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Marine insurers affected by global recession

September 22, 2009 by Canadian Underwriter

As the global recession affects shipping activity, marine insurers are faced with decreased demand and an increase in piracy, according to A.M. Best. Impeding free trade could have a negative impact on the global economic recovery, Deidre Littlefield, president of

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Reinsurers might need to raise rates between 4.3% and 8.9% just to offset low interest rates alone: research

September 15, 2009 by Canadian Underwriter

Internal research by PartnerRe suggests a reinsurer would have to increase its rates by 4.3% (for short-term, property, non-proportional business) and 8.9% (for long-tail, motor, non-proportional business) just to account for lower interest rates and no other factors.PartnerRe presented its

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U.S. commercial side resists sharp D&O rate increases: Willis

September 14, 2009 by Canadian Underwriter

The U.S. property and casualty commercial sector continues to resist sharp rate increases for Directors & Officers insurance seen in the financial institutions sector, with the average premium for commercial business falling 5% in 2009 Q2, according to a new

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Global reinsurance rates increasing by an average of 8% through 2009 renewals

September 10, 2009 by Canadian Underwriter

Global reinsurance rates are increasing by an average of 8% through the 2009 reinsurance renewals, according to Guy Carpenter & Company’s annual survey of the global property catastrophe reinsurance market. Rates declined by 6% in 2008, having declined by 10%

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What’s New: In Brief (September 09, 2009)

September 9, 2009 by Canadian Underwriter

Kingsway Financial Services Inc. (TSX: KFS NYSE: KFS) has entered into a definitive agreement to sell Zephyr Insurance Company, Inc. Kingsway anticipates receiving initial gross proceeds from the transaction of US$31.5 million, plus a contingent, deferred earn-out amount. The deal

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Strict property insurance regulation linked to post-disaster catastrophe rate increases

September 9, 2009 by Canadian Underwriter

Post-disaster property insurance regulations drive up the very insurance prices they purport to control, according to a report from the Independent Institute. The Independent Institute has six centres with a mandate to evaluate, refine, and propose solutions to major social

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Offshore energy renewals likely to remain flat: Aon

September 4, 2009 by Canadian Underwriter

Insurance premiums are predicted to remain flat for offshore energy business for October’s renewals, dependent on location, loss history and limit sought, according to Aon. At the beginning of 2009, rates were expected to rise between 15% and 20%, according

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General average rate increase of 4.2% for Saskatchewan Auto Fund

August 26, 2009 by Canadian Underwriter

SGI’s rate request for the Saskatchewan Auto Fund, which includes rate rebalancing, is to be effective Nov. 1, 2009, according to the Saskatchewan Rate Review Panel’s Report to the Minister of the Crown Investment Corporation of Saskatchewan. SGI had applied

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What’s New: In Brief (August 14, 2009)

August 14, 2009 by Canadian Underwriter

The Risk and Insurance Management Society (RIMS) has formed a committee to increase its profile in the standards and practices arena and make it the primary resource in shaping and developing risk management standards.Carol A. Fox, past chair of RIMS

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What’s New: In Brief (August 12, 2009)

August 12, 2009 by Canadian Underwriter

ICBC’s reported profit for the first six months of 2009 is Cdn$277 million, up from Cdn$255 million for the same period in 2008. “The increase is the result of continued encouraging trends on claims, while ICBC is also managing its

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Marsh’s 2009 Q2 fortunes linked to writedown related to Kroll

August 5, 2009 by Canadian Underwriter

Marsh & McLennan Companies Inc. (MMC) reported a net loss in 2009 Q2 of US$193 million, compared to a profit of US$65 million in 2008 Q2.Marsh’s quarterly result includes a US$315-million writedown related to Kroll Government Services, a U.S. government

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Commercial market bottoming out, capacity decreasing

July 29, 2009 by Canadian Underwriter

Despite the fact that capacity in the U.S. commercial insurance market is drying up, the market remains competitive, according to the Risk and Insurance Management Society (RIMS)’s 2009 Q2 Benchmark Survey.The survey was produced by Advisen Ltd. It is based