What’s New: In Brief (January 21, 2008)

Dale Chow has been appointed as vice president, Vancouver branch manager for Chubb Insurance Company of Canada.
Chow and his team are responsible for all field operations servicing British Columbia.
Chow has re-joined Chubb from the Bermuda offices of Allied World Assurance Company, where he was vice president of professional lines and team leader.
Joining the firm in 2002, Chow was a key contributor to the growth of the professional lines department from inception to gross written premiums (GWP) of over Cdn$200 million, the company noted in a release.
“Dale’s track record speaks for itself. We were sorry to see him go back in 2002, but we’re thrilled to have him back”, Chubb president and CEO Ellen Moore said in a press release. “We pride ourselves on the strength of our local relationships and Dale will help us continue that tradition.”

SCOR has no underwriting exposure to the U.S. “monoline” insurance companies that write only in credit and surety, credit default swaps (CDS), collateralized loan obligations (CLO), collateralized debt obligations (CDO) or any type of securitization or loan covers such as credit enhancements and financial guarantees, the company has noted in a report.
The SCOR management team put the report together as part of its enterprise risk management (ERM) process. It reported on its internal analysis of the company’s exposure to the U.S. financial guarantee market and the so-called “monoliners.”
“SCOR did not provide any guarantees or capacity, directly or indirectly, to any U.S. monoliners, as SCOR is neither an admitted nor a certified reinsurer in the US for such product lines,” the company ultimately reported. “Furthermore SCOR has no direct D&O exposure to financial institutions in the US, including any financial guarantors.
“The in-depth study comes to the conclusion that the US monoliner crisis will have no effect on the financial strength of SCOR.”