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Swiss Re buys GE Insurance Solutions

November 18, 2005 by Canadian Underwriter

Swiss Re today announced it has agreed to acquire GE Insurance Solutions, the fifth largest reinsurer worldwide, from General Electric Company (GE) for US$6.8 billion.After closing of the transaction, Swiss Re estimates it will have combined revenues of 46 billion…

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Insurance availability report to be released Nov. 23

November 18, 2005 by Canadian Underwriter

The Atlantic Task Force on Insurance Availability and Affordability has announced it will release its final report Nov. 23 at a news conference in Halifax.Established early this year, the task force has a mandate to develop recommendations to increase insurance…

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S&P takes Swiss Re off CreditWatch

November 17, 2005 by Canadian Underwriter

Standard & Poor’s Ratings Services has removed Swiss Reinsurance from CreditWatch with negative implications, where they were placed Sept. 9, 2005.S&P has affirmed a counterparty credit and financial strength rating of ‘AA’ for Swiss Re and its core operating companies,…

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Alberta bill to allow prenatal crash victims to sue Moms (November 17, 2005)

November 17, 2005 by Canadian Underwriter

New legislation aimed at providing a legal recourse for a child who sustains prenatal injuries as the result of the negligent driving of his or her mother was introduced November 15 in the Alberta Legislature.Current law already allows a child…

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Greenlight Re opens for business in Cayman Islands

November 17, 2005 by Canadian Underwriter

The Cayman Islands Monetary Authority (CIMA) has welcomed a new licensee, Greenlight Re, a Cayman-based global property and casualty reinsurance company, to the islands.The CIMA said in a press release that the recent licensing of a company providing open-market reinsurance…

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Aon sells Swett & Crawford (November 17, 2005)

November 17, 2005 by Canadian Underwriter

Aon Corporation (NYSE: AOC) has sold its U.S.-based wholesale broking operation, Swett & Crawford, to an investor group including Hicks, Muse, Tate & Furst Inc. and Banc of America Capital Investors.Terms of the sale were not disclosed.In a press release,…

News InsuranceMergers and Aqcuisitions

Canadian regulators hint at “harmonizing” disclosure practices (November 16, 2005)

November 16, 2005 by Canadian Underwriter

Insurance industry association codes that outline best practices for disclosing income and potential conflicts of interest may not go far enough, as suggested in a November 2005 report by the Canadian Council of Insurance Regulators (CCIR) and the Canadian Insurance…

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The London Market gross premiums down 15%

November 16, 2005 by Canadian Underwriter

Gross premiums on The London Market were conservatively estimated at 21.7 billion in 2004, down 15% on the previous year, according to a report by the International Financial Services London, a private sector organization promoting financial services worldwide.This news follows…

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Co-operators donates $10,000 towards new arena in P.E.I.

November 16, 2005 by Canadian Underwriter

The Co-operators has contributed $10,000 towards a new arena that will continue the tradition of hockey nights in P.E.I.In Tignish, P.E.I. residents are trying to raise $750,000 to rebuild an arena that is a centrepiece of the town. The Co-operators…

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Aon seeks new ownership for p&c business

November 16, 2005 by Canadian Underwriter

Aon Corporation (NYSE: AOC) is seeking a new owner for its warranty, credit insurance and property & casualty underwriting businesses.Greg Case, Aon’s president and CEO, says “by exploring alternatives, we expect to determine if the potential of our warranty, credit…

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TRIA extension bill introduced

November 15, 2005 by Canadian Underwriter

Capital Markets Subcommittee Chairman Richard H. Baker tecently introduced legislation in the U.S. House of Representatives that would extend the Terrorism Risk Insurance Act for at least two years. The bill will increase the deductibles on all lines of insurance…

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AIG announces restated net income

November 15, 2005 by Canadian Underwriter

American International Group Inc. (AIG) recently reported a net income of $10.02 billion for its delayed third-quarter earnings, which represents an increase of 20.9% above its restated prior-period result. AIG’s third-quarter 2005 net income was $1.72 billion, down 36.1% from…