News

Three Canadians will serve on the Risk and Insurance Management Society, Inc. (RIMS)’s board of directors in 2006-07.Two Canadians newly voted onto the RIMS board of directors include: Joseph A. Restoule (RIMS Secretary and board director). Roule is a senior…

The Insurance Brokers Association of Ontario (IBAO) is calling on its membership to lobby against provincial legislative changes that would allow credit unions to retail insurance in their branch networks.“The livelihood of insurance brokers is being threatened by Ontario’s credit…

PartnerRe Ltd.’s 1Q 2006 results compare favorably with those of the 1Q 2005 results, thanks to a relative absence of large losses during the 2006 first quarter, the reinsurer reported recently.Last year, Partner Re (NYSE: PRE) suffered losses as a…

Manitoba Public Insurance (MPI) is mailing out CD$58 million in refund cheques, representing 10% of the basic Autopac premiums paid by Manitoba drivers during the 2004-05 policy year.About 550,000 policyholders will receive a rebate this year. The rebates will not…

MFX, a provider of technology and IT outsourcing solutions, has signed a deal with holding company C.V. Starr for a comprehensive application service provider solution to C.V. Starr’s policy, claims and reinsurance processing needs.C.V. Starr is a New-York based holding…

Even though property and general liability insurance rates increased in the first quarter of 2006, all indications point to a continuing soft commercial insurance market according to the RIMS Benchmark Survey, a comprehensive survey of current policy renewal prices as…

SGI Canada had its second-best year on record in 2005, posting a consolidated profit of more than CD$35 million, despite record storm costs of more than CD$28 million in Saskatchewan, according to SGI’s 2005 annual reports recently tabled with the…

Swiss Re says a “very strong capital position” has allowed it to adjust the way it plans to finance its proposed purchase of GE Insurance Solutions. “Swiss Re expects to raise US$3.9 billion instead of US$4.7 billion in equity securities…

AIG intends to sell up to 15.4 million of the common shares (24.2% of outstanding shares) it owns of reinsurer IPC Holdings in a public offering, subject to market conditions.AIG was the sponsoring shareholder of Bermuda-based reinsurer IPC in 1993.…

Benfield, an independent reinsurance and risk intermediary, has formed a relationship with Merrill Lynch to offer insurers and reinsurers catastrophe (cat) bonds as a form of alternative capital for peak risk exposures.Recent hurricane losses, likely revisions to cat models and…

The United States seems to be experiencing the same signs of commercial market softening as is developing in Canada, according to a recent survey by the Washington, D.C.-based Council of Insurance Agents & Brokers (CIAB).“Commercial property/casualty rates were flat or…

Consolidated revenues for The Co-operators Group Limited reached a record CD$2.7 billion in 2005 up from CD$2.6 billion the previous year. Net income was down slightly from 2004 to CD$138 million, with a return on equity (ROE) of 15.4%The Co-operators…