News
Lloyd’s online data transfer system ends
January 24, 2006 by Canadian UnderwriterAfter a mere five years and a price tag of $124.9 million, Lloyd’s of London plans to close its Internet-based risk-data platform Kinnect.Kinnect customers were recently informed by interim chair of the market-backed Internet platform Michael Dawson that the Lloyd’s…
Terrorism backstop stagnant
January 24, 2006 by Canadian UnderwriterThe federal US government was recently called on by three elected representatives and Allstate Insurance, to take action on the federal terrorism insurance backstop this year and thus aid in the provision of reinsurance for catastrophes.The elected officials, Congressman Steve…
Swiss Re completes first securitization
January 24, 2006 by Canadian UnderwriterSwiss Re has successfully completed its first credit reinsurance securitization, the company recently announced on its Web site.The company’s EUR 252 million (about Cdn$356 million) issue benefits Swiss Re by transferring credit insurance risk to the capital markets, thereby increasing…
Western Financial to own part of B.C.’s Northcountry Insurance
January 23, 2006 by Canadian UnderwriterWestern Financial Group has announced it is entering into a strategic partnership with the Sawchuk Group in the ownership of Northcountry Insurance Agencies, an insurance agency operation with offices in Smithers, Vanderhoof, Houston, Williams Lake, 100 Mile House, Burns Lake…
David Williams to manage Chubb specialty lines
January 23, 2006 by Canadian UnderwriterDavid Williams has been appointed vice president, manager of Chubb Specialty Insurance, Canadian zone. Effective immediately, he will oversee policy development, sales and marketing and underwriting activities for all of the Chubb Insurance Company of Canada’s specialty insurance products across…
AXA strengthens relations with Quebec company
January 23, 2006 by Canadian UnderwriterThe Caisse de dpt et placement du Qubec a financial institution that primarily manages funds for public and private pension and insurance plans and AXA, through its subsidiary AXA Private Equity recently increased their joint private equity efforts on the…
Global CAT reinsurance prices “lower”
January 23, 2006 by Canadian UnderwriterUpon recent monitoring of the terms and conditions regarding the global property catastrophe insurance renewals for Jan. 1, 2006, Standard & Poor’s Ratings Services says it is concerned that improvements in pricing and coverage terms might not be as significant…
French Canadians gain access to travel insurance
January 20, 2006 by Canadian UnderwriterKanetix has launched a new French language travel insurance quote service, which will provide French Canadians access to French language quotes when they are travelling outside of the country.“Kanetix already offers online quotes in French for auto, property, life, and…
January renewals show “tale of two markets”
January 20, 2006 by Canadian UnderwriterJanuary renewals in the United States and Europe are telling a “tale of two markets,” according to Grahame Millwater, the chairman and CEO of Willis Re, who was quoted in the recent edition of A.M. BestWeek.A.M. Best notes in the…
S&P’s takes Hannover Re off CreditWatch
January 20, 2006 by Canadian UnderwriterStandard & Poor’s Ratings Services affirmed its long-term counterparty credit and insurer financial strength ratings on Hannover Rckversicherung-AG and its core entities – collectively Hannover Re – and removed them from CreditWatch, where they had been placed with negative implications…
A.M. Best affirms Royal’s ‘A-‘ rating; outlook negative
January 19, 2006 by Canadian UnderwriterA.M. Best Co. has affirmed the financial strength ratings of A- (Excellent) for both Royal & Sun Alliance Company of Canada and Quebec Assurance Co. A.M. Best also affirmed the financial strength rating of Ascentus Insurance Ltd. at B+ (Very…
Benfield Corporate Risk opens Calgary office
January 19, 2006 by Canadian UnderwriterBenfield Corporate Risk, the corporate insurance and risk intermediary catering for the complex risk management and transfer needs of the corporate sector worldwide, has announced the opening of a Canadian office in Calgary. Incorporated Jan. 19, Benfield Corporate Risk’s Canadian…