News
Sovereign forms alliance with OneBeacon
February 27, 2007 by Canadian UnderwriterThe 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 appoints new global leader, consumer business
February 27, 2007 by Canadian UnderwriterMarsh 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…
Will CCIR require insurers to oversee their brokers’ market conduct?
February 27, 2007 by Canadian UnderwriterCanadas 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 rejects SCOR’s offer of acquisition
February 26, 2007 by Canadian UnderwriterConverium 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…
Hannover Re securitizes reinsurance recoverables
February 26, 2007 by Canadian UnderwriterFollowing 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…
Hub to be acquired by Apax Partners and Morgan Stanley Principal Investments
February 26, 2007 by Canadian UnderwriterHub International Limited (TSX: HBG) announced that it has entered into an agreement to be acquired by funds advised by Apax Partners and Morgan Stanley Principal Investments, through an arrangement agreement and related plan of arrangement. Under the terms of…
World Bank to offer catastrophe risk insurance to Caribbean countries
February 26, 2007 by Canadian UnderwriterThanks to donor countries such as Canada, the World Bank is expected to be able to offer catastrophe risk insurance to 18 Caribbean countries in time for the 2007 hurricane season.Associated Press has reported officials from Caribbean nations are meeting…
Fairfax Financial announces profits of Cdn$264 million
February 23, 2007 by Canadian UnderwriterFairfax Financial Holdings (TSX: FFH) announced profits of US$159 million [approximately Cdn$184 million] for 2006 Q4, and US$227.5 million [approximately Cdn$264 million] for the year.The combined ratios of Fairfaxs insurance and reinsurance operations were 88.4% and 95.5% for the Q4…
What’s New: In Brief (February 23, 2007)
February 23, 2007 by Canadian UnderwriterWoodhouse Contracting Ltd. has joined a strategic partnership with Edenvale Restoration, uniting two of the largest independent companies in the Canadian disaster restoration industry.Edenvale, with headquarters in Abbotsford, B.C., operates in the British Columbia Lower Mainland with operation branches in…
AXA reports 20% increase in profit to Cdn$6.1 billion
February 23, 2007 by Canadian UnderwriterAXA reported a profit of 4 billion [approximately Cdn$6.1 billion] throughout 2006, an increase of 20% over 2005. Property and casualty earnings increased 7% to 1.5 billion [approximately Cdn$2.3 million], driven by a 4% increase in revenues together with a…
Celent study cites miscommunication between IT vendors, insurers
February 23, 2007 by Canadian UnderwriterA new report by Celent research services, Dont Sell Unicorns, suggests there is often a failure to communicate during the technology purchasing process between the insurance software vendors and insurance IT buyers.The study presents a set of key principles drawn…
What’s New: In Brief (February 22, 2007)
February 22, 2007 by Canadian UnderwriterPortage la Prairie Mutual Insurance Company has increased its investment in the 2007 Broker Identity Program (BIP), established in 1989 by the Insurance Brokers Association of Canada (IBAC).The BIP program is a branding campaign for over 30,000 insurance brokers. Twenty…