News
What’s new: In brief (January 18, 2007)
January 18, 2007 by Canadian UnderwriterThe Co-operators are making major overtures to sustainable energy operations with grants totaling $50,000 to threeOntario-based wind energy organizations, according to a recent press release.The Toronto Renewable Energy Co-operative (TREC) is a not-for-profitenergy co-operative that erected the first urban wind…
Hannover Re taps capital market to generate capacity
January 17, 2007 by Canadian UnderwriterHannover Re is once again drawing on the capital market to obtain underwriting capacity for catastrophe risks, boosting the volume of last year’s “K5” risk securitisation to US$520 million.The reinsurer’s latest transaction was placed with institutional investors in North America,…
BI&I appoints new executive members
January 17, 2007 by Canadian Underwriter**CORRECTON NOTICE**[Editor’s Note: The following news item corrects errors that appeared in a Jan. 16, 2007 item entitled ‘What’s New: In Brief.’] John R. Mulvihill has been appointed chief operating officer and senior vice president of the Boiler Inspection and…
Aviva aims to carbon neutralize
January 17, 2007 by Canadian UnderwriterAviva has announced its commitment to carbon neutralize its operations on a worldwide basis, according to a press release.Allan Griffiths, CEO of Aviva Australia, said the announcement provides an important endorsement of Aviva Australia’s ongoing program of sustainable business practices…
What’s New: In Brief (January 17, 2007)
January 17, 2007 by Canadian UnderwriterGore Mutual Insurance Company has donated Cdn$1 million to their charitable Foundation.This is the third year in a row the company has made a Cdn$1-million contribution to the Gore Mutual Foundation.The Foundation was established to support worthwhile causes in the…
Fraud ring involving forged ICBC documents uncovered
January 17, 2007 by Canadian UnderwriterThe Vancouver Police Department (VPD) uncovered a massive fraud ring that involved forged ICBC documents, fake driver’s licenses and counterfeit credit cards.Financial crime investigators discovered a counterfeit credit card factory when they executed a search warrant in an upscale Coquitlam…
2006 catastrophes cost U.S. insurers US$8.8 billion
January 16, 2007 by Canadian UnderwriterU.S. catastrophes and insured losses cost the U.S. property and casualty industry an estimated US$8.8 billion in 2006, according to ISO’s property claims services unit.That’s a far cry from the estimated damage losses of US$61.9 billion the unit recorded after…
What’s New: In Brief (January 16, 2007)
January 16, 2007 by Canadian UnderwriterFollowing on the launch of a new Insurance Bureau of Canada (IBC) campaign about driver distractions, IBC president Stanley Griffin will be speaking to the Canadian Club at the Fairmont Royal York Hotel in Toronto on Jan. 19.Griffin will present…
ING announces major shifts within executive staff
January 16, 2007 by Canadian UnderwriterING Canada has announced a major shuffle of its senior executive staff, with Charles Brindamour assuming the newly created role of COO, Derek Iles accepting the title of president of ING Insurance, and the retirement of two executive staff members…
Swiss Re obtains US$705 million of extreme mortality risk protection
January 16, 2007 by Canadian UnderwriterSwiss Re has transferred US$705 million of extreme mortality risk to the capital markets through its Vita Capital securitization program, according to a press release. This is Swiss Re’s third mortality catastrophe bond that has been issued privately to institutional…
Preparing for a pandemic
January 15, 2007 by Canadian UnderwriterAfter a noticeable absence from its usual media spotlight, bird flu or the H5N1 virus has been rearing its ugly head with reports of outbreaks across Asia in recent weeks.And according to Aon’s second white paper on the subject, entitled…
Reinsurance industry regains “calm” in 2007, Benfield says
January 15, 2007 by Canadian UnderwriterThe reinsurance market has regained “a universal, if fragile calm” in 2007, according to a report by reinsurance intermediary Benfield.The report, entitled ‘Global Reinsurance Market Overview: Pick ‘N Mix,’ noted “an acute shortage of catastrophe capacity at U.S. mid-year renewals.”…