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Hub International completes acquisition of CEB

October 13, 2005 by Canadian Underwriter

Hub International Limited (NYSE/TSX: HBG) has completed the fold-in acquisition of CEB Business Insurance Services (“CEB”) by the company’s California-based regional group, Hub International of California Insurance Services, Inc.CEB is a retail employee benefits brokerage specializing in serving the benefits…

News InsuranceMergers and Aqcuisitions

IBAO warns of auto insurance “hoax”

October 13, 2005 by Canadian Underwriter

The Insurance Brokers Association of Ontario (IBAO) is warning Ontarians about a province-wide automobile insurance hoax.The association notes ads have been circulating throughout the media in dozens of cities across the province advertising automobile insurance. IBAO contends that “these ads…

News Insurance

Max Re initiates 11 million share offer to raise capital

October 12, 2005 by Canadian Underwriter

Max Re Capital Ltd. (Nasdaq: MXRE) recently entered into the capital markets intending to raise money after the losses caused by Hurricanes Katrina and Rita.Max Re plans to sell 11,000,000 of its common shares in an underwritten public offering at…

News Climate ChangeInsurance

Arch anticipates losses due to storms

October 12, 2005 by Canadian Underwriter

Arch Capital Group Ltd. (NASDAQ: ACGL) recently announced that it expects its third-quarter earnings to be negatively impacted by the losses related to recent catastrophes.The Bermuda-based company estimates its losses from Hurricane Katrina will be $173 million) while Hurricane Rita…

News Insurance

Insurance industry gets harmonized data dictionary

October 12, 2005 by Canadian Underwriter

An international coalition of standard bodies Association for Cooperative Operations Research and Development (ACORD), eEG7 and Centre for Study of Insurance Operations (CSIO) recently harmonized their existing data dictionaries to create a “universal” dictionary for the insurance industry as part…

News Climate ChangeInsurance

What’s New: In brief (October 12, 2005)

October 12, 2005 by Canadian Underwriter

AIG Excess Casualty(R), a division of American Home Assurance Company, a member company of American International Group, Inc. (AIG), has introduced a new product that provides excess liability coverage for risks previously covered by an insurance carrier that is now…

News Climate ChangeInsurance

Swiss Re joins red cross group, comments Pakistan earthquake

October 11, 2005 by Canadian Underwriter

Swiss Re and seven other companies, including Zurich Financial Services, recently became founding members of the ICRC Corporate Support Group initiated by the International Committee of the Red Cross (ICRC). The ICRC Corporate Support Group was formed in order to…

News Climate ChangeInsurance

Standard & Poor’s say rates hold firm despite hurricanes

October 11, 2005 by Canadian Underwriter

Although the global insurance industry will incur tremendous losses due to hurricanes Katrina and Rita, European insurers are expected to at least maintain their current pricing levels, according to Standard & Poor’s Corp. recent report, “Industry Report Card: European Insurance.”The…

News Climate ChangeInsurance

Fairfax says Katrina losses reach $388 million

October 11, 2005 by Canadian Underwriter

Fairfax Financial Holdings Ltd. has updated its predicted net Hurricane Katrina pre-tax losses to $388 million and post-tax losses to $233 million.The company said the new estimate reflects new information received and an expected aggregate industry loss estimate of approximately…

News Insurance

What’s New: In brief (October 11, 2005)

October 11, 2005 by Canadian Underwriter

Chubb Group of Insurance Companies (NYSE: CB) recently received the title of “Best Overall Commercial Property/Casualty Insurer” by readers choice Awards. The award is based on readers’ evaluations of insurance companies on service, value, quality and innovation. Thomas F. Motamed,…

News Climate ChangeInsurance

Lloyd’s expects profits, despite cat losses

October 7, 2005 by Canadian Underwriter

Despite Hurricane Katrina losses of approximately 1.4 billion, Lloyd’s of London predicts it will turn in full-year profits.The insurance market indicated pre-tax profits increased by 21% on the pro-forma number for the same period 2004 (or an increase of 1.38billion).…

News Insurance

Insurance crime TIPS line (1-877-IBC-TIPS) launched

October 7, 2005 by Canadian Underwriter

Canada’s insurers have launched a national insurance crime TIPS line to make it easier for Canadians to report auto theft, insurance fraud, staged auto collisions and other crimes related to insurance. As a result of an anonymous tip that listed,…