News
Fidelity National buys Sedgwick for US$635 million
January 31, 2006 by Canadian UnderwriterFidelity National Financial, Inc. (NYSE:FNF), a Fortune 500 provider of outsourced products and services, has paid $635 million to purchase Sedgwick CMS Holdings, Inc.Sedgwick CMS Holdings is the sole shareholder of Sedgwick CMS, a North American provider of outsourced claims…
Alea reports 2005 losses
January 31, 2006 by Canadian UnderwriterStorm losses and US claims has lead Bermuda-based reinsurer Alea Group Holdings Ltd. to estimate a 2005 after-tax loss of between $200 and $240 million (between $1.15 and $1.38 a share), which may ultimately cause the reinsurer to close to…
What’s New: In brief (January 31, 2006)
January 31, 2006 by Canadian UnderwriterIn a strategic move to continue strengthening its presence in key geographic markets across North America, global insurance broker Willis Group Holdings (NYSE: WSH) recently appointed Gilles Duclos to the senior management position of executive vice-president and chairman of Qubec…
Canadian economy faces negative pressures
January 30, 2006 by Canadian UnderwriterA trend towards the reduction of Canadian bankruptcies in 2006 is on the horizon but global trade credit insurer Euler Hermes says the Canadian economy will still face negative pressures from several sources, including export countries, regional trends, and structural…
Property insurance rates rise due to hurricane losses
January 30, 2006 by Canadian UnderwriterA two-year trend of steadily falling property insurance premiums is changing as evidenced by the sharp increase of property insurance rates in the fourth quarter of 2005, according to the new RIMS Benchmark Survey.Through the industry-wide survey of current policy…
Allstate signs new reinsurance agreements
January 30, 2006 by Canadian UnderwriterThe Allstate Corporation, the second-largest property casualty insurer in the U.S., has announced new reinsurance agreements for its countrywide personal lines property and auto insurance business, excluding Florida, and for personal property excess losses in California for fires following earthquakes.…
ICBC requests 6.5% rate increase
January 30, 2006 by Canadian UnderwriterAs a result of significantly increased costs for injury claims, ICBC has applied for a 6.5% increase in 2006 basic insurance rates with the BC Utilities Commission.If BCUC approves the request, basic insurance premiums would increase by $38 for the…
RIMS offers expertise to TRIA panel
January 27, 2006 by Canadian UnderwriterIf a recent request to President Bush is realized, than a Risk and Insurance Management Society Inc. (RIMS) member may soon be appointed as a policyholder representative functioning as both an analyst of the terrorism insurance market and a consultant…
The low down on D&O, 2005
January 27, 2006 by Canadian UnderwriterA recent survey by the Tillinghast unit of Towers Perrin revealed that directors at almost half of all public companies polled were inquiring about their directors and officers liability coverage in 2005; scrutiny which incited changes to the coverage at…
Swiss Re study lists 2006 corporate risks
January 27, 2006 by Canadian UnderwriterComputer-based risks, foreign trade and corporate governance are the leading corporate risks of 2006, a Swiss Re study has found.The survey polled senior executives in six large, industrial countries including France, Germany, Italy, Japan, the U.K. and the U.S. The…
The Co-operators contributes to CanDrive scholarship
January 27, 2006 by Canadian UnderwriterThe Co-operators has donated $20,000 over two years to CanDRIVE, a research program dedicated to improving road safety for seniors.CanDRIVE will use the funding to create The Co-operators Aging and Driving Fellowship to support graduate students’ research on older driver…
EGI Financial restructures treaty reinsurance
January 26, 2006 by Canadian UnderwriterEGI Financial Holdings Inc. (TSX:EFH) recently completed the restructuring of its treaty reinsurance coverage’s for 2006 in a manner consistent with the general plan previously disclosed. EGI Financial, as enabled by its greater capital resources, did not renew its quota…