Canadian Underwriter

News


News Insurance

Chubb Corp and Stone Point LLC to create new reinsurer

October 26, 2005 by Canadian Underwriter

Chubb Corporation [NYSE: CB] is teaming up with private equity firm Stone Point Capital LLC to start a new global reinsurance company named Harbor Point Limited.Harbor Point, which is to be based in Bermuda, is expected to have an initial…

News Climate ChangeInsuranceMergers and Aqcuisitions

Wilma losses between $6 billion and $10 billion: RMS

October 25, 2005 by Canadian Underwriter

Insured losses in the U.S. from Hurricane Wilma are likely to range between $6 million and $10 billion, according to Risk Management Solutions (RMS).RMS says its estimate is based on current information about landfall location and wind speeds. It says…

News Climate ChangeInsurance

GoshawK to sell Rosemont Re

October 25, 2005 by Canadian Underwriter

GoshawK has agreed to sell Rosemont Re to a consortium of private equity investors headed by Don Kramer, the former vice chair of ACE Ltd.GoshawK and Rosemont Re have agreed to terms with a consortium of private equity investors, who…

News Climate ChangeInsurance

Hurricanes hinder Partner Re’s Q3 results

October 25, 2005 by Canadian Underwriter

A tumultuous hurricane season has partially contributed to PartnerRe Ltd.’s (NYSE: PRE) net loss of $288.7 million, or $5.48 per share, for the third quarter of 2005, compared with a profit of $83.2 million for the same period in 2004.The…

News Insurance

The IBC joins SMARTRISK to reduce injuries nationwide

October 25, 2005 by Canadian Underwriter

Canadian p&c insurers recently joined forces with SMARTRISK and other consultative partners, in calling on the federal government to implement the recommendations contained in their National Injury Prevention Strategy “Ending Canada’s Invisible Epidemic: A Strategy for Injury Prevention.”The research released…

News Insurance

AIG adopts corporate governance plans

October 24, 2005 by Canadian Underwriter

In response to recent calls for corporate transparency in the insurance industry and a trend toward improved governance, the American International Group Inc. (AIG) has adopted new guidelines for board members oversight.The company’s board of directors move toward protecting against…

News Climate ChangeInsuranceMergers and Aqcuisitions

Wilma remnants to douse Atlantic Canada

October 24, 2005 by Canadian Underwriter

Environment Canada’s Canadian Hurricane Centre expects the remnants of Hurricane Wilma to hit the maritime provinces as a post-tropical low pressure system on Oct. 25.“Torrential rain and very high winds are likely to reach western parts of Nova Scotia Tuesday…

News Climate ChangeInsurance

Wilma expected to result in significant losses

October 24, 2005 by Canadian Underwriter

Standard & Poor’s Insurance Ratings Group recently released a report stating that the potential impact Hurricane Wilma will have on insurers is still unknown but expected to be substantial, while catastrophe risk modeling company EQECAT Inc. says losses may range…

News Climate ChangeInsurance

AIR estimates Wilma damages at $6 billion to $9 billion

October 24, 2005 by Canadian Underwriter

Catastrophe risk modeling company AIR Worldwide Corporation estimates U.S. insured losses from Hurricane Wilma will be between $6 billion and $9 billion. Wilma strengthened overnight and made landfall at 6:30 a.m. on Oct. 24 at Cape Romano, Florida, as a…

News Insurance

Insurers question auto insurance rates report

October 21, 2005 by Canadian Underwriter

Canada’s home, car and business insurers are questioning the Bruce Cran’s most recent auto insurance rate report, which the Insurance Bureau of Canada (IBAC) Atlantic region calls a “bluff” of a study.“We have already refuted the methodology and conclusions of…

News Insurance

IBC and SMARTRISK join forces to reduce injury

October 21, 2005 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) and SMARTRISK recently joined forces in order to create a national injury prevention initiative that aims to help reduce the human and economic costs of injury. The initiative is responding to the realities of…

News InsuranceMergers and Aqcuisitions

RBC Insurance opens new office in Hamilton

October 21, 2005 by Canadian Underwriter

Buoyed by what it calls a warm reception to its new insurance office in Toronto, RBC Insurance is opening a second Canadian retail insurance office located right next to RBC Royal Bank’s branch in the Centre Mall Branch of the…