Topic
Insurance
Norwich Union to cut 4,000 jobs in U.K.
September 14, 2006 by Canadian UnderwriterFollowing a review of its businesses, Norwich Union, a subsidiary of Aviva and the U.K.’s largest insurer, is poised to reduce its U.K. workforce by 4,000 prior to the end of 2007.“Approximately half of [the workforce reductions] are anticipated to…
Dominion includes fraud insurance in homeowners’ package
September 14, 2006 by Canadian UnderwriterThe Dominion of Canada General Insurance Company (“The Dominion”) is now automatically including up to $25,000 of identity fraud expense coverage in its and Chieftain’s homeowners, tenants and condominium policies, subject to a $250 deductible.The Dominion announced it is not…
Sedgwick CMS fully acquires CompManagement
September 13, 2006 by Canadian UnderwriterSedgwick CMS Holdings, Inc. (Sedgwick CMS Holdings), parent company of Sedgwick Claims Management Services, Inc. (Sedgwick CMS), recently concluded its agreement to acquire CompManagement, Inc. (CMI) and its affiliated companies. The finalized agreement took the form of a merger between…
Oxygen Holdings introduces reinsurance broker
September 13, 2006 by Canadian UnderwriterOxygen Holdings P.L.C. recently introduced a reinsurance broker, Oxygen Re that will serve buyers of non-marine, marine and aviation treaty reinsurance and retrocessional covers.In addition, London-based Oxygen Holdings says it will introduce third-party capital in various forms to support underwriting.The…
Ontario to give insurers greater investment flexibility
September 13, 2006 by Canadian UnderwriterOntario’s insurance regulator is consultating with Ontario-incorporated insurers, reciprocals and fraternal societies on proposed changes to insurance legislation that would allow these insurers to operate under investment and corporate governance rules similar to those at the federal level. According to…
Increased sea temperatures linked to stronger hurricanes
September 13, 2006 by Canadian UnderwriterCritics may dismiss the dangers of global warming, but increasing sea temperatures are nonetheless linked to more intense Atlantic hurricanes, according to the 2006 edition of the annual publication, the Hazard & Risk Science Review.Researched and edited by Professor Bill…
Swiss Re bows out of retrocession business
September 12, 2006 by Canadian UnderwriterThe property retrocession business Swiss Reinsurance Co acquired when it purchased GE Insurance Solutions, will not be renewed.The reason the reinsurer is not renewing the business is related to the dissolution of the retrocession market. The decision of Swiss Re…
What’s New: In Brief (September 12, 2006)
September 12, 2006 by Canadian UnderwriterThe Precept Group, a full-service insurer based in Waterloo, Ontario, is donating money to help build Canada’s first solar park The Precept Group Inc. announced it will be donating money to The Sunpark Challenge to help buy the solar panels…
Forecast of hurricane severity decreased
September 12, 2006 by Canadian UnderwriterThe hurricane forecast for 2006 has been revised from Tropical Storm Risk’s original prediction of above-average activity to slightly below-normal activity.The London-based group of insurance, risk management and seasonal climate experts, led by the Benfield centre, say the new forecast…
ICBC steps up campaign against car theft.
September 12, 2006 by Canadian UnderwriterIn conjunction with the B.C. provincial government and police, ICBC is putting auto thieves and their passengers on notice that if they steal a vehicle, they will be held financially responsible.Project No Free Ride is an initiative focused on recovering…
The retrocession rut hinders P&C insurers
September 11, 2006 by Canadian UnderwriterThe capacity shortage in retrocessional property catastrophe reinsurance protection has “materially disrupted” the property and catastrophe insurance industry, according to an article recently published by Standard & Poor’s Ratings Services. The article “Responding To The Retrocessional Squeeze” reports that the…
Global reinsurers’ financial strength declines
September 11, 2006 by Canadian UnderwriterFinancial strength in the global reinsurance sector has declined over the past five years to the point that, when taken on a stand-alone basis, no reinsurer is currently rated higher than ‘AA-,’ according to a recent report published by Standard…