News
ING Canada appoints new cfo
September 29, 2005 by Canadian UnderwriterING Canada (TSX – IIC.LV) ha appointed Mark Tullis as senior vice president and chief financial officer. Tullis will replace Mike Cunningham in March 2006, who willretire from ING after 15 years of service. Currently, since joining ING Americas in…
Marsh finds 70,000 policyholders eligible for compensation
September 28, 2005 by Canadian UnderwriterNew York’s Marsh & McLennan Companies, Inc. (MMC) has received a response from 70,000 policyholders eligible to participate in the compensation fund MMC established as part of its settlement with the New York Attorney General and Superintendent of Insurance in…
Fairfax issues $300-million worth of voting shares
September 28, 2005 by Canadian UnderwriterFairfax Financial Holdings Limited (TSX:FFH.SV)(NYSE:FFH) has agreed to issue $300-million worth of subordinate voting shares (1,843,318 shares) to a number of institutional investors at today’s closing price of $162.75 per share. Prem Watsa, CEO of Fairfax, commented: “Fairfax is raising…
Newfoundland floods call for state of emergency
September 28, 2005 by Canadian UnderwriterHeavy rains recently inundating western Newfoundland and a small Labrador community instigated a state of emergency in Stephenville and resulted in flooding that eroded roads.More than 140 mm of rain felll causing a flood that precipitated the overflow of a…
Munich Re total hurricane damages US$1.6 billion
September 28, 2005 by Canadian UnderwriterMunich Re recently estimated its total damages from Hurricanes Katrina and Rita at about US$1.6 billion (1.33 billion euros).The Company says it will likely have to pay out about 650 million euros after tax however Munich remains optimistic that it…
Global reinsurance sector receives stable outlook, despite hurricanes
September 27, 2005 by Canadian UnderwriterAn initial review of Hurricanes Katrina and Rita’s effect on the global reinsurance sector indicates a stable rating outlook, according to Fitch Ratings. Fitch maintained this outlook under the premise that the losses from Hurricanes Katrina and Rita will be…
Feds decline to pursue bank merger guidelines
September 27, 2005 by Canadian UnderwriterThe current political climate is not right time to issue new guidelines on large bank/insurer mergers, the Canadian government has announced.The Department of Finance Canada had been reviewing its policy on several issues relating to bank merger applications, including whether…
SEC issues legal notices to Fairfax, RenaissanceRe
September 27, 2005 by Canadian UnderwriterThe SEC has issued another subpoena to Fairfax Holdings Ltd. and a “Wells Notice” to Bermuda-based reinsurer RenaissanceRe Holdings Ltd. as part of its ongoing investigation into the U.S. insurance industry.<br>RenaissanceRe (NYSE: RNR) recently confirmed it has received a Wells…
Annual RIMS Canada Conference rewards industry winners
September 27, 2005 by Canadian UnderwriterThe annual 2005 Risk Insurance Management Canada Conference recently held in Montral acknowledged several individuals at the awards luncheon, sponsored by Lloyds. At the ceremony, which recognizes the need for professional advancement and the elevation of the risk management profession…
CertifiedFirst Network courses accredited
September 26, 2005 by Canadian UnderwriterPPG Canada Inc. recently received technical accreditation from RIBO (Registered Insurance Brokers of Ontario) for three of the technical courses the Company offers through the CertifiedFirst Network.Collision Repair for Insurers (three hours credit) is one of the accredited courses that…
RMS predicts Rita damages of US$4-7 billion
September 26, 2005 by Canadian UnderwriterRisk Management Solutions (RMS) recently estimated insured losses from Hurricane Rita are likely to range between $4 billion and $7 billion, based on current information on landfall location and wind speeds.“Hurricane Rita is comparable to last year’s Charley in that…
AIR pegs Rita losses at US$2.5-$5 billion
September 26, 2005 by Canadian UnderwriterCatastrophe risk modeling company AIR Worldwide Corporation estimates Hurricane Rita will cost the insurance industry a total of between $2.5 billion and $5 billion in losses.Rita made landfall between Sabine Pass and Johnson’s Bayou on the Louisiana coast as a…