Topic
Insurance
Pethealth moves into Massachusetts
April 19, 2006 by Canadian UnderwriterPethealth Inc. (TSX VENTURE:PTZ) pet insurance programs have been accepted in Massachusetts.Subsequent to the end of Q1, the Massachusetts Department of Insurance approved the Company’s programs for sale in the state, effective April 3, 2006. The PetCare programs now available…
Munich Re reports 2005 profit of US$3.34 billion
April 19, 2006 by Canadian UnderwriterMunich Reinsurance Company has reported a 2.7 billion (US$3.34 billion) profit for 2005, paving the way for a record dividend payout of 707 million (US$875.3 million).“Given its outstanding result for the business year 2005, Munich Re is paying out a…
Allstate reports strong 2006 first quarter
April 19, 2006 by Canadian UnderwriterBuoyed by improved underwriting numbers, Allstate Corp reported an “excellent start to 2006” with strong 2006 1Q results.Allstate’s 1Q property liability premiums written grew 2.2% over the first quarter of 2005, driven by Allstate brand standard auto and homeowners increases…
Aon Re provides insight into earthquake loss potential
April 18, 2006 by Canadian UnderwriterAon Re recently developed a comprehensive Earthquake Viewing Guide following the success of its Hurricane Viewing Guide, which was utilized during the 2004/2005 hurricane seasons.The viewing guide provides a range of potential loss outcomes based on possible earthquake events throughout…
Banks take branch insurance sales to Supreme Court
April 18, 2006 by Canadian UnderwriterCanada’s largest banks have asked the Supreme Court of Canada to rule the Alberta Insurance Act be ruled “constitutionally inoperable or inapplicable to federally-regulated banks that promote the sale of insurance to their customers,” A.M. BestWire reports.At the Alberta Court…
PLUS foundation offers hurricane relief grants
April 18, 2006 by Canadian UnderwriterThe Professional Liability Underwriting Society (PLUS) Foundation recently granted over US$90,000 to support its members and other insurance related hurricane relief efforts. The PLUS Foundation identified all members residing in the federally designated disaster areas following the hurricanes of 2005…
What’s New: In Brief (April 18, 2006)
April 18, 2006 by Canadian UnderwriterMartin Ouellet has been named regional sales manager for Canada at Applied Systems, Inc. Most recently, Ouellet was a senior sales consultant for Applied Systems Canada, devoting eight of his 12 years in technology sales and sales management to growing…
Regulation of micro-insurance required, IAIS says
April 17, 2006 by Canadian UnderwriterRegulation and supervision of micro-insurance is a key factor for the further development of the insurance market, according to the International Association of Insurance Supervisors (IAIS).Micro-insurance is the provision of insurance to low-income households following basic insurance standards. These standards…
Commonwealth Insurance adopts EQECAT platform
April 17, 2006 by Canadian UnderwriterCommonwealth Insurance Company, a Canadian-based insurance company, has signed a licensing agreement to create an integrated catastrophe management system using EQECAT’s WORLDCATenterprise(TM) platform and XML interface technology. Financial terms of the agreement were not disclosed.“To give our underwriters the most…
NAIC classifies hybrid E-CAPS as equities
April 17, 2006 by Canadian UnderwriterMoody’s Investors Service says the recent classification of E-CAPS in the United States as an equity security, rather than a bond or preferred stock, will have capital requirement implications for insurers holding the security. The Securities Valuation Office of the…
Kingsway seeks acquisition opportunities
April 17, 2006 by Canadian UnderwriterKingsway Financial Services is seeking opportunities for growth through acquisitions in 2006, the company reported in its 2005 annual report. Kingsway’s primary business is the insuring of automobiles for drivers who do not meet the criteria for coverage by standard…
Risk distribution for catastrophes must change: Munich Re
April 13, 2006 by Canadian UnderwriterA recent Munich Re report says “existing mechanisms for distributing the risk between the private insurance sector, the state, and the federal government should be reconsidered” in light of the hurricane seasons of 2004 and 2005.The report, entitled ‘The 1906…