News
Watch out for aggravated claims, law report tells insurers
June 16, 2006 by Canadian UnderwriterDepending on what the Supreme Court of Canada holds when it decides the point in Fidler v. Sun Life Assurance Co., insurers have “cause for concern” about being hit with aggravated damages for wrongfully denied claims, according to a recent…
Benfield warns of 2007 capacity squeeze
June 16, 2006 by Canadian UnderwriterBermuda reinsurers have forecast that rates will continue to harden through the year and a capacity squeeze could even spread beyond the Florida market into other territories in 2007.Increased demand, revised catastrophe models and more stringent capital constraints continue to…
AIG verifies break-in
June 15, 2006 by Canadian UnderwriterAmerican International Group Inc. recently confirmed that on March 31 the company suffered a break-in during which computer equipment containing personal information on approximately 930,000 individuals was stolen from a Medical Excess L.L.C. unit office in Midwest US.The data is…
AXA buys Winterthur for US$9.98 billion
June 15, 2006 by Canadian UnderwriterAXA has agreed to buy Winterthur from the Credit Suisse Group for CHF 12.3 billion (US$9.98 billion), to be paid in cash. In addition, AXA will refinance CHF 1.6 billion (US$1.3 billion) of Winterthur’s outstanding debt, of which CHF 1.1…
Legislative proposals leave out Bank Act issue
June 15, 2006 by Canadian UnderwriterInsurers are pleased that a federal government white paper released June 14 makes no mention of changing the Bank Act to allow banks to promote insurance products in their local branches.The finance ministry white paper is a blueprint for legislation…
Canadian business not prepared for pandemic
June 14, 2006 by Canadian UnderwriterCanadian organizations may be concerned about a future pandemic outbreak, but they aren’t prepared for one, according to the findings of a Conference Board of Canada survey.The survey was released to coincide with the launch of a new Pandemic Preparedness…
CCIR/CISRO announce reciprocal licensing model
June 14, 2006 by Canadian UnderwriterThe Canadian Council of Insurance Regulators (CCIR) and the Canadian Insurance Services Regulatory Organizations (CISRO) have adopted a reciprocal licensing model for the insurance agent/broker licensing system in Canada effective July 4, 2006.The reliance model incorporates greater harmonization for agent…
Kingsway financial strength reaffirmed
June 14, 2006 by Canadian UnderwriterStandard & Poors (“S&P”) has reaffirmed the ‘BBB-‘ long-term counterparty credit and senior unsecured debt ratings of Kingsway Financial Services Inc. (TSX:KFS, NYSE:KFS).The ratings agency also affirmed the rating of Kingsway’s U.S. holding company, Kingsway America Inc. The outlook is…
What’s New: In brief (June 14, 2006)
June 14, 2006 by Canadian UnderwriterIntegro recently established its Aviation Practice with the appointment of Edward Nicholls to the position of managing principal and aviation practice leader. Offering 25 years of experience in the aviation sector, Nicholls comes to Integro from Aon Corporation, where he…
Cats may cost US$150 billion
June 13, 2006 by Canadian UnderwriterHurricanes and earthquakes have the potential to cause insured losses in excess of US$150 billion and total economic losses approaching US$500 billion, AIR Worldwide president and CEO Karen Clark told Members of Congress and their senior staff.The warning was revealed…
Sedgwick acquires CompManagement
June 13, 2006 by Canadian UnderwriterSedgwick CMS Holdings, Inc. recently signed a definitive agreement to acquire CompManagement, Inc. and its affiliated companies.The acquisition is facilitate through a merger of a subsidiary of Sedgwick CMS Holdings and CompManagement’s parent company, Security Capital Corporation (AMEX: SCC), for…
Swiss Re launches Kyoto-related insurance
June 13, 2006 by Canadian UnderwriterSwiss Re has partnered with RNK Capital LLC (RNK), a New York-based private investment firm specializing in the U.S. and international environmental markets, to provide the carbon markets’ first insurance product for managing Kyoto Protocol-related risk in carbon credit transactions.…