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What’s New: In Brief (February 07, 2008)

February 7, 2008 by Canadian Underwriter

The Toronto Insurance Women’s Association (TIWA) will be adding an extra splash of red and white to this year’s Valentine’s Day celebrations when it hosts its annual wine and cheese reception on Feb. 14, 2008. Guests will indulge in fine

News Climate ChangeInsurance

All quiet on D&O, E&O fronts despite subprime storm

February 6, 2008 by Canadian Underwriter

The crisis in the subprime mortgage market has had little impact on availability, cost or policy conditions of directors’ and officers’ liability (D&O) and errors and omissions (E&O) policies, according to research by Advisen Ltd.Based on a survey of 110

News Insurance

XL Capital reports net loss

February 6, 2008 by Canadian Underwriter

XL Capital Ltd has reported a net loss of US$1.06 billion for 2007 Q4. It reported a net income of US$471.1 million for 2006 Q4. Net income excluding net realized gains and losses 2007 Q4 was US$117.1 million, as compared

News Insurance

UK floods impact higher than expected

February 6, 2008 by Canadian Underwriter

Aviva plc has reported total sales growth of 25% in 2007 to 38.6 billion (approximately Cdn$56.7 billion). Damage losses arising from the floods in the United Kingdom during June and July were originally estimated to be 340 million (approximately Cdn$500

News Climate ChangeInsurance

Soft market could be around until 2010

February 6, 2008 by Canadian Underwriter

North American and Bermuda reinsurers have authorized substantially more capital for the insurance market in 2008 than in 2007, meaning the current soft market could continue well into 2010, Guy Carpenter & Company LLC predicts.Kevin Stokes, the global leader of

News Insurance

Partner Re’s profit down slightly in 2007

February 5, 2008 by Canadian Underwriter

PartnerRe Ltd. has reported a net income of US$180.6 million for 2007 Q4, down from US$242.7 million in 2006 Q4.Over the entire year of 2007, the company reported a profit of US $717.8 million, which is down slightly from the

News Climate ChangeInsuranceMergers and Aqcuisitions

What’s New: In Brief (February 05, 2008)

February 5, 2008 by Canadian Underwriter

The Institute for Catastrophic Loss Reduction (ICLR) is hosting the 4th International Symposium on Flood Defence (ISFD4) on May 6-8 in Toronto at the Westin Harbour Castle.The theme is the management of flood risk, reliability and vulnerability. As recent flood

News Insurance

Hannover Re “satisfied” with ’08 P&C renewals

February 5, 2008 by Canadian Underwriter

Hannover Re is predicting its 2007 gross premium in property and casualty reinsurance to be on par with the previous year, at 3.54 billion (approximately Cdn$5.22 billion).Of the total premium volume written in the 2007 underwriting year in non-life reinsurance

News InsuranceMergers and Aqcuisitions

SGI introduces vehicle history search

February 5, 2008 by Canadian Underwriter

Customers can now use SGI’s Saskatchewan Damage Claims History Search to check a vehicle’s damage claims history going back to Jan. 1, 1998. The free online search will also provide a vehicle’s most recent Saskatchewan registration expiry date. Plus it

News Insurance

Fitch says U.S. P&C industry should be aiming for 95% COR in 2008

February 4, 2008 by Canadian Underwriter

Fitch Ratings says the U.S. property and casualty insurance industry will need to produce a combined ratio of about 95.5% in 2008 in order to meet the goal of an 11% return on surplus.Fitch made this observation in a report

News InsuranceMergers and Aqcuisitions

What’s New: In Brief (February 04, 2008)

February 4, 2008 by Canadian Underwriter

The Insurance Corporation of British Columbia (ICBC) is now offering a New Vehicle Replacement Plus program, which allows a vehicle to be written off if the damage exceeds 50% of its market value.Program members suffering a write-off would receive a

News Insurance

Crawford & Company reports net income of US$3.3 million

February 4, 2008 by Canadian Underwriter

Crawford & Company reported a 2007 Q4 net income of US$3.3 million, compared to a net loss of US$1.3 million for the same period in 2006. Net income for 2007 totalled US$16.1 million, compared to US$15 million for 2006. U.S.