News

A group of 26 U. S. property-casualty reinsurers wrote $25.3 billion of net premiums during the 12 months ended Dec. 31, 2005, according to a survey of reinsurers’ statutory underwriting results conducted by the Reinsurance Association of America (RAA). Among…

EGI Financial Holdings Inc. (TSX: EFH) has appointed Mary G. Connolly to the boards of directors of EGI and its subsidiary, Echelon General Insurance Company.Connolly was most recently the managing director of the Toronto office of the law firm Fraser…

American International Group (AIG) quarterly profits dropped 72% as a result of over US$2 billion in charges for regulatory settlements and increased reserves. In addition to these financially damaging the losses related to last year’s U.S. hurricanes also hurt AIG’s…

Insurers for Nortel Networks Corp. will pay $228.5 million toward a proposed shareholder lawsuit settlements. In February, Toronto-based Nortel said it would settle with payments of $575 million cash from reserves and issue 628.7 million common shares as well the…

In the wake of the worldwide surge in natural catastrophes over the past few years, the insurance industry is turning more frequently to catastrophe bonds, according to a Standard & Poor’s report.The bonds are designed to mitigate the catastrophe risk…

Guidewire Software Inc. has released Guidewire PolicyCenter, a policy administration system for all lines of P&C insurance. Guidewire PolicyCenter is a web-based system facilitating business between agents and insurance carriers. The technology also works towards enhancing underwriting accuracy and efficiency.…

The Insurance Brokers Association of Canada (IBAC) and the Canadian Federation of Independent Business (CFIB) have agreed to work together to present a united voice on issues affecting both small businesses and insurance brokerages.“Looking back, both organizations recognize the huge…

Tornadoes that recently hit a number of Midwest states have already resulted in thousands of insurance claims.Preliminary numbers indicate approximately 100 storms struck Arkansas, Illinois, Kansas, Missouri and Oklahoma, causing less than 12 deaths. The National Weather Service has not…

After a delay granted for 2005, the consumer complaint declaration function of the Autorit des marchs financiers (AMF)’s Complaint Reporting System is now available to insurance and other financial companies required to report complaints in the new system, the AMF…

Marsh & McLennan Companies, Inc., is facing charges of bid-rigging in a civil lawsuit recently filed by Florida’s Attorney General Charile Crist. In the suit, Crist alleges that Marsh & McLenan illegally manipulated insurance markets to obtain improper commissions and…

Converium Holding AG has seen a profitable year, reporting a net profit of US$68.7 million for 2005 following a reported loss of US$582.5 million for 2004.Weather-related losses including hurricanes Katrina, Rita and Wilma as well as the European floods, and…

The Canadian Trucking Alliance recently called upon the country’s provincial governments to take action on the problem of speeding trucks. The Alliance, a federation of Canada’s provincial trucking associations, has endorsed a national policy to pass a law making it…