Topic
Insurance
Could a ’98 Ice Storm event happen in this El Nino year?
October 24, 2006 by Canadian UnderwriterHeading into an El Nino year, Canadian insurers and reinsurers should be reminded that the 1998 Ice Storm which caused more than $CD1 billion in damage losses in eastern Ontario and Quebec also happened during an El Nino year, panelists…
Better financial results for Bermuda reinsurers
October 24, 2006 by Canadian UnderwriterEverest Re Group Ltd. recently reported a net income of US$634.5 million for the third quarter of 2006, a distinct improvement from the net loss of US$56.5 million reported for the same period in 2005. These results indicate a trend…
What’s New: In brief (October 24, 2006)
October 24, 2006 by Canadian UnderwriterARI Financial Services Inc., a leading fleet management company, has partnered with the CertifiedFirst Network . CertifiedFirst will serve as ARI’s collision repair service provider. Operated by PPG Industries, CertifiedFirst says it offers the breadth of coverage and service excellence…
PartnerRe reports solid 2006 3Q income
October 23, 2006 by Canadian UnderwriterPartnerRe Ltd. (NYSE: PRE) has reported net income of US$235.8 million for 2006 3Q. In comparison, the reinsurer reported an after-tax net loss of US$288.7 million in 2005 3Q, reflecting the record catastrophe activity in that period. The company reported…
Climate change redefines cat modelling
October 23, 2006 by Canadian UnderwriterCatastrophe modeling has been revamped as a direct result of 2004 and 2005’s catastrophic weather events, speakers told an audience at a symposium sponsored by XL Re Europe Ltd. Insurers and reinsurers are not as confident about cat models and…
New cat models can help prevent underinsuring properties
October 23, 2006 by Canadian UnderwriterNew catastrophe-modeling capabilities can help insurers avoid the painful consequences of underinsuring properties, according to a panelist at A.M. Best’s Insurance & Technology Conference, e-Fusion, in Boston.In its report on the conference, A.M. Best cites George Davis, a vice president…
RMS and Beaufort enter licensing agreement
October 23, 2006 by Canadian UnderwriterBeaufort Underwriting Agency Ltd, on behalf of its managed syndicate MSF Pritchard – Syndicate 318, has licensed Risk Management Solutions (RMS)’ RiskLink catastrophe modeling platform. This license agreement is a response to what Beaufort views as the increasingly critical role…
Insurers to debate with new government negotiator
October 20, 2006 by Canadian UnderwriterNew Brunswick’s Justice and Consumer Affairs Minister T.J. Burke recently named a Fredericton lawyer as the lead negotiator for upcoming discussions with the insurance industry.Bill Anderson, a government litigator, has been retained and will begin work immediately.“Mr. Anderson is an…
Alberta auto insurer penalized
October 20, 2006 by Canadian UnderwriterEdmonton, Alberta’s Superintendent of Insurance has issued a CD$15,000 penalty to Coseco General Insurance Company for failing to charge approved premiums for compulsory auto insurance, a violation of the Insurance Act.Administrative error resulted in some drivers being charged higher auto…
Improved P&C reserves might not last
October 20, 2006 by Canadian UnderwriterRecent improvements in the U.S. property and casualty insurance industry’s overall reserve levels might not last moving into 2007, according to an article recently published by Standard & Poor’s Ratings Services. The article “Reserving Discipline For U.S. Property/Casualty Insurers Is…
ING General Insurance receives A- rating
October 20, 2006 by Canadian UnderwriterStandard & Poor’s Ratings Services has raised the insurer financial strength and long-term counterparty credit ratings on ING General Insurance Co. Ltd. (ING GIHK) to ‘A-‘ from ‘BBB+’. S&P’s says the outlook is stable.“The rating action reflects the company’s strengthened…
Prime Minister says Bank Act position fulfills campaign promise
October 19, 2006 by Canadian UnderwriterCanadian Prime Minister Stephen Harper positioned his government’s support for independent brokers in the recent Bank Act review issue as a simple matter of fulfilling a campaign promise.He made his remarks during a speech to more than 1,500 people attending…