Topic
Insurance
Attorneys General file motion regarding Zurich settlement
September 29, 2006 by Canadian UnderwriterTen state Attorneys General recently filed a motion with the U.S. District Court for New Jersey opposing the National Association of Professional Insurance Agents’ (PIA)’ position regarding the proposed class action settlement against Zurich American Insurance Co, which alleges improper…
Debate over U.S. collateral requirements persists
September 29, 2006 by Canadian UnderwriterRepresentatives of the insurance industry are tied in debate over U.S. collateral requirements for alien reinsurers, according to a recent A.M. Best roundtable discussion.The focus of the roundtable debate is the new initiative, which was implemented by the National Association…
Majority insurers oppose catastrophe backstop
September 29, 2006 by Canadian UnderwriterA proposed federal catastrophe backstop would not be a good idea as it would be “detrimental” to the industry and encourage continued development in risk-prone areas, according to members of the insurance industry who recently responded to a survey conducted…
What’s New: In brief (September 29, 2006)
September 29, 2006 by Canadian UnderwriterThe board of directors of Transatlantic Reinsurance Co., a subsidiary of Transatlantic Holdings, Inc. (NYSE: TRH), recently elected new officers. The appointments in the New York office include: Timothy Butts, vice president; Richard Boivin, assistant vice president; Tonya Davies, assistant…
R&SA sells US operation, terminates Group SEC registration
September 28, 2006 by Canadian UnderwriterRoyal & Sun Alliance Insurance Group plc (R&SA) has sold its US operation to Arrowpoint Capital, a vehicle set up by the R&SA US management team. R&SA also recently terminated its American Depositary Receipt program, its voluntary delisting from the…
CGI expands West
September 28, 2006 by Canadian UnderwriterCGI Group Inc. (CGI) (TSX: GIB.A) has signed three contracts in Western Canada totaling more than CD$20 million. The contracts, covering both municipal and provincial jurisdictions have been signed with the following entities: City of Calgary, an enterprise service desk…
Catlin securitizes against natural catastrophe
September 28, 2006 by Canadian UnderwriterCatlin Insurance Company Ltd. of Bermuda plans to enter into catastrophe swap agreement that would provide it with coverage of up to US$200.25 million in the event of a series of severe natural catastrophes.The transaction, which is subject to completion…
What’s New: In brief (September 28, 2006)
September 28, 2006 by Canadian UnderwriterThe House of Representatives recently voted 417 to zero in favor of a bill intended to create a system for the regulation and taxing of surplus lines insurers and reinsurers. The Nonadmitted and Reinsurance Reform Act will make nonadmitted insurance…
Former RenRe execs charged with finite “sham”
September 27, 2006 by Canadian UnderwriterThe US Securities and Exchange Commission has filed securities fraud charges against three former RenaissanceRe Holdings Ltd. Executives regarding an alleged finite reinsurance “sham” used to “smooth earnings.”Charges of securities fraud were laid in a Manhattan federal court against RenaissanceRe’s…
Global insurance brokers face future challenges (September 27, 2006)
September 27, 2006 by Canadian UnderwriterInsurance brokers worldwide face challenges as a result of New York Attorney General Eliot Spitzer’s investigation into bid-rigging in the insurance broker industry, according to a recent report published by Standard & Poor’s Rating Services.S&P’s report, entitled “Challenges Still Loom…
ICBC declares October “Zero Crash Month”
September 27, 2006 by Canadian UnderwriterThe Insurance Corporation of British Columbia (ICBC), along with the provincial government and local police, have designated October as “Zero Crash Month,” in order to raise awareness of the impact crashes have on people, families and communities, and as a…
What’s New: In brief (September 27, 2006)
September 27, 2006 by Canadian UnderwriterHedge fund and private equity investors continue to provide capital to support catastrophe risks for insurance and reinsurance companies, according to an article published by Standard & Poor’s Ratings Services. The article, entitled “Hedge Funds And Insurers: A Healthy But…