Topic
Insurance
D&O rates expected to rise after subprime mortgage crisis
January 10, 2008 by Canadian UnderwriterThe subprime mortgage and securities crisis in the United States might lead to increased D&O rates over the next two to three years, Philip H. Cook, the CEO of Omega Insurance Holdings, predicts.Cook noted D&O rates have been falling in…
What’s New: In Brief (January 09, 2008)
January 9, 2008 by Canadian UnderwriterClive R. Tobin will retire from his post as chief executive of XL Capital Ltd.’s insurance operations, and David B. Duclos will succeed him.Tobin will continue with XL as vice chairman of XL Insurance (Bermuda) Ltd., where he will concentrate…
U.S. cases top list of court decisions affecting Canadian insurers
January 9, 2008 by Canadian UnderwriterA U.S. Supreme Court decision that reinforced a heightened pleading standard in securities suits was deemed the most important court award or settlement of 2007, according to a Willis Group Holding Canadian alert on executive risks. While the list of…
Sovereign General Insurance ordered to pay its half of $2.3-million policy
January 9, 2008 by Canadian UnderwriterThe B.C. Supreme Court ordered Sovereign General Insurance in December to pay its half of a Cdn$2.3-million policy to a couple who lost their multi-million dollar wine collection due to a sewer back-up, according to Canadian Press.A rare and expensive…
What’s New: In Brief (January 08, 2008)
January 8, 2008 by Canadian UnderwriterWestport Insurance Corporation, a Swiss Re company, has merged with Employers Reinsurance Corporation. Employers Reinsurance Corporation holds a Canadian branch. In the merger, Employers Reinsurance Corporation assumed the Westport name and all of the liability and obligations under and according…
U.S. outlines its case against ex-insurance executives in finite reinsurance case
January 8, 2008 by Canadian UnderwriterThe United States government has started to present its case against five former executives of General Reinsurance Corp. and American International Group Inc. in a fraud case surrounding a finite reinsurance transaction.The insurers have denied the fraud charges. They will…
Systemic financial risk tops list of threats in 2008
January 8, 2008 by Canadian UnderwriterThis year holds the highest levels of political and economic uncertainty for a decade, with systemic financial risk topping the list of greatest threats, according to the World Economic Forum’s report, Global Risks 2008.Diversification of risk may have strengthened stability…
Crawford restructures global operating structure
January 7, 2008 by Canadian UnderwriterCrawford & Company announced a new operating structure that includes a smaller Global Executive Management team and four business units.The new units will include legal settlement administration as well as the information and communications technology division. In addition, Crawford Global…
Hurricanes starting point better predictor for landfall
January 7, 2008 by Canadian UnderwriterBy focussing on the 2004 and 2005 hurricane seasons, risk models may overestimate the probabilities of both U.S. landfall risk and potential insured losses, new research from AIR Worldwide says.“By only focusing on the 2004 and 2005 seasons, it is…
IBC calls for formation of working group to ensure best protection against B.C. earthquake
January 7, 2008 by Canadian UnderwriterThe Insurance Bureau of Canada has called for the formation of an ongoing working group between the insurance industry and the government of British Columbia to ensure residents of B.C. are protected as best as possible against an earthquake. Two…
What’s New: In Brief (January 07, 2008)
January 7, 2008 by Canadian UnderwriterStrategy Institute, in conjunction with Canadian Underwriter, is holding the 4th annual Captive Insurance Strategies Summit on Apr. 1 and 2.The summit, held at the InterContinental Toronto Centre, will look at a range of issues including: achieving best practices in…
Chubb Insurance could pay out up to Cdn$5 million if deal is reached
January 4, 2008 by Canadian UnderwriterChubb Insurance could pay out up to Cdn$5 million, assuming the approval of a settlement of the class-action lawsuit related to Crocus Investment Fund, CBC.ca reports. The out-of-court settlement would resolve a Cdn$200-million class action lawsuit over Crocus Investment Fund.Roughly…