Topic
Insurance
OSFI defends decision not to allow debt on Canadian P&C balance sheets
October 2, 2008 by Canadian UnderwriterThe Office of the Superintendent of Financial Institutions (OSFI), Canada’s federal insurance solvency regulator, makes no apologies for insisting on eliminating debt from the balance sheets of Canadian property and casualty companies, noting that its strategy to reduce leverage has…
What’s New: In Brief (October 01, 2008)
October 1, 2008 by Canadian UnderwriterMarsh Canada Limited and XN Risk have jointly announced the launch of a program that combines comprehensive directors and officers liability (D&O) protection with an insured private health care treatment plan. The plan provides key directors and officers with priority…
What’s New: In Brief (October 01, 2008)
October 1, 2008 by Canadian UnderwriterDavid H. Laidley, Mary Theresa McLeod and Michael M. Shaw have been appointed to the board of directors of Aviva Canada Inc., effective immediately. Laidley is a former chairman of Deloitte & Touche LLP. He has a broad background in…
The Hartford issues statement to calm investors after ratings outlook changes
October 1, 2008 by Canadian UnderwriterThe Hartford has issued a public statement to calm investors after Fitch Ratings revised its outlook on The Harford Financial Services Group’s life insurance and property and casualty operations from ‘stable’ to ‘negative.’Although Fitch revised its outlook, it maintained its…
Disconnect between form customization and business strategy drives up carrier costs
October 1, 2008 by Canadian UnderwriterThe amount of form customization rarely matches the amount called for by an insurer’s business strategy, leading to an increase in analytical challenges on pricing and underwriting, marketing difficulty and an increase in costs, a Celent report warns.In its new…
Canadian P&C growth in direct premiums written expected to drop to less than 3% in 2008
September 30, 2008 by Canadian UnderwriterSwiss Re expects growth in direct premiums written (DPW) in Canada’s overall property and casualty industry will be less than 3% in 2008, down from 2007’s growth of 4.3%“Direct premiums written growth slowed to 1.8% [year-over-year] in [2008 Q1] from…
Bermuda insurers, (re)insurers likely to bear the brunt of recent Gulf storms
September 30, 2008 by Canadian UnderwriterBermuda insurers and (re)insurers could be bearing the brunt nearly half of the costs associated with recent storms, including Hurricane Ike, according to preliminary estimates, A.M. Best reports. “According to the Association of Bermuda Insurers and Reinsurers, Bermuda insurers provide…
What’s New: In Brief (September 30, 2008)
September 30, 2008 by Canadian UnderwriterAXIS Reinsurance Company, a subsidiary of AXIS Capital Holdings Limited, has been authorized to operate as a branch insurer underwriting property and casualty insurance and reinsurance business in Canada.“We are looking forward to bringing our specialized capabilities in both insurance…
Canadian CROs earn less than American counterparts
September 30, 2008 by Canadian UnderwriterAverage base salaries of American chief risk officers (CROs) outpace those of their Canadian counterparts by roughly $30,000, reports the Risk and Insurance Management Society’s Risk Management Compensation Survey.The 2008 survey presents compensation data for 11 different positions; for the…
What’s New: In Brief (September 29, 2008)
September 29, 2008 by Canadian UnderwriterFairfax Financial Holdings Limited (TSX and NYSE: FFH) has entered into an agreement to purchase roughly 9.5 million common shares of Ridley Inc. (TSX: RCL) from its Australian parent, Ridley Corporation Limited, for Cdn$81 million. The transaction, expected to close…
Brokers and MPI agree on new compensation model
September 29, 2008 by Canadian UnderwriterIndependent brokers and Manitoba Public Insurance (MPI) have entered into an accord for a new compensation model that will support a more convenient renewal process and new product offerings for customers in the future.The plan includes the following features: The…
AIG considers selling its 59% stake in Transatlantic Holdings Inc.
September 29, 2008 by Canadian UnderwriterTransatlantic Holdings Inc. (NYSE: TRH) has established a special committee to evaluate proposals received from American International Group Inc. (“AIG”) related to the possible sale of AIG’s 59% common stock interest in the company.Commenting on these actions, Robert F. Orlich,…