidays from the staff of Canadian Underwriter! (December 23, 2008)
December 23, 2008 by Canadian UnderwriterThe staff of Canadian Underwriter would like to wish everyone a happy, healthy and safe holiday season, and best wishes in the New Year! This is the last installment of Canadian Underwriter’s Daily News for 2008. We will resume with…
Moody’s credits AIG for restructuring efforts, but weak global economy posing challenge to asset values
December 23, 2008 by Canadian UnderwriterMoody’s has seen good and bad omens as it monitors the restructuring and divestiture efforts of American International Group, Inc. (NYSE: AIG)“AIG has made important strides in the restructuring plan announced on Nov. 10, 2008,” the ratings agency announced in…
Watch out for those wild signposts!
December 23, 2008 by Canadian UnderwriterAs economic times get tough, and people look for ways to avoid paying money, many insurers are on the lookout for fraudulent claims.The latest example in B.C. was based on the fact that insurance premiums are not affected in comprehensive…
What’s New: In Brief (December 23, 2008)
December 23, 2008 by Canadian UnderwriterA.M. Best Co. has upgraded the financial strength rating of Temple Insurance Company to A+ (Superior) from A (Excellent), and revised its outlook on the company to positive.“In A.M. Best’s opinion, the ratings and outlook reflect Temple’s excellent capitalization, consistently…
Depression, psychoses based on physical brain injury not “too remote for recovery”: Ontario Superior Court
December 23, 2008 by Canadian UnderwriterPychoses caused by right-hemisphere brain damage arising from a car collision are not “too remote to allow for recovery,” the Ontario Superior Court of Justice has found, distinguishing the case from the facts found in the Supreme Court of Canada’s…
Munich Re to acquire Hartford Steam Boiler Inspection and Insurance for US$742 million
December 22, 2008 by Canadian UnderwriterMunich Re has agreed to acquire specialty insurer HSB Group from American International Group (AIG) for US$742 million in cash.The HSB Group, headquartered in Hartford, Connecticut, has been a wholly owned subsidiary of AIG since 2000. The core of the…
Canadian motor vehicle theft on the decline, Statistics Canada reports
December 22, 2008 by Canadian UnderwriterPolice-reported motor vehicle theft decreased 9% in 2007, the fourth consecutive annual decline, Statistics Canada noted in a recent report.Vehicle theft remains one of the most frequent offences committed in Canada, according to police-reported data. But the rate peaked in 1996, and has…
Prediction of return to hard market in U.S. is “premature,” Fitch reports
December 22, 2008 by Canadian UnderwriterAlthough a competitive pricing environment is expected to abate somewhat because of the recent decline in market capacity, “it is premature to predict a shift to a hardening market, outside of a few hard hit market subsegments,” says a recent…
What’s New: In Brief (December 22, 2008)
December 22, 2008 by Canadian UnderwriterStephen Greene, former executive director of the Insurance Brokers Association of Nova Scotia (IBANS), is one of 18 new senators appointed by Prime Minister Stephen Harper.Harper announced his new appointments to the Senate on Dec. 22. Greene served as the…