News
A.M. Best rates Canadian P&C insurers
June 22, 2007 by Canadian UnderwriterA.M. Best Co. has affirmed the financial strength ratings (FSR) of 43 Canadian property/casualty companies, upgraded five FSRs, assigned three FSRs and downgraded one FSR. These ratings are based solely upon public information and present the most informed view A.M.…
What’s New: In Brief (June 22, 2007)
June 22, 2007 by Canadian UnderwriterThe capital strength of the insurance industry is growing due to strong operating profitability, putting pressure on rates and resulting in a slow growth environment going forward, according to Thomas Holzheu, with Swiss Res Economic Research & Consulting Unit, in…
Guy Carp offers multi-territory, multi-event cat bond
June 22, 2007 by Canadian UnderwriterGuy Carpenter & Company, Ltd and MMC Securities Ltd. announced the completion of a multi-territory, multi-event catastrophe bond transaction.The bond will pay Brit Insurance Holdings PLC principal subsidiary, Brit Insurance Limited, up to US$200 million [approximately Cdn$214 million] in the…
Canadian carriers lagging in service: survey
June 22, 2007 by Canadian UnderwriterCanadian carriers scored the lowest in terms of quality of underwriting, policy administration and service when compared with the United States, London and Bermuda carriers in Willis Groups inaugural Carrier Evaluation Survey.In terms of claims, Canadians nudged ahead of Bermuda-based…
Requirements for showing ‘Good Faith’
June 21, 2007 by Canadian UnderwriterWhen it comes to the disaster restoration industry, there are two major ways insurance factors in: claims by property owners on property insurance, and contracts on general liability.In many cases, an insurance company will be in a more powerful position…
What’s New: In Brief (June 21, 2007)
June 21, 2007 by Canadian UnderwriterKingsway Financial Services Inc. has announced its newly-formed, wholly-owned subsidiary, Kingsway 2007 General Partnership, has filed a preliminary short form prospectus with the securities regulatory authorities in each of the provinces and territories of Canada for a proposed public offering…
What’s New: In Brief (June 21, 2007)
June 21, 2007 by Canadian UnderwriterThe Autorite des Marches Financiers (AMF) found Sylvain Desgens guilty of five charges under the act respecting the distribution of financial products and services. Desgens was found guilty of acting as a representative in insurance of persons without holding a…
Teenage drivers’ records improving
June 21, 2007 by Canadian UnderwriterA decrease in teen auto collisions may be related to graduated licensing laws, suggests an Insurance Institute for Highway Safety (IIHS) report. According to the US report, based on crashes of all severities, the crash rate per mile for 16-19…
Bermuda reinsurers showed Q1 profits, despite softening market
June 20, 2007 by Canadian UnderwriterBermuda reinsurers continued the 2006 trend of bolstering balance sheets with record profits during 2007 Q1, according to the Benfield Bermuda Quarterly report, despite a softening market.According to Benfield, light losses and reserve release helped Bermuda’s 16 leading reinsurers produce…
RIMS supports TRIA extension
June 20, 2007 by Canadian UnderwriterThe Risk and Insurance Management Society (RIMS) has commended the June 18 introduction of the Terrorism Risk Insurance Revision and Extension Act (TRIREA) of 2007.RIMS strongly supports the reauthorization of TRIA and believes the introduction of this important measure represents…
RMS launches reinsurance software
June 20, 2007 by Canadian UnderwriterRisk Management Solutions (RMS) has launched a software platform that aims to enable insurance industry professionals to gain a more comprehensive view of their portfolio risk. “The Reinsurance Platform will help insurance, reinsurance, and catastrophe management professionals to reduce uncertainty…
New firm to serve as liason between insurers and contractors
June 19, 2007 by Canadian UnderwriterAt a time when independent adjusters are voicing concerns about a shrinking job market due to insurers working directly with contractors, a new network is set to enter the Canadian market that will work as a third-party administrator between insurers…