News
Wilma losses between $6 billion and $10 billion: RMS
October 25, 2005 by Canadian UnderwriterInsured losses in the U.S. from Hurricane Wilma are likely to range between $6 million and $10 billion, according to Risk Management Solutions (RMS).RMS says its estimate is based on current information about landfall location and wind speeds. It says…
GoshawK to sell Rosemont Re
October 25, 2005 by Canadian UnderwriterGoshawK has agreed to sell Rosemont Re to a consortium of private equity investors headed by Don Kramer, the former vice chair of ACE Ltd.GoshawK and Rosemont Re have agreed to terms with a consortium of private equity investors, who…
Hurricanes hinder Partner Re’s Q3 results
October 25, 2005 by Canadian UnderwriterA tumultuous hurricane season has partially contributed to PartnerRe Ltd.’s (NYSE: PRE) net loss of $288.7 million, or $5.48 per share, for the third quarter of 2005, compared with a profit of $83.2 million for the same period in 2004.The…
The IBC joins SMARTRISK to reduce injuries nationwide
October 25, 2005 by Canadian UnderwriterCanadian p&c insurers recently joined forces with SMARTRISK and other consultative partners, in calling on the federal government to implement the recommendations contained in their National Injury Prevention Strategy “Ending Canada’s Invisible Epidemic: A Strategy for Injury Prevention.”The research released…
AIG adopts corporate governance plans
October 24, 2005 by Canadian UnderwriterIn response to recent calls for corporate transparency in the insurance industry and a trend toward improved governance, the American International Group Inc. (AIG) has adopted new guidelines for board members oversight.The company’s board of directors move toward protecting against…
Wilma remnants to douse Atlantic Canada
October 24, 2005 by Canadian UnderwriterEnvironment Canada’s Canadian Hurricane Centre expects the remnants of Hurricane Wilma to hit the maritime provinces as a post-tropical low pressure system on Oct. 25.“Torrential rain and very high winds are likely to reach western parts of Nova Scotia Tuesday…
Wilma expected to result in significant losses
October 24, 2005 by Canadian UnderwriterStandard & Poor’s Insurance Ratings Group recently released a report stating that the potential impact Hurricane Wilma will have on insurers is still unknown but expected to be substantial, while catastrophe risk modeling company EQECAT Inc. says losses may range…
AIR estimates Wilma damages at $6 billion to $9 billion
October 24, 2005 by Canadian UnderwriterCatastrophe risk modeling company AIR Worldwide Corporation estimates U.S. insured losses from Hurricane Wilma will be between $6 billion and $9 billion. Wilma strengthened overnight and made landfall at 6:30 a.m. on Oct. 24 at Cape Romano, Florida, as a…
Insurers question auto insurance rates report
October 21, 2005 by Canadian UnderwriterCanada’s home, car and business insurers are questioning the Bruce Cran’s most recent auto insurance rate report, which the Insurance Bureau of Canada (IBAC) Atlantic region calls a “bluff” of a study.“We have already refuted the methodology and conclusions of…
IBC and SMARTRISK join forces to reduce injury
October 21, 2005 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) and SMARTRISK recently joined forces in order to create a national injury prevention initiative that aims to help reduce the human and economic costs of injury. The initiative is responding to the realities of…
RBC Insurance opens new office in Hamilton
October 21, 2005 by Canadian UnderwriterBuoyed by what it calls a warm reception to its new insurance office in Toronto, RBC Insurance is opening a second Canadian retail insurance office located right next to RBC Royal Bank’s branch in the Centre Mall Branch of the…
Allstate predicts $3.68-billion Katrina loss
October 21, 2005 by Canadian UnderwriterAllstate estimates its Hurricane Katrina catastrophe claims and claims expenses will amount to $3.68 billion. “Catastrophe claims and claims expense estimates include losses from approximately 216,000 expected claims, of which over 175,000 claims have been reported as of October 13…