News
Insurance cycle toughest industry challenge
February 21, 2006 by Canadian UnderwriterManaging the insurance cycle remains the most important challenge facing the global insurance industry, according to Lloyd’s underwriters.New Lloyd’s research, carried out among more than 100 underwriters from the international specialist insurance market, reveals that more than half of Lloyd’s…
Ontario changes liability for rented vehicle collisions
February 21, 2006 by Canadian UnderwriterThe Ontario government is amending the province’s Insurance Act so that motor vehicle liability policies carried by the customers of leasing and rental companies are first in line for liability for any damages arising from accidents caused by the negligent…
Munich Re reinsurance rates rise 3%
February 21, 2006 by Canadian UnderwriterMunich Re’s P&C contract rates as renewed in January 2006 saw an increase of 3%, even after the record 2005 hurricane season. Approximately 66% of Munich Re’s traditional non-life reinsurance business saw renewals in January with a premium volume of…
Softening in reinsurance ceased due to hurricanes
February 20, 2006 by Canadian UnderwriterA.M. Best Co.’s expectation that significant price increases are mainly limited to business lines affected by the U.S. hurricanes, whereas European treaties (which account for approximately two-thirds of the renewable portfolio) saw relatively stable premium rates, has been confirmed by…
Willis welcomes CFO to North American post
February 20, 2006 by Canadian UnderwriterWillis Group Holdings Ltd. recently hired Derek A. Smyth as chief financial officer of the brokerage’s North American operations.Smyth has 13-years experience at General Electric Co., during which time he served as vice-president securitization, strategic pricing and financial planning and…
Swiss Re, GE Insurance placed on CreditWatch
February 20, 2006 by Canadian UnderwriterStandard & Poor’s Ratings Services is keeping Swiss Reinsurance on CreditWatch with negative implications — and GE Insurance Solutions Corporation on CreditWatch with a positive outlook — pending Swiss Re’s completed acquisition of GE Insurance, expected in mid-2006.S&P recently placed…
Allianz merges with Nordic Insurance Company
February 20, 2006 by Canadian UnderwriterAllianz Insurance Company of Canada and The Nordic Insurance Company of Canada, both insurance subsidiaries of ING Canada Inc. (TSX:IIC.LV), have announced their intention to amalgamate under the name The Nordic Insurance Company of Canada. The transaction is subject to…
A.M. Best assigns negative outlook to U.S. P/C market
February 17, 2006 by Canadian UnderwriterA.M. Best has extended its negative outlook for the 2006 U.S. commercial insurance market. “A.M. Best anticipates there will be few rating upgrades or positive rating outlooks assigned in 2006 due to pricing deterioration in 2005, the expectation of continued…
ICBC donates $10,000 to Hope, B.C. rescue team
February 17, 2006 by Canadian UnderwriterICBC presented a $10,000 cheque recently to a search and rescue team in Hope, B.C. to help replace the community’s Jaws of Life, the Hope Standard reported recently. According to the newspaper, a thief had stolen the team’s search and…
Kingsway enters into $150 million credit facility
February 17, 2006 by Canadian UnderwriterKingsway Financial Services Inc. (TSX:KFS) has entered into a new Cdn$150 million, 364 day revolving credit facility with a syndicate of banks. This credit facility replaces the existing Cdn$150 million, 364 day revolving credit facility that is slated to mature…
Co-Operators General Insurance sees increase in Q4 profits
February 17, 2006 by Canadian UnderwriterCo-operators General Insurance Company (TSX:CCS.PR.A.) has gained a consolidated after-tax net income of $39.1 million for the fourth quarter ended Dec. 31, 2005, compared to the $38.8 million profit for the same period in 2004.Gross written premium in the Q4…
Zurich Financials 2005 profits soar by 30%
February 16, 2006 by Canadian UnderwriterZurich Financial Services profits for 2005 increased by 30% to reach a net income of $3.2 billion (27.11 Swiss francs per share), as compared to a net income of $2.47 billion (20.83 Swiss francs) in 2004, according to the Switzerland-based…