News
World Trade Center insurers sued
June 27, 2006 by Canadian UnderwriterThe developer of the World Trade Center (WTC) Larry Silverstein alongside The Port Authority of New York and New Jersey are suing the seven WTC insurers due to payment delays, which the Port Authority says are required if the site…
In remembrance: Moody, a leader of women in insurance
June 27, 2006 by Canadian UnderwriterMaggie Moody, 59, a long-time member of the Toronto Insurance Women’s Association (TIWA) and the Canadian Association of Insurance Women (CAIW), passed away suddenly on June 16.A long-time employee of Marsh Canada, Moody has served as president for both TIWA…
S&P’s changes Munich Re outlook to ‘positive’
June 27, 2006 by Canadian UnderwriterStandard & Poor’s Ratings Services has revised its outlook on Germany-based Munich Reinsurance Co. and its core operating entities to positive from stable. In addition, the ‘A+’ counterparty credit and insurer financial strength ratings on Munich Re and related core…
Quebec private damage insurers “stable” in 2005
June 26, 2006 by Canadian UnderwriterPrivate damage insurers in 2005 collected CD$7.1 billion in premiums in Qubec almost the same level as the CD$7 billion collected in 2004, according to a recent report to Quebec’s National Assembly. “The damage insurance business in Qubec was therefore…
The (insured) value of the World Cup
June 26, 2006 by Canadian UnderwriterWhat’s the estimated replacement cost value of the 18-carat-gold World Cup soccer championship trophy?About CD$85,400, not including design and labor costs, according to Lloyd’s of London broker Heath Lambert, a specialist in sports insurance. Charles Meaden, director of Heath Lambert’s…
Kingsway to replace maturing Canadian credit facility
June 26, 2006 by Canadian UnderwriterKingsway Financial Services Inc. (TSX:KFS) has entered into a US$175 million three-year revolving credit facility with a syndicate of three banks. This new credit facility, which matures in June 2009, replaces the existing CD$150 million 364-day revolving credit facility, and…
What’s New: In brief (June 26, 2006)
June 26, 2006 by Canadian UnderwriterThe “world’s largest passenger aircraft” is set to be introduced into the commercial aviation space despite A series of delays have altered the production and delivery schedule of the “world’s largest passenger aircraft” into the commercial aviation market, according to…
IBC supports heritage homes
June 23, 2006 by Canadian UnderwriterInsurers recently offered support and appreciation for a special brochure called Insuring Old Homes in Nova Scotia.“We’re pleased that anyone in Nova Scotia who owns a heritage home has more information today on the insurance options available to them,” Don…
In Memorium: Deirdre G. Martin
June 23, 2006 by Canadian UnderwriterDeirdre Martin, 52, senior counsel for the Insurance Bureau of Canada, passed away on June 21 following a battle with lung cancer. Martin acted as counsel to the IBC’s national claims committee, the standards and practices committee (which reviews and…
Risk managers see jobs ease
June 23, 2006 by Canadian UnderwriterRisk managers’ may see their jobs ease up if a bill meant to ease regulatory burden that is placed on surplus lines insurers is passed according to a recent congressional panel discussion. Risk & Insurance Management Society Inc. vice president…
Allianz AG to reduce German insurance workforce by 5,000
June 23, 2006 by Canadian UnderwriterAllianz AG has announced plans to reduce the number of workers at Allianz Deutschland AG (ADAG), its German insurance operation, by 5,000.It also plans to cut another 2,480 jobs at its Dresdner Bank subsidiary. Allianz’s announcement said the move would…
Online auto insurer displays best practices
June 22, 2006 by Canadian UnderwriterProgressive Insurance ranked has the number one automobile insurance site, according to two competitive intelligence studies that compare online customer experience and best practices implementation of auto insurance Web sites. The Progressive, GEICO and American Family sites were deemed the…