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Benfield 2006 forecast better than expected

January 12, 2006 by Canadian Underwriter

Despite unprecedented industry losses in 2004 and 2005, Benfield Group Limited is forecasting a more encouraging financial outlook for 2006 than previously expected.“The full impact of the unprecedented losses of 2004 and 2005, like that of previous major losses, will…

News Insurance

New officers to lead RiskProNet

January 11, 2006 by Canadian Underwriter

RiskProNet International, a network of 29 leading independent insurance brokers throughout the United States and Canada, recently announced that the president for 2006 will be Scott Drew, vice president of Associated Financial Group in Minnetonka, Minn.Drew was previously vice president…

News InsuranceMergers and Aqcuisitions

FSCO sets insurer territory definitions, not Canada Post

January 11, 2006 by Canadian Underwriter

The Financial Services Commission of Ontario (FSCO) is reminding insurers that any changes to rates and risk classification systems, including territory definitions, must be filed with and approved by FSCO, notwithstanding recent postal code changes made by Canada Post.“To reflect…

News Climate ChangeInsurance

Demand for political risk coverage to increase in 2006

January 11, 2006 by Canadian Underwriter

Demand for political risk coverage will increase in 2006, Aon predicts, based on trends identified in the company’s Political and Economic Risk Map. Published recently, Aon’s map suggests political interference poses the greatest threat to global businesses, followed by legal…

News Insurance

Strategy and RS to merge

January 11, 2006 by Canadian Underwriter

The respective boards of directors of Strategy International Insurance Group, Inc. (OTCBB:SGYI) and RS Group of Companies, Inc. (OTCBB:RSGC) recently approved a letter agreement stating that RS Group would be merged with and into Strategy or a wholly-owned subsidiary of…

News Insurance

Enterprise flies into airport insurance

January 10, 2006 by Canadian Underwriter

Enterprise Rent-A-Car recently released a new Canadian travel agency partnership program, which offers each agency the ability to set its own commission structure. Under the new program which currently has more than 1,000 agents enrolled agencies can select from four…

News Climate ChangeInsurance

Aviation insurance drops despite death toll

January 10, 2006 by Canadian Underwriter

Although passenger air flights have experienced a significant increase in fatalities 913 deaths in 2005, compared to 347 in 2004 insured losses will likely only increase a small amount, a recent report published by London-based Airclaims Ltd. notes.Western-built jets which…

News Insurance

D&O insurance premiums on the rise

January 10, 2006 by Canadian Underwriter

Insurance premiums for directors and officers are on the rise as annual D&O insurance premiums for the Canadian Spencer Stuart Board Index (CSSBI) leading 100 Canadian companies has increased by 26% over last year, reaching an average of $1,613,361 a…

News Climate ChangeInsurance

Sea of change: Property and marine lines renewals

January 10, 2006 by Canadian Underwriter

Pricing of property and marine lines experienced major changes as a result of the record storm activity of 2005 however, casualty and accident and health lines were predominantly spared, according to Guy Carpenter & Company’s report titled “U.S. Reinsurance Renewals…

News Insurance

Montpelier Re raises $100 million

January 9, 2006 by Canadian Underwriter

Montpelier Re Holdings Ltd. (NYSE: MRH) recently raised $100 million through a private sale of trust preferred securities. The trust preferred securities were issued by Montpelier Capital Trust III a newly formed statutory trust that is wholly-owned by the Company.…

News Climate ChangeInsurance

Catastrophic cause for P&C losses

January 9, 2006 by Canadian Underwriter

The U.S. P&C industry experienced an underwriting loss of US$2.8 billion through September 2005, down from the US$13.3 billion profit resulting from the first six-months of 2005 , according to a recent study by A.M. Best Co. Although the insurance…

News InsuranceMergers and Aqcuisitions

Echelon motors into motorcycle insurance

January 9, 2006 by Canadian Underwriter

Echelon General Insurance Company, a wholly-owned subsidiary of EGI Financial Holdings Inc. (TSX: EFH), has entered the Ontario motorcycle insurance market with a $5 million brokerage agreement with Riders Plus Insurance.Riders Plus, the Ontario-based motorcycle insurance brokerage, will place $5…