Bermuda 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…
The 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…
Risk 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…
At 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…
French insurer April Group has announced its new presence in Canada with the acquisition of two Quebec brokerages, Escapade Assurances Voyages, and Dave Rochon Assurances.Escapade, situated in Sainte Croix, was created in 2003 and specializes in travel insurance for short…
Western Financial Group Inc. announced it has retained a syndicate of agents co-led by CIBC World Markets Inc., Desjardins Securities Inc. and Jennings Capital Inc., and including Acumen Capital Finance Partners Limited, to offer on a best-efforts, private-placement basis between…
The Canadian property and casualty industry posted excellent results in 2006, sporting a 91.7% combined ratio and a 17% return on equity (ROE), but it should be mindful of the lessons learned from soft markets in the past as 2007-08…
The Risk and Insurance Management Society (RIMS) has sponsored publication of a new handbook to help people make sense out of that nebulous area known as Enterprise Risk Management (ERM). The title of the book which would be familiar to…
Gestion MRCI Inc., known under the company name of AssurExperts Gingras Jacques Lajoie et Associs lte, of Chicoutimi, has been found guilty of tax evasion by the Court of Quebec.In a press release, the Canada Revenue Agency (CRA) notes the…
Aon Reed Stenhouse Inc. has announced the appointment of Christine Lithgow as executive vice president, national client service, market relations for Aon Reed Stenhouse and as a member of the national executive committee. Lithgow began her career at Reed Stenhouse…
PPG Canada has announced three new appointments within its Automotive Refinish group, including Denis Cloutier, insurance services manager, Eastern Canada, Jennifer Rosiak-Wong, Canadian advertising manager, and Bruce Young, district manager, collision programs.Cloutier will work with the Canadian insurance industry to…
Climactic conditions are ripe for an active storm season and obviously an active storm season increases the likelihood that the insurance industry will incur losses, according to a June 2007 report by Fitch Ratings, entitled Hurricane Season 2007: A Desk…