News

Effective April 1, 2006 Andrew Cook will step down as chief financial officer of AXIS Capital Holdings Limited (NYSE: AXS). The Bermuda-based global insurance and reinsurance Company has commenced an executive search to replace Cook, who left for personal reasons.…

Standard & Poor’s Ratings Services has affirmed its ‘A’ long-term insurer financial strength rating on the U.K.-based Lloyd’s insurance market and removed the ratings from CreditWatch, where they had been placed with negative implications on Sept. 9, 2005.The outlook for…

State Farm Insurance is issuing refunds to approximately 6,300 automobile insurance policyholders in Alberta as a result of an error in the application of a New Business Discount that was introduced in 2000.The average refund is approximately $74.00State Farm reported…

Provisions recently passed to B.C.’s impaired driving legislation allow the Insurance Corporation of B.C. (ICBC) to refuse vehicle or trailer insurance to any driver who has an outstanding fine under the Liquor Control and Licensing Act.The new provision reads that…

The personal lines sector is expected to remain stable for 2006 despite the losses stemming from 2005’s aggressively violent hurricane season, according to a new report from Standard & Poor’s.However, the report titled, “2006 Outlook: Personal Lines Insurance Sector Remains…

Hub International Limited (TSX:HBG) has acquired the assets of Impact Insurance Services and the consolidation of those operations with Hub International Midwest’s financial institutions business. As a direct result of this transaction, Kirby Jordan and Scott Eckerty, principals of Impact…

A.M. Best Co. recently upgraded the financial strength rating of Alberta-based Peace Hills General Insurance Company from B (Fair) to B+ (Very Good), with a stable rating. According to A.M. Best, the rating is indicative of Peace Hills’ capitalization and…

SCOR has agreed to terms with the Alea Group regarding the acquisition of the 2006 renewal rights relating to the Alea Europe property and casualty treaty portfolio.The heads of terms include the payment in 2006 of a 9.5 % commission…

Swiss Re has successfully completed the book-building process for a 1-billion Swiss franc (US$761 million) offering of mandatory convertible securities due 2008.The securities are mandatorily convertible into ordinary shares of Swiss Re in December 2008. The securities will be issued…

A new report published by a panel headed by former Imasco Ltd. chairman Purdy Crawford recommends that Canadian provinces that want to form a national securities regulator should create one allowing provinces that aren’t in favour to opt out.Provinces, the…

The U.K. Court of Appeal recently ruled that excess-of-loss coverage cannot be denied even on the grounds that reinsurance buyers owe their reinsurer a duty of care to underwrite original risks prudently, unless this duty of care is stated in…

The European Commission has now cleared, under EU merger regulations, a newly created joint venture by Dexia-Banque Internationale Luxembourg (Dexia) and Royal Bank of Canada (RBC).The new joint venture will be called RBC Dexia Investor Services. The new company, with…