News
AIG proposes to acquire public shares of 21st Century
January 26, 2007 by Canadian UnderwriterAmerican International Group, Inc. (AIG) is proposing to acquire the outstanding 38.1% publicly held shares of 21st Century Insurance Group (21st Century) (NYSE: TW) for approximately US$690 million.“Following the transaction, 21st Century would become a wholly owned subsidiary of AIG,”…
Global group to develop framework for climate change-related risk reporting
January 26, 2007 by Canadian UnderwriterThe World Economic Forum (WEF) has announced the formation of a new consortium, the Climate Disclosure Standards Board (CDSB), that will develop the framework for climate risk-related reporting by corporations. The focus will be on the disclosure of the following…
Crawford Cares presents WICC with $50,000 (January 26, 2007)
January 26, 2007 by Canadian UnderwriterCrawford Adjusters Canada’s employees presented a cheque in the amount of $50,000 to the Women in Insurance Cancer Crusade (WICC) recently.Since its inception in 2004, Crawford Cares has raised over $150,000 for WICC. “Our employees have once again stepped up…
Crawford Cares presents WICC with $50,000 (January 26, 2007)
January 26, 2007 by Canadian UnderwriterCrawford Adjusters Canada’s employees recently presented a cheque in the amount of $50,000 to the Women in Insurance Cancer Crusade (WICC).Since its inception in 2004, Crawford Cares has raised over $150,000 for WICC. “Our employees have once again stepped up…
Swiss Re study shows potential in agricultural insurance
January 26, 2007 by Canadian UnderwriterAgricultural insurance schemes can provide more economic security to the agricultural community and support the sector’s development, according to Swiss Re.Agricultural insurance is largely underdeveloped, even though agriculture remains a key sector in many emerging economies. Emerging market economies continued…
SCM Adjusters Canada Ltd. acquires Leonard French & Co.
January 25, 2007 by Canadian UnderwriterSCM Adjusters Canada Ltd. has announced the successful completion of an acquisition agreement resulting in Leonard French & Co. Ltd. joining the SCM team. Leonard French & Co was founded in 1977 by Leonard French and more recently, under the…
PartnerRe sees continuing signs of higher retentions
January 25, 2007 by Canadian UnderwriterPartnerRe Ltd. (NYSE: PRE) is reporting a slight decline of premium as of the Jan. 1, 2007 renewal season because insurers are continuing a trend of retaining more risk.PartnerRe has indicated on its Web site that during the Jan.1, 2007…
What’s New: In Brief (January 25, 2007)
January 25, 2007 by Canadian UnderwriterThe Canadian government has picked a substantial amount of the costs associated with insuring the country’s nuclear facilities against terrorist attack, according to the Halifax newspaper, The ChronicleHerald.“The Nuclear Liability Act, passed in 1976, limits liability for damages caused by…
Kernaghan doubles Vancouver Island staff to cope with storms
January 25, 2007 by Canadian UnderwriterKernaghan Adjusters has been forced to double its staff on Vancouver Island in order to keep pace with the claims generated by the recent string of storms that battered the region.Since the first of November, Kernaghan has doubled its staff…
A.M. Best comments on Kingsway’s plan to buy Mendota
January 24, 2007 by Canadian UnderwriterA.M. Best Co.’s issuer credit rating (ICR) of “bbb-” for Kingsway Financial Services Inc. (Kingsway) (Mississauga, Ontario) [TSX/NYSE: KFS] remains unchanged following Kingsway’s announcement that it intends to acquire the Mendota Insurance Company (Mendota), a wholly owned subsidiary of The…
What’s new: In brief (January 24, 2007)
January 24, 2007 by Canadian UnderwriterThe owners of 47,000 vehicles insured through the Aviva Canada group in Nova Scotia will start paying lower automobile insurance rates starting February 1, 2007 according to a press release.Approval has been received by the Nova Scotia Insurance Review Board…
State Farm to resolve Katrina claims
January 24, 2007 by Canadian UnderwriterState Farm will participate in a court supervised resolution process to reconsider and fully resolve claims from Hurricane Katrina in three Mississippi coastal counties, according to a press release.The process is part of an agreement reached through the settlement of…