News

Munich Re has formed a new $75 million catastrophe bond for protection against named storms in the United States and cyclones affecting Australia. GC Securities placed the Principal At-risk Notes through the newly-formed cat bond Queen Street Re VIII Limited,…

Crawford & Company announced Wednesday that the management and adjusting team of Horizon Adjusters Ltd. has agreed to join Crawford’s Canadian operations effective Aug. 1. Bea Boutcher, president of Grande Prairie, Alta.-based Horizon, her team of five all-lines adjusters and…

AIR Worldwide has updated its earthquake model for Japan to include information gained after the March, 2011 earthquake and tsunami, which killed more than 16,000 and caused about US$217 billion in economic losses and US$36 billion in insured losses. Boston-based…

After nearly eight years in the role, Lloyd’s of London chief executive Richard Ward will resign at the end of December this year. His decision was announced Wednesday by the Council of Lloyd’s, although no reason was given for Ward’s…

The Financial Services Commission of Ontario has released its Statement of Priorities for 2013, outlining its intention to clear the dispute resolution backlog around auto insurance in the province and implement a new Minor Injury Guideline.  In early April, FSCO…

The Association of Bermuda Insurers and Reinsurers (ABIR) has commended the U.S. government and president Barack Obama on the release of a Climate Action Plan that highlights hazard mitigation. In an open letter to the president, Bradley Kading, ABIR’s president…

Restoration costs for the city of Calgary following June’s severe flooding could be more than $256 million according to one report, while total economic damage from the events across Alberta could be as much as $5 billion. The Calgary Herald…

The Insurance Institute for Highway Safety is testing different types of trailers to see how badly cars get damaged when they rear-end transport trucks, and has posted a new video discussing the results. Arlington, Va.-based IIHS announced Tuesday it has…

Western Financial Group Inc. announced Tuesday it has closed the acquisition of Surrey, B.C.-based Coast Capital Insurance Services Ltd., which is the property, commercial and casualty insurance subsidiary of Coast Capital Savings Credit Union. Under the terms of the agreement,…

U.S. property catastrophe has been identified as a key battleground as reinsurers begin taking robust defensive measures to maintain market positions recently eroded by new capital markets entrants, suggests a new report from Willis Re, a division of Willis Group…

Pat Van Bakel will take the reins of Crawford & Company (Canada) Inc. as its new president and chief executive officer. Succeeding John Sharoun, Van Bakel will be responsible for all facets of the Canadian organization, including all services supplied…

Consumers looking to buy a used automobile are advised to be aware that vehicles deemed a total loss from the flooding in Alberta will find their way to market for unsuspecting buyers elsewhere, Economical Insurance reports. “History has shown that…