News
Climate change redefines cat modelling
October 23, 2006 by Canadian UnderwriterCatastrophe modeling has been revamped as a direct result of 2004 and 2005’s catastrophic weather events, speakers told an audience at a symposium sponsored by XL Re Europe Ltd. Insurers and reinsurers are not as confident about cat models and…
New cat models can help prevent underinsuring properties
October 23, 2006 by Canadian UnderwriterNew catastrophe-modeling capabilities can help insurers avoid the painful consequences of underinsuring properties, according to a panelist at A.M. Best’s Insurance & Technology Conference, e-Fusion, in Boston.In its report on the conference, A.M. Best cites George Davis, a vice president…
RMS and Beaufort enter licensing agreement
October 23, 2006 by Canadian UnderwriterBeaufort Underwriting Agency Ltd, on behalf of its managed syndicate MSF Pritchard – Syndicate 318, has licensed Risk Management Solutions (RMS)’ RiskLink catastrophe modeling platform. This license agreement is a response to what Beaufort views as the increasingly critical role…
Insurers to debate with new government negotiator
October 20, 2006 by Canadian UnderwriterNew Brunswick’s Justice and Consumer Affairs Minister T.J. Burke recently named a Fredericton lawyer as the lead negotiator for upcoming discussions with the insurance industry.Bill Anderson, a government litigator, has been retained and will begin work immediately.“Mr. Anderson is an…
Alberta auto insurer penalized
October 20, 2006 by Canadian UnderwriterEdmonton, Alberta’s Superintendent of Insurance has issued a CD$15,000 penalty to Coseco General Insurance Company for failing to charge approved premiums for compulsory auto insurance, a violation of the Insurance Act.Administrative error resulted in some drivers being charged higher auto…
Improved P&C reserves might not last
October 20, 2006 by Canadian UnderwriterRecent improvements in the U.S. property and casualty insurance industry’s overall reserve levels might not last moving into 2007, according to an article recently published by Standard & Poor’s Ratings Services. The article “Reserving Discipline For U.S. Property/Casualty Insurers Is…
ING General Insurance receives A- rating
October 20, 2006 by Canadian UnderwriterStandard & Poor’s Ratings Services has raised the insurer financial strength and long-term counterparty credit ratings on ING General Insurance Co. Ltd. (ING GIHK) to ‘A-‘ from ‘BBB+’. S&P’s says the outlook is stable.“The rating action reflects the company’s strengthened…
Prime Minister says Bank Act position fulfills campaign promise
October 19, 2006 by Canadian UnderwriterCanadian Prime Minister Stephen Harper positioned his government’s support for independent brokers in the recent Bank Act review issue as a simple matter of fulfilling a campaign promise.He made his remarks during a speech to more than 1,500 people attending…
IBAO excludes insurer-owned brokerages from voting membership
October 19, 2006 by Canadian UnderwriterInsurance brokerages controlled by “financial institutions” such as insurance companies, credit unions, trust companies or banks have now been excluded from voting membership in the Insurance Brokers Association of Ontario (IBAO), according to a bylaw the association passed at its…
FM Global distributes third membership credit
October 19, 2006 by Canadian UnderwriterFactory Mutual Insurance Co., operating as FM Global, will distribute a collective US$355 million membership credit to policyholders as of Jan. 1, 2007, the insurer announced Wednesday.The form of this one-time credit will be as an insurance premium reduction. It…
ING opens new head office
October 19, 2006 by Canadian UnderwriterING Canada recently opened their new head office at 700 University Avenue in the heart of Canada’s insurance district with an inaugural ceremony featuring Mayor David Miller and MPP and parliamentary assistant to the Ontario Minister of Finance Wayne Arthurs.…
Hanover ratings unaffected by multi-million charge
October 19, 2006 by Canadian UnderwriterStandard & Poor’s Ratings Services will not take any ratings action following the pre-announcement by The Hanover Insurance Group Inc. (NYSE:THG) that it would be taking a US$52 million charge (US$34 million after-tax) in third-quarter 2006 to strengthen its reserves…