Canadian Underwriter

News


News Climate ChangeInsurance

Standard & Poor’s downgrades global reinsurance outlook

September 29, 2005 by Canadian Underwriter

Standard & Poor’s Ratings Services has revised its outlook on the global reinsurance industry to negative from stable, the company has announced.“The negative outlook implies that downgrades are expected to outnumber upgrades in the remainder of 2005, although the number…

News Insurance

ING Canada appoints new cfo

September 29, 2005 by Canadian Underwriter

ING Canada (TSX – IIC.LV) ha appointed Mark Tullis as senior vice president and chief financial officer. Tullis will replace Mike Cunningham in March 2006, who willretire from ING after 15 years of service. Currently, since joining ING Americas in…

News Insurance

Marsh finds 70,000 policyholders eligible for compensation

September 28, 2005 by Canadian Underwriter

New York’s Marsh & McLennan Companies, Inc. (MMC) has received a response from 70,000 policyholders eligible to participate in the compensation fund MMC established as part of its settlement with the New York Attorney General and Superintendent of Insurance in…

News Climate ChangeInsurance

Fairfax issues $300-million worth of voting shares

September 28, 2005 by Canadian Underwriter

Fairfax Financial Holdings Limited (TSX:FFH.SV)(NYSE:FFH) has agreed to issue $300-million worth of subordinate voting shares (1,843,318 shares) to a number of institutional investors at today’s closing price of $162.75 per share. Prem Watsa, CEO of Fairfax, commented: “Fairfax is raising…

News Climate ChangeInsurance

Newfoundland floods call for state of emergency

September 28, 2005 by Canadian Underwriter

Heavy rains recently inundating western Newfoundland and a small Labrador community instigated a state of emergency in Stephenville and resulted in flooding that eroded roads.More than 140 mm of rain felll causing a flood that precipitated the overflow of a…

News Climate ChangeInsurance

Munich Re total hurricane damages US$1.6 billion

September 28, 2005 by Canadian Underwriter

Munich Re recently estimated its total damages from Hurricanes Katrina and Rita at about US$1.6 billion (1.33 billion euros).The Company says it will likely have to pay out about 650 million euros after tax however Munich remains optimistic that it…

News Climate ChangeInsurance

Global reinsurance sector receives stable outlook, despite hurricanes

September 27, 2005 by Canadian Underwriter

An initial review of Hurricanes Katrina and Rita’s effect on the global reinsurance sector indicates a stable rating outlook, according to Fitch Ratings. Fitch maintained this outlook under the premise that the losses from Hurricanes Katrina and Rita will be…

News Insurance

Feds decline to pursue bank merger guidelines

September 27, 2005 by Canadian Underwriter

The current political climate is not right time to issue new guidelines on large bank/insurer mergers, the Canadian government has announced.The Department of Finance Canada had been reviewing its policy on several issues relating to bank merger applications, including whether…

News Insurance

SEC issues legal notices to Fairfax, RenaissanceRe

September 27, 2005 by Canadian Underwriter

The SEC has issued another subpoena to Fairfax Holdings Ltd. and a “Wells Notice” to Bermuda-based reinsurer RenaissanceRe Holdings Ltd. as part of its ongoing investigation into the U.S. insurance industry.<br>RenaissanceRe (NYSE: RNR) recently confirmed it has received a Wells…

News Insurance

Annual RIMS Canada Conference rewards industry winners

September 27, 2005 by Canadian Underwriter

The annual 2005 Risk Insurance Management Canada Conference recently held in Montral acknowledged several individuals at the awards luncheon, sponsored by Lloyds. At the ceremony, which recognizes the need for professional advancement and the elevation of the risk management profession…

News Insurance

CertifiedFirst Network courses accredited

September 26, 2005 by Canadian Underwriter

PPG Canada Inc. recently received technical accreditation from RIBO (Registered Insurance Brokers of Ontario) for three of the technical courses the Company offers through the CertifiedFirst Network.Collision Repair for Insurers (three hours credit) is one of the accredited courses that…

News Climate ChangeInsurance

RMS predicts Rita damages of US$4-7 billion

September 26, 2005 by Canadian Underwriter

Risk Management Solutions (RMS) recently estimated insured losses from Hurricane Rita are likely to range between $4 billion and $7 billion, based on current information on landfall location and wind speeds.“Hurricane Rita is comparable to last year’s Charley in that…