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What’s new: In brief (July 06, 2004)

July 6, 2004 by Canadian Underwriter

Swiss Re has been granted a branch license from the Ministry of Finance in Taiwan, making it the first international reinsurer to set up a branch on the island. The branch will be located in Taipei, and provide both p&c…

News Insurance

Confidence of insurance execs high: survey

July 5, 2004 by Canadian Underwriter

A survey of Canadian and U.S. insurance executives shows confidence in the industry is at its highest level in that last three years. The annual “Insurance Industry Outlook” survey by National Marketing Services shows confidence in the primary sector at…

News Insurance

Western Financial buys two Alberta brokerages

July 5, 2004 by Canadian Underwriter

Western Financial Group has picked up two new Alberta brokerages, bringing the total number of offices in the WFG Agency Network to 55.Page Insurance Ltd. of Drumheller, Alberta and Bru Agencies Ltd in Hanna, join WFG, with Ray Page and…

News Insurance

Robey retires after 36 years of service

July 5, 2004 by Canadian Underwriter

On June 29 Aon Re Canada held a staff reception to recognize the retirement of Chris Robey after 36 years of service at Aon Re and its predecessor companies. Robey was instrumental in the growth of the company, says John…

News Climate ChangeInsurance

What’s new: In brief (July 05, 2004)

July 5, 2004 by Canadian Underwriter

The U.K. Financial Services Authority (FSA) has published its rules for the capital requirements on non-life insurers and reinsurers, as well as with-profits funds for life insurers. The rules, first proposed last July, apply risk-based criteria to solvency requirements. Part…

News Insurance

Bank of Canada will follow Fed rate action: Swiss Re

July 4, 2004 by Canadian Underwriter

Commenting on the decision of the U.S. Federal Reserve Board to raise interest rates, Swiss Re says The Bank of Canada will soon follow suit, but at a much slower pace.The Fed raised the target federal funds rate by 25…

News InsuranceMergers and Aqcuisitions

Regulatory harmonization and auto reform top FSCO priorities

July 4, 2004 by Canadian Underwriter

Ontario’s insurance regulator will have its hands full again in 2004 with changes to the auto insurance system, as illustrated by its “statement of priorities”.Auto insurance changes and regulatory harmonization feature heavily in the document, which outlines the 2004-2005 mandate…

News Insurance

Hub buys pest control broker

July 4, 2004 by Canadian Underwriter

Hub International Ltd. says it has acquired a New York brokerage specializing in pest control and lawn care programs for other agents, brokers and retail clients, including member of the U.S. Professional Lawn Care Association.White Plains-based B & DA Weisburger…

News Climate ChangeInsurance

What’s new: In brief (July 04, 2004)

July 4, 2004 by Canadian Underwriter

President George W. Bush has signed into law the reauthorization of the U.S. National Flood Insurance Program (NFIP). The program will now run through 2008, with insurers saying they can now ensure flood coverage is available and affordable by spreading…

News Insurance

Pricing for kidnap and ransom on the rise: Willis

July 1, 2004 by Canadian Underwriter

In its latest market commentary, broker Willis notes the rising interest in kidnap and ransom (K&R) coverage in light of the high-profile abductions taking place in the Middle East. The televised kidnappings in the conflict zones of Iraq, Afghanistan and…

News InsuranceMergers and Aqcuisitions

What’s new: In brief (July 01, 2004)

July 1, 2004 by Canadian Underwriter

Saskatchewan has switched to the same single license plate system in use in most provinces. As of June 30, drivers will be issued just one plate on new transactions, and other drivers will have the choice of whether they want…

News Insurance

Investment firms and top execs at odds on risks: FM Global

July 1, 2004 by Canadian Underwriter

The world’s top executives and investment firms have very different views on the key risks to corporate revenue sources, according to a new study by FM Global and Harris Interactive.The annual “Protecting Value” study looks at risk to key revenue…