Topic
Insurance
Aon launches corporate investigations team
May 25, 2006 by Canadian UnderwriterAon Consulting, the human capital consulting organization of Aon Corporation (NYSE:AOC), a provider of risk management services, has launched a new corporate investigations group.The new group will “assist organizations worldwide with their most complex corporate investigations, while ensuring they adhere…
What’s New: In brief (May 25, 2006)
May 25, 2006 by Canadian UnderwriterCrawford Adjusters Canada plans to conduct a pilot project utilizing SMART Insurance Technology, a portal managed by CGI Insurance Business Services. Crawford’s proprietary CMS Claims Management System will interface with the SMART portal to automate and streamline the communication process…
Business must adapt to seasons of change
May 24, 2006 by Canadian UnderwriterThe energy insurance market has proven its resilience despite the large losses of 2005, according to the Energy Market Review published by Willis Group Holdings (NYSE:WSH). However, the report notes that with numerous changes and challenges affecting the industry, it…
RIMS survey: Commercial insurance “a buyer’s market”
May 24, 2006 by Canadian UnderwriterNorth America’s commercial insurance industry remained a buyers’ market in 2005 and shows no signs of hardening any time soon, according to the 2005 Annual Benchmark Survey from the Risk and Insurance Management Society (RIMS).The 2005 RIMS Benchmark Survey book…
New York seeks extradition of Canadian charged with insurance fraud
May 24, 2006 by Canadian UnderwriterThe United States Attorney for the Southern District of New York has announced the arrest on May 5, 2006, in Canada of Ian Stuart, following the investigation of a massive, $7-million insurance fraud scheme.Stuart, also known as “John Harris” and…
What’s New: In brief (May 24, 2006)
May 24, 2006 by Canadian UnderwriterTechnology and IT outsourcing solutions provider MFX is using its web-based WriteNow point-of-sale underwriting and issuance application as the platform behind Pan-American Life’s bancassurance newly released product, Simple Life. WriteNow was designed by MFX to qualify, rate, quote, bind and…
Lloyd’s outlines measures for promoting contract certainty
May 23, 2006 by Canadian UnderwriterLloyd’s chief executive Richard Ward has sent a letter to the market outlining proposals to promote contract certainty.The letter includes proposals that would streamline the way insurance contracts are checked, produced and issued.The changes outlined in Ward’s letter follow consultation…
The Co-operators helps promote seat belt safety
May 23, 2006 by Canadian UnderwriterTaking aim at statistics that show eight out of 10 child car seats are improperly installed, The Co-operators has partnered with the Infant & Toddler Safety Association (ITSA) to bring a series of free car seat clinics to a number…
Above average hurricane season anticipated
May 23, 2006 by Canadian UnderwriterThe upcoming Atlantic hurricane season will likely see approximately six major hurricanes, according to the National Oceanic and Atmospheric Administration (NOAA).The NOAA says there will be an 80% chance of an above-normal hurricane season, a 15% chance of a near-normal…
ERM important to protect competitive advantage
May 23, 2006 by Canadian UnderwriterInsurers operating without effective risk management programs may lose their competitive position or become exposed to “unacceptable losses,” according Standard & Poor’s Ratings Services. S & P’s notes that there is no national regulatory agency or industry-wide trade group that…
Swiss Re’s Mexican earthquake CAT bond rated ‘BB+’
May 19, 2006 by Canadian UnderwriterThe US$160 million class A and B principal-at-risk notes issued by CAT-Mex Ltd. but originally received by Mexico from Swiss Re, have been assigned a ‘BB+’ credit ratings by Standard & Poor’s Ratings Services.The transaction, which was sponsored by the…
Moody’s affirms Swiss Re’s financial strength; outlook negative
May 19, 2006 by Canadian UnderwriterMoody’s Investors Service has confirmed the Aa2 insurance financial strength and senior debt ratings of Swiss Reinsurance Company in anticipation of the closing of Swiss Re’s acquisition of GE Insurance Solutions.Moody’s also changed Swiss Re’s ratings outlook to negative.“The decision…