News
Sandy unlikely to be “market-changing” for reinsurers, based on loss estimates: Fitch
November 5, 2012 by Canadian UnderwriterThe global reinsurance industry is in a strong position to take on losses from “Superstorm” Sandy, which recently hit the eastern United States, Fitch Ratings said Monday. A “solid” capital position, combined with few catastrophe losses throughout the year has…
Most small businesses spending more time on social media: survey
November 5, 2012 by Canadian UnderwriterTwo-thirds of small businesses surveyed reported they spend more time on social media, such as Facebook, Twitter and LinkedIn, they they did a year ago, but a third of executives in charge of the firms said they would rather focus…
SCOR places cat bond against U.S. hurricanes and earthquakes, European windstorms
November 5, 2012 by Canadian UnderwriterGlobal reinsurer SCOR placed a new catastrophe bond on Nov. 1, the company has announced. Atlas Reinsurance VII Limited, an Irish reinsurance vehicle, will provide the company US$60 million against hurricanes and earthquakes in the United States, and 130 million…
DAS Canada launches DASbusiness policy for Quebec
November 5, 2012 by Canadian UnderwriterSpeciality legal expense insurer DAS Canada has launched its DASbusiness policy in Quebec, offering a week of free phone legal advice.The policy covers legal fees associated with issues such as staffing, tax filings and outstanding invoices. “With the average price…
Profits up for Crawford and Company in Q3
November 5, 2012 by Canadian UnderwriterCrawford and Company announced Nov. 5 its financial results for the period ending Sept. 30, reporting a company-wide increase in revenues and profits, a 43% increase in legal settlement administration revenue and a drop in revenue for the Americas region.…
ICBC cuts 250 jobs, mainly management
November 2, 2012 by Canadian UnderwriterThe Insurance Corporation of British Columbia, a Crown corporation that provides auto insurance in the province, has cut about 250 positions, mainly in management. Five members of its executive have left the company, and two executive positions reporting to the…
ICLR to host workshop on earthquake hazard estimation
November 2, 2012 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction (ICLR) will be hosting a workshop this month on earthquake hazard estimation. Dr. Kristy Tiampo from Western University will discuss her research on the topic during the event on Nov. 16 at ICLR’s downtown…
The Guarantee subsidizes Insurance Companion app for its contracted Personal Lines brokers
November 2, 2012 by Canadian UnderwriterThe Guarantee Company of North America has announced it will subsidize the cost of the recently-launched Insurance Companion mobile application for its contracted Personal Lines brokers in Ontario. The app, created by Independent Broker Resources Inc., allows brokers to have…
AIG reports slight drop in Q3 P&C net premiums earned
November 2, 2012 by Canadian UnderwriterAmerican International Group Inc., which offers property and casualty insurance under the Chartis brand, has reported a profitable third-quarter, while Q3 property casualty operating income is up year-over- year due to lower catastrophe losses. New York City-based AIG released financial…
WCMA acts as sole bookrunner for $75-million cat bond transaction
November 2, 2012 by Canadian UnderwriterWillis Capital Markets & Advisory (WCMA) has acted as sole bookrunner on a catastrophe bond transaction to provide Munich Re with $75 million of multi-year, fully collateralized protection against United States hurricane and European wind exposures. The “Queen Street VII…
EQECAT revises Sandy insured losses estimate; now between $10 billion and $20 billion
November 1, 2012 by Canadian UnderwriterCatastrophe modeler EQECAT Inc. revised its loss estimates Thursday for Superstorm Sandy in the United States, estimating insured losses of between $10 billion and $20 billion, and total economic damages of between $30 billion and $50 billion. The firm’s pre-landfall…
Q3 profits more than double, net premiums written down slightly for PartnerRe
November 1, 2012 by Canadian UnderwriterPartnerRe Ltd. announced Oct. 31 its financial results for the period ending Sept. 30, recording a 3% year-over-year decrease in net premiums written for the third quarter, and a 170% increase in net income. The Pembroke, Bermuda based firm, whose…