Topic
Insurance
Value of weather risk management contracts soars (June 28, 2006)
June 28, 2006 by Canadian UnderwriterThe notional value of weather risk management contracts increased nearly five-fold over the past year from US$9.7 billion in April 2005 to US$45.2 billion as of March 2006.The Weather Risk Management Association (WRMA), an international trade organization of the weather…
Crawford Adjusters Canada announces appointments
June 28, 2006 by Canadian UnderwriterCrawford Adjusters Canada has appointed Bill Johnstone vice president, Greater Toronto Area (GTA) Region.The company described the promotion in a press release as “part of a larger realignment of Crawford’s operating divisions across Ontario.”Crawford has restructured its Ontario market into…
Swiss Re anticpates improvement in p&c market
June 28, 2006 by Canadian UnderwriterThe insurance industry posted solid profits in 2005 despite record losses, according to comments made by Swiss Re’s senior economist Thomas Holzheu during the company’s mid-year Economic and Insurance Industry teleconference.Regarding the property and casualty insurance business, Holzheu says that…
Insurers expanding through internal growth
June 28, 2006 by Canadian UnderwriterInsurers looking to expand their operations are doing so through “staff-driven, organic growth,” according to Business Management Group, Inc. 2006-2007 Owner, Executive and Producer Compensation Survey. A decrease in the exchange of large books of business is the root cause…
Task force asked to looked into terrorism insurance concerns
June 27, 2006 by Canadian UnderwriterThe US federal anti-terrorism task force has been put on the spot to research terrorism insurance concerns prior to issuing its terrorism insurance market report due for release later this year.Under the terms of the 2005 Terrorism Risk Insurance Extension…
World Trade Center insurers sued
June 27, 2006 by Canadian UnderwriterThe developer of the World Trade Center (WTC) Larry Silverstein alongside The Port Authority of New York and New Jersey are suing the seven WTC insurers due to payment delays, which the Port Authority says are required if the site…
In remembrance: Moody, a leader of women in insurance
June 27, 2006 by Canadian UnderwriterMaggie Moody, 59, a long-time member of the Toronto Insurance Women’s Association (TIWA) and the Canadian Association of Insurance Women (CAIW), passed away suddenly on June 16.A long-time employee of Marsh Canada, Moody has served as president for both TIWA…
S&P’s changes Munich Re outlook to ‘positive’
June 27, 2006 by Canadian UnderwriterStandard & Poor’s Ratings Services has revised its outlook on Germany-based Munich Reinsurance Co. and its core operating entities to positive from stable. In addition, the ‘A+’ counterparty credit and insurer financial strength ratings on Munich Re and related core…
Quebec private damage insurers “stable” in 2005
June 26, 2006 by Canadian UnderwriterPrivate damage insurers in 2005 collected CD$7.1 billion in premiums in Qubec almost the same level as the CD$7 billion collected in 2004, according to a recent report to Quebec’s National Assembly. “The damage insurance business in Qubec was therefore…
The (insured) value of the World Cup
June 26, 2006 by Canadian UnderwriterWhat’s the estimated replacement cost value of the 18-carat-gold World Cup soccer championship trophy?About CD$85,400, not including design and labor costs, according to Lloyd’s of London broker Heath Lambert, a specialist in sports insurance. Charles Meaden, director of Heath Lambert’s…
Kingsway to replace maturing Canadian credit facility
June 26, 2006 by Canadian UnderwriterKingsway Financial Services Inc. (TSX:KFS) has entered into a US$175 million three-year revolving credit facility with a syndicate of three banks. This new credit facility, which matures in June 2009, replaces the existing CD$150 million 364-day revolving credit facility, and…
What’s New: In brief (June 26, 2006)
June 26, 2006 by Canadian UnderwriterThe “world’s largest passenger aircraft” is set to be introduced into the commercial aviation space despite A series of delays have altered the production and delivery schedule of the “world’s largest passenger aircraft” into the commercial aviation market, according to…