Topic
Insurance
What’s New: In Brief (June 02, 2008)
June 2, 2008 by Canadian UnderwriterCooper Gay has purchased Heath Lambert’s aviation, FSJ (UK wholesale) and reinsurance divisions as of May 31. Commercial discussions are ongoing with regards to the sale of Heath Lambert’s international wholesale division, Global Business Solutions (GBS), according to a Heath…
U.S. reinsurers wrote more premium in 2008 Q1, but combined ratios also up
June 2, 2008 by Canadian UnderwriterU.S. reinsurers are writing more premiums and increasing policyholders’ surplus in 2008 Q1, but their loss ratios are also rising, as are there combined ratios.The Reinsurance Association of America (RAA) posted the quarterly results of about 20 property and casualty…
CSA and SEC working towards mutual recognition arrangement
June 2, 2008 by Canadian UnderwriterThe Canadian Securities Administrators (CSA) and the U.S. Securities and Exchange Commission (SEC) announced a schedule for the completion of a process agreement that would open the way for discussions of a U.S.-Canada mutual recognition agreement.Mutual recognition could provide Canadian…
Despite US$100 million of insured losses in 2008, reinsurance prices fall 15-22%
May 30, 2008 by Canadian UnderwriterInsurers have absorbed losses of more than US$100 million due to 15 events this year, Robert F. Howe, global leader of property operations for Marsh Inc., noted during a panel discussion in New York on May 30. Total aggregate losses…
Alberta court denies request for a split trial in builders risk policy case
May 30, 2008 by Canadian UnderwriterAlberta’s Court of Queen’s Bench has upheld that exceptional circumstances are required to split a trial under Rule 221 of the Civil Rules of Procedure. In Inland Concrete Limited v. Commonwealth Insurance Company, 2008, Inland wanted a split trial in…
IBC urges Manitoba policyholders to check policies after first 2008 tornado
May 30, 2008 by Canadian UnderwriterCanada’s home, car and business insurers are reminding Manitoba’s homeowners to review their insurance policies after Environment Canada received reports of a tornado touching down in the province earlier this week, and fires are affecting northern Manitoba.Manitoba’s first tornado of…
What’s New: In Brief (May 30, 2008)
May 30, 2008 by Canadian UnderwriterChubb Insurance Company of Canada launched its Executive Elite policy, the latest addition to the company’s suite of directors’ and officers’ and other professional liability products. Executive Elite is classified as an excess Clause 1 or Side A policy, protecting…
Brokers urged to leverage brand power of insurers they represent
May 29, 2008 by Canadian UnderwriterIn addition to aggressively developing and marketing their own brands, brokers should also be leveraging the brands of the insurers they sell instead of hiding them, said Alister Campbell, CEO of Zurich in Canada.Speaking at the Insurance Institute’s “At the…
S&P’s warns of negative outlook in late 2008 if commercial pricing continues to drop
May 29, 2008 by Canadian UnderwriterPricing deterioration will likely be the primary commercial property and casualty ratings driver over the next couple of years, predicts Standard & Poor’s (S&P’s).In its Midyear 2008 U.S. Commercial Lines Outlook, S&P’s notes there are strong indications the deterioration in…
International Accounting Standards Board seeks comment on proposed accounting standards
May 29, 2008 by Canadian UnderwriterThe International Accounting Standards Board (IASB) and U.S. Financial Accounting Standards Board (FASB) have published consultative documents seeking public comment on a joint project to improve future accounting standards.Each document is more than 40 pages and is available at www.iasb.org.The…
What’s New: In Brief (May 29, 2008)
May 29, 2008 by Canadian UnderwriterBrokers can now download quotations from ING Insurance Company of Canada’s Web quoting tool directly into Policy Works. With the release of integrated download functionality, ING and Policy Works have announced the launch of what they call the next phase…
Reinsurers would shoulder more of the load in an active 2008 hurricane season: Fitch
May 28, 2008 by Canadian UnderwriterIf the 2008 hurricane season features only small to moderate storms (as experienced in 2004), primary insurers will disproportionately incur catastrophe losses relative to reinsurers. However, the opposite rings true if the season includes one or more large or very…