Canadian Underwriter

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What’s New: In brief (January 31, 2006)

January 31, 2006 by Canadian Underwriter

In a strategic move to continue strengthening its presence in key geographic markets across North America, global insurance broker Willis Group Holdings (NYSE: WSH) recently appointed Gilles Duclos to the senior management position of executive vice-president and chairman of Qubec

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Canadian economy faces negative pressures

January 30, 2006 by Canadian Underwriter

A trend towards the reduction of Canadian bankruptcies in 2006 is on the horizon but global trade credit insurer Euler Hermes says the Canadian economy will still face negative pressures from several sources, including export countries, regional trends, and structural

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Property insurance rates rise due to hurricane losses

January 30, 2006 by Canadian Underwriter

A two-year trend of steadily falling property insurance premiums is changing as evidenced by the sharp increase of property insurance rates in the fourth quarter of 2005, according to the new RIMS Benchmark Survey.Through the industry-wide survey of current policy

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Allstate signs new reinsurance agreements

January 30, 2006 by Canadian Underwriter

The Allstate Corporation, the second-largest property casualty insurer in the U.S., has announced new reinsurance agreements for its countrywide personal lines property and auto insurance business, excluding Florida, and for personal property excess losses in California for fires following earthquakes.

News InsuranceMergers and Aqcuisitions

ICBC requests 6.5% rate increase

January 30, 2006 by Canadian Underwriter

As a result of significantly increased costs for injury claims, ICBC has applied for a 6.5% increase in 2006 basic insurance rates with the BC Utilities Commission.If BCUC approves the request, basic insurance premiums would increase by $38 for the

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RIMS offers expertise to TRIA panel

January 27, 2006 by Canadian Underwriter

If a recent request to President Bush is realized, than a Risk and Insurance Management Society Inc. (RIMS) member may soon be appointed as a policyholder representative functioning as both an analyst of the terrorism insurance market and a consultant

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The low down on D&O, 2005

January 27, 2006 by Canadian Underwriter

A recent survey by the Tillinghast unit of Towers Perrin revealed that directors at almost half of all public companies polled were inquiring about their directors and officers liability coverage in 2005; scrutiny which incited changes to the coverage at

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Swiss Re study lists 2006 corporate risks

January 27, 2006 by Canadian Underwriter

Computer-based risks, foreign trade and corporate governance are the leading corporate risks of 2006, a Swiss Re study has found.The survey polled senior executives in six large, industrial countries including France, Germany, Italy, Japan, the U.K. and the U.S. The

News InsuranceMergers and Aqcuisitions

The Co-operators contributes to CanDrive scholarship

January 27, 2006 by Canadian Underwriter

The Co-operators has donated $20,000 over two years to CanDRIVE, a research program dedicated to improving road safety for seniors.CanDRIVE will use the funding to create The Co-operators Aging and Driving Fellowship to support graduate students’ research on older driver

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EGI Financial restructures treaty reinsurance

January 26, 2006 by Canadian Underwriter

EGI Financial Holdings Inc. (TSX:EFH) recently completed the restructuring of its treaty reinsurance coverage’s for 2006 in a manner consistent with the general plan previously disclosed. EGI Financial, as enabled by its greater capital resources, did not renew its quota

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CAT losses reach US$56.8 billion

January 26, 2006 by Canadian Underwriter

Insured property losses resulting from catastrophes in 2005 will deliver U.S. P&C insurers with a ‘bill’ of around US$56.8 billion, according to the property claim services unit at Insurance Services Office Inc. (PCS).This amount represents two times the recorded figure

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Canada helps increase AXA’s P&C revenue

January 26, 2006 by Canadian Underwriter

Good business in Canada helped to increase AXA’s 2005 property and casualty revenues by 3%, AXA CEO Henri de Castries recently reported on the company’s Web site.“Property and casualty revenues increased by 3%, to EUR18.8 million, mainly driven by France