Topic
Insurance
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…
New Enterprise Rent-A-Car partnership key to promotion
September 26, 2006 by Canadian UnderwriterA national partnership agreement between Enterprise Rent-A-Car and the Association of Canadian Travel Agencies (ACTA) will result in the promotion of Enterprise Rent-A-Car services to association members nationwide. Under the agreement, running from September 2006 to December 2007, Enterprise will…
AMF calls for improved financial reporting
September 26, 2006 by Canadian UnderwriterThe quality of financial reporting in Quebec has improved over the past few years, according to the province’s regulator of financial institutions, the Autorit des marches financiers (AMF), but there is still work to do particularly when it comes to…
IUA launches Web site to prepare for new EU capital regime
September 26, 2006 by Canadian UnderwriterThe International Underwriting Association (IUA) has launched a new Web site to discuss Solvency II, the planned new European solvency regime for insurers to be established in 2010.The new Web site outlines the background to Solvency II, including a summary…
What’s New: In brief (September 26, 2006)
September 26, 2006 by Canadian UnderwriterAon Re Global has appointed Elliot Richardson as the new head of its global cedant facultative reinsurance activities. Richardson recently resigned from his role as head of facultative reinsurance at Benfield. Based in London, he will reportto Michael O’Halleran, chairman…
What’s New: In Brief (September 25, 2006)
September 25, 2006 by Canadian UnderwriterICBC is planning to drop a car from a 50-foot crane at the PNE fairgrounds in Vancouver to illustrate graphically the damage of a head-on crash between a car moving at 60 km-h and a stationary object.The public event will…
A.M. Best to rate the “basis risk” of parametric cat bonds (September 25, 2006)
September 25, 2006 by Canadian UnderwriterA.M. Best Co. has released a new methodology for rating the “basis risk” associated with parametric catastrophe bonds.The new methodology is designed to help the ratings agency determine the amount of reinsurance credit that can be claimed by the sponsors…
Swiss Re cuts 2,000 jobs
September 25, 2006 by Canadian UnderwriterSwiss Re has confirmed plans to further cut approximately 2,000 jobs worldwide, by the end of 2007.The cuts, which Swiss Re attributes to the integration of General Electric’s reinsurance company Insurance Solutions, will be implemented mainly in European and U.S.…