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What’s New: In Brief (February 28, 2006)

February 28, 2006 by Canadian Underwriter

Anthony Clark International Insurance Brokers Ltd. (TSX:ACL) has appointed Robert M. Sadleir to the Corporation’s board of directors. Sadleir is a chartered accountant and vice-president finance for Cal-Gas Inc. Sadleir offers knowledge and experience in the areas of finance, corporate…

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Swiss Re shareholders approve capital to buy GE Insurance

February 27, 2006 by Canadian Underwriter

Shareholders of Swiss Reinsurance Co. (RUKN.VVX) recently approved the creation of up to $7.8 billion in fresh equity capital that will be used to finance the acquisition of GE Insurance Solutions, the reinsurance unit of General Electric Co (GE). Chairman…

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Sceintists called on to counter bioterrorism risk

February 27, 2006 by Canadian Underwriter

In a report released Feb. 27, “DNA for Peace: Reconciling Biodevelopment and Biosecurity,” experts at the Canadian Program on Genomics and Global Health (CPGGH), part of the University of Toronto’s Joint Centre for Bioethics (JCB), calls for a global network…

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Guy Carpenter launches i-aXs platform

February 27, 2006 by Canadian Underwriter

Guy Carpenter & Company, Inc., a global risk and reinsurance specialist, has announced the development of a new online risk management platform, i-aXs, that is designed to reduce risk management analysis and reporting times from weeks to mere minutes.The new…

News Climate ChangeInsurance

What’s New: In brief (February 27, 2006)

February 27, 2006 by Canadian Underwriter

The Co-operators, have provided financial support to the Infant and Toddler Safety Association’s (ITSA) volunteer telephone hotline so that the Kitchener, ON-based, volunteer-run charity can, starting this month, offer expert child safety advice through their toll-free service. The Co-operators financial…

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Replenishing reserves still a question mark

February 24, 2006 by Canadian Underwriter

Even though underwriting results for property and casualty companies globally have improved markedly over the past few years, the ongoing challenge of attaining ultimately adequate reserves remains, according to a recent report by Standard & Poor’s.“Insurers and reinsurers appear no…

News Climate ChangeInsurance

After TRIA, what next for terrorism coverage?

February 24, 2006 by Canadian Underwriter

In anticipation of the conclusion of TRIA’s extension in 2007, Aon Risk Services has been encouraging clients to maintain their relationships with insurers in the stand-alone terrorism insurance market, or with those that build added protection into their all-risks policies…

News Insurance

What’s New: In brief (February 24, 2006)

February 24, 2006 by Canadian Underwriter

Canada’s home, car and business insurers, along with Operation Red Nose and the Ontario Safety League, presented a cheque for $4,213.50 to the Women in Insurance Cancer Crusade (WICC).The money was raised by Operation Red Nose in Halifax, Nova Scotia…

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2005 catastrophes break meteorological records

February 24, 2006 by Canadian Underwriter

About 400 natural catastrophes and man-made disasters in 2005 accounted for 97,000 deaths and damages totalling more than US$230 billion, according to a Swiss Re report. Insurance covered about one third, or US$83 billion, of the damages. In the previous…

News Insurance

XN Risk offers new law liability policy

February 23, 2006 by Canadian Underwriter

XN Holdings, parent company of XN Risk Insurance Services (Canada) Inc. recently launched a Law Firm Management Liability Policy designed address a wide range of liabilities law firms may confront from customers, suppliers, job applicants and employees, unrelated to the…

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PXRE reports net loss of $446.5 million

February 23, 2006 by Canadian Underwriter

PXRE Group Ltd. (NYSE:PXT) recently reported a net loss before convertible preferred share dividends of $446.5 million for the quarter ended Dec. 31, 2005 compared to net income before convertible preferred share dividends of $32.8 million in the fourth quarter…

News Climate ChangeInsurance

Insurers must adjust for more extreme weather: report

February 23, 2006 by Canadian Underwriter

The insurance industry must compensate for extreme changes in the number of tropical cyclones and hurricanes by assuming a different loss distribution for the current warm phase of the natural climate cycle than in the years before, according to a…