Topic
Insurance
What’s New: In brief (March 31, 2006)
March 31, 2006 by Canadian UnderwriterThe board of directors of Transatlantic Reinsurance Company, a subsidiary of Transatlantic Holdings, Inc. (NYSE: TRH), recently elected four new officers. Timothy O’Connor will become the vice president in Chicago, John Byrne will become the assistant vice president in Sydney,…
CGI to cut 1,000 jobs
March 31, 2006 by Canadian UnderwriterApproximately 1,000 CGI employees primarily from the Company’s Montral and Toronto locations, will lose their jobs this year as a result of the lower than expected business from Bell Canada.CGI reports that more than half of the job cuts are…
Swiss Re promotes new “economic combined ratio”
March 30, 2006 by Canadian UnderwriterSwiss Re has introduced a new dimension to the conventional combined ratio, called the “economic combined ratio” [ECR].According to Swiss Re, the ECR presents the following advantages when compared to the conventional combined ratio: The ECR isolates the underwriting results…
Profitability of U.S. P&C industry will decline in 2005: Fitch
March 30, 2006 by Canadian UnderwriterThe U.S. property and casualty insurance industry will report a deterioration in profitability for 2005, Fitch rating agency predicts.“While operating performance was on a record-setting pace in the first half of the year, insurers encountered unfavorable surprises in the form…
Driver behaviour main cause truck crashes
March 30, 2006 by Canadian UnderwriterCommercial vehicle crashes are most commonly caused by the behavior of drivers, according to the Large Truck Crash Causation Study.The study, commissioned by the Federal Motor Carrier Safety Administration and conducted with the National Highway Safety Administration, indicates that drivers…
Terrorism insurance requires 9 key principles
March 30, 2006 by Canadian UnderwriterThe Risk and Insurance Management Society, Inc. (RIMS) recently gave testimony advocating nine key principles necessary for the development of a long-term solution to terrorism. At the public hearing on terrorism insurance matters, held by the National Association of Insurance…
Should risk-sharing consider geographic exposure?
March 29, 2006 by Canadian UnderwriterIf catastrophe damage losses continue to escalate as expected, the insurance industry may have to re-evaluate its model for risk-sharing, panelists told an audience attending an Ontario Risk and Insurance Management Society meeting in Toronto.A new model may, for example,…
University of Calgary studies youth, cell phones and driving
March 29, 2006 by Canadian UnderwriterThe University of Calgary is conducting a cell phone and driving study with youth between 16 and 25 years old who have obtained their probationary driver’s license within the last year.The goal of the Driver Distraction Study, sponsored by the…
Insurance Web sites not up to par
March 29, 2006 by Canadian UnderwriterAccording to the Internet Standards Assessment Report (ISAR) released by the Web Marketing Association, The insurance industry has underperformed the overall industry benchmark in six of the past nine years, according to the Internet Standards Assessment Report (ISAR). The report,…
Kingsway’s outlook stable
March 29, 2006 by Canadian UnderwriterA.M. Best Co. has removed Kingsway Financial Services Inc.’s issuer credit rating from under review, assigning it a rating of “bbb-.”In addition, Kingsway received the debt rating of “bbb-” on its CDN$78 million 8.25% senior unsecured debentures, which are due…
What’s New: In brief (March 28, 2006)
March 28, 2006 by Canadian UnderwriterRoland Reesby has been appointed to the position of vice president of operations for Munters Moisture Control Services (MCS), a division of Munters AB. Based in LA, Reesby will oversee all MCS sales and support functions to ensure continued growth…
Profits deteriorate in US P&C insurance sector
March 28, 2006 by Canadian UnderwriterProfits for the US property & casualty insurance industry deteriorated in 2005 as a result of record levels of insured catastrophe losses relating to the 2005 Hurricane season, according to Fitch Ratings. The Insurance Services Office’s (ISO) Property Claims Service…