News

Australian financial services provider Macquarie Group (Macquarie) has acquired Insurance Pay Canada Inc. (Insurance Pay), a Canadian premium finance company.Insurance Pay works exclusively with independent brokers to provide insurance premium financing to commercial customers who prefer to pay their premiums…

A.M. Best Co.s 2007 outlook for the global reinsurance sector is stable, changing from a negative outlook originally assigned nearly two years ago.This outlook revision implies that the majority of 2007 reinsurer rating actions are likely to be affirmations with…

Munich Re has reported posting a record profit totalling EUR3.5 billion [Cdn$5.4 billion].The company also reported reducing its combined ratios in reinsurance (92.6%) and primary insurance (90.8%) to new record lows.“A record profit for the third time in a row…

A.M. Best has maintained a stable outlook on the personal lines segment of the U.S. market, driven primarily by favourable frequency and severity trends, modest catastrophic activity and the maintenance of pricing and underwriting discipline, among other factors.Performance in the…

Willis North America has urged the United States government to renew the Terrorism Risk Insurance Act (TRIA), due to expire at the end of 2007, and establish a permanent government terrorism insurance backstop.Don Bailey, CEO of Willis North America, a…

The CIP Society will host its third annual industry symposium, An Industry in Change on April 24, at the Board of Trade in Toronto. The one-day forum will feature a keynote and seminar speakers addressing such topics as: contingency and…

The Co-operators has donated Cdn$30,000 for a new research centre launched by St. Joseph’s Health Care in London, Ontario. St. Josephs Aging, Rehabilitation & Geriatric Care Research Centre is dedicated to collecting and using research knowledge gained in the fields…

The Sovereign General Insurance Company and OneBeacon Insurance Company have formed a strategic alliance regarding the introduction of products to Canada for certain commercial segments.Policies will be written under Sovereigns name and the 2 companies will share equally in the…

Marsh Inc. announced the appointment of Henry S. Allen as global leader, consumer business, which includes the firms affinity and program management businesses, as well as its private client services division.Allen joined Marsh in 2002 as practice leader for the…

Canadas insurance regulators are contemplating market conduct surveys in the spring of 2007 that may ask insurance companies what they are doing to oversee the market behaviour of the brokers and sales intermediaries acting on their behalf.This is a development…

Converium has rejected an offer by SCOR for the whole of the share capital of the company.In a press release, Converium representatives said that the board of directors of Converium continues to be unanimous in its rejection of the offer.The…

Following successful securitizations in property/casualty and life/health reinsurance business, Hannover Re has now for the first time transferred the risks deriving from so-called “reinsurance recoverables” to the capital market.Reinsurance recoverables the outstanding claims held by reinsurers against their retrocessionaires traditionally…