Insurers for Nortel Networks Corp. will pay $228.5 million toward a proposed shareholder lawsuit settlements. In February, Toronto-based Nortel said it would settle with payments of $575 million cash from reserves and issue 628.7 million common shares as well the…
In the wake of the worldwide surge in natural catastrophes over the past few years, the insurance industry is turning more frequently to catastrophe bonds, according to a Standard & Poor’s report.The bonds are designed to mitigate the catastrophe risk…
Guidewire Software Inc. has released Guidewire PolicyCenter, a policy administration system for all lines of P&C insurance. Guidewire PolicyCenter is a web-based system facilitating business between agents and insurance carriers. The technology also works towards enhancing underwriting accuracy and efficiency.…
The Insurance Brokers Association of Canada (IBAC) and the Canadian Federation of Independent Business (CFIB) have agreed to work together to present a united voice on issues affecting both small businesses and insurance brokerages.“Looking back, both organizations recognize the huge…
Tornadoes that recently hit a number of Midwest states have already resulted in thousands of insurance claims.Preliminary numbers indicate approximately 100 storms struck Arkansas, Illinois, Kansas, Missouri and Oklahoma, causing less than 12 deaths. The National Weather Service has not…
After a delay granted for 2005, the consumer complaint declaration function of the Autorit des marchs financiers (AMF)’s Complaint Reporting System is now available to insurance and other financial companies required to report complaints in the new system, the AMF…
Marsh & McLennan Companies, Inc., is facing charges of bid-rigging in a civil lawsuit recently filed by Florida’s Attorney General Charile Crist. In the suit, Crist alleges that Marsh & McLenan illegally manipulated insurance markets to obtain improper commissions and…
Converium Holding AG has seen a profitable year, reporting a net profit of US$68.7 million for 2005 following a reported loss of US$582.5 million for 2004.Weather-related losses including hurricanes Katrina, Rita and Wilma as well as the European floods, and…
The Canadian Trucking Alliance recently called upon the country’s provincial governments to take action on the problem of speeding trucks. The Alliance, a federation of Canada’s provincial trucking associations, has endorsed a national policy to pass a law making it…
Marshall & Swift / Boeckh and Cornerstone Appraisal Services recently partnered to form a “strategic business alliance.” This partnership is intended to utilize the strengths of both organizations to deliver high value inspection and valuation services to the property and…
A new task force of the National Association of Insurance Commissioners in the United States is working to increase awareness of climate change in the industry, A.M. Best reports.Nebraska Insurance Commissioner Tim Wagner, co-head of the task force, notes the…
In its anniversary year, with a stable premium base, the Munich Re Group achieved a record profit in 2005 of over EUR2.7 billion (CDN$3.75 billion).“We have thus slightly exceeded our target,” Nikolaus von Bomhard, chairman of the board of management,…