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Cat bond issuance gained momentum in 2007

February 28, 2008 by Canadian Underwriter

Cat bond risk capital at the end of 2007 reached US$13.8 billion, a 63% increase over the previously record-setting, 2006-year-end total of US$8.5 billion, according to a Guy Carpenter & Company LLC report.Cat bond risk capital now accounts for 8%…

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Royal & SunAlliance Canada reports increase in underwriting profit in 2007

February 27, 2008 by Canadian Underwriter

Royal & SunAlliance Canada has reported its 2007 net income was Cdn$183.6 million.(The company’s net income above was calculated according to Canadian GAAP rules; elsewhere, figures are based on accounting rules in the United Kingdom.).Royal & SunAlliance reported net written…

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Incidental selling of insurance consultation paper meant to trigger discussions

February 27, 2008 by Canadian Underwriter

An unsuitable product might lead consumers to pay for insurance they do not need, pay for coverage for claims for which they are not eligible, or obtain a claims result that they did not expect, according to a consultation document…

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Stable outlook maintained for global reinsurance sector

February 27, 2008 by Canadian Underwriter

For the second year in a row, A.M. Best Co. is maintaining a stable outlook for the global reinsurance sector. This affirmation reflects generally strong balance sheets, continued improvements in enterprise risk management (ERM) and general earnings momentum through 2007,…

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What’s New: In Brief (February 27, 2008)

February 27, 2008 by Canadian Underwriter

Northbridge Financial Corporation (TSX: NB) has appointed Craig Pinnock as its new chief financial officer, effective Mar. 31.Pinnock will succeed current CFO John Varnell, who is retiring. Pinnock, a chartered accountant, has served in progressively senior finance roles within the…

News InsuranceMergers and Aqcuisitions

Judge dismisses application for stay of decision to eliminate Alberta’s minor injury cap

February 26, 2008 by Canadian Underwriter

An Alberta judge has dismissed the application for a temporary stay of a decision that eliminated Alberta’s Cdn$4,000 cap on minor auto injuries, pending an appeal of Morrow v. Zhang and Pedersen v. Thournout.In his decision not to grant a…

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What’s New: In Brief (February 26, 2008)

February 26, 2008 by Canadian Underwriter

The outlook is stable for the 2008 U.S. commercial market despite a soft period cycle, according to A.M. Best Co.’s assessment of the market. “Commercial lines carriers have bolstered their positions after robust earnings in recent years by investing in…

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OSFI to separate underwriting performance from actuarial liability adjustments

February 26, 2008 by Canadian Underwriter

The Office of the Superintendent of Financial Institutions (OSFI) has introduced a new supplemental filing to isolate underwriting performance from adjustments to actuarial liabilities.Such liabilities might be caused by market swings and resultant changes in the fair value of the…

News InsuranceMergers and Aqcuisitions

A.M. Best “cautiously optimistic” for personal lines in 2008

February 26, 2008 by Canadian Underwriter

A.M. Best Co. has maintained a stable outlook for the personal lines segment in 2008, despite the moderate deterioration of results in 2007.The deterioration in 2007 results reflects increasing loss-costs trends as well as competitive market conditions, an A.M. Best…

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What’s New: In Brief (February 25, 2008)

February 25, 2008 by Canadian Underwriter

The Insurance Brokers Association of Ontario (IBAO) has announced it is renewing its sponsorship agreement with professional golfer Richard Scott from Kingsville, Ont. “Richard has represented us well and we’re proud to be associated with his success,” Randy Carroll, CEO…

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What’s New: In Brief (February 25, 2008)

February 25, 2008 by Canadian Underwriter

Studies show that 20% of Canadians have been victims of identity theft, ING Insurance reports in a release. And it may be costing Canadian consumers, banks and businesses more than $2 billion annually, the company reports. Recent studies show that…

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The Co-operators subsidiary amalgamates with Quebec firm

February 25, 2008 by Canadian Underwriter

The Co-operators Group Ltd. and Montreal-based institutional investment management firm Addenda Capital Inc. (TSX: ADV) have announced that Addenda will amalgamate with a subsidiary of The Co-operators (Newco).The transaction, which values Addenda’s equity at approximately Cdn$306.5 million, will be implemented…