News
Catastrophe bonds not likely to attach, S&P’s reports
August 30, 2005 by Canadian UnderwriterStandard & Poor’s Ratings Services recently began monitoring the effects of Hurricane Katrina on the economy and on credit, industrial, energy and utility, financial services, insurance, and public finance issuers and reports, based on a preliminary analysis, that the damage…
Cunningham Lindsey responds to Katrina
August 30, 2005 by Canadian UnderwriterCunningham Lindsey Canada recently began processing calls from the Company’s Echo Intake Solutions call center in response to Hurricane Katrina.“Our call center provides support around the clock so in catastrophe’s such as Hurricane Katrina, we have trained staff available to…
Aon executive to sell shares (August 30, 2005)
August 30, 2005 by Canadian UnderwriterApproximately one quarter of Patrick G. Ryan’s shares in Aon will be available for purchase over the next year.Ryan, the Company’s corporate executive chairman, says this move will represent the first time in his 42 years heading the brokerage that…
Canada focus of Willis strategy
August 30, 2005 by Canadian UnderwriterGlobal insurance broker Willis Group Holdings (NYSE: WSH) recently announced plans to deliver on its Client Advocate Model across Canada and thus increase market share and revenues in this region. In lieu of this plan Willis will relocate its regional…
Suspending licenses immediately may reduce DUIs
August 29, 2005 by Canadian UnderwriterAutomatically suspending the licenses of people charged with impaired driving is helping reduce the number of drunk drivers on the province’s roads, according to a study completed for the Alberta government.The study shows that there was a 24% drop in…
Katrina damage estimates range from $9 to $26 billion
August 29, 2005 by Canadian UnderwriterEstimates for property damages incurred as a result of Hurricane Katrina range from $9 billion to $26 billion, according to three separate sources.Estimates of insured losses on the Gulf Coast could range from $9 to $16 billion, according to Oakland,…
AIR Worldwide estimates loss estimate, Hurricane Katrina
August 26, 2005 by Canadian UnderwriterAIR Worldwide has estimated the insured losses from the initial landfall of Hurricane Katrina should not exceed US$600 million. Katrina, with maximum sustained wind speeds of 80 mph at landfall, was a fairly weak Category 1 storm. However, the AIR…
Aviva interim results
August 26, 2005 by Canadian UnderwriterAviva recently declared an interim dividend increase of 5% with the total group operating profit jumping up by 21%, which demonstrates a robust operational performance across all its major businesses. Equity markets continue to recover but after a strong run…
AXIS, $1.5 billion syndicated credit agreement
August 26, 2005 by Canadian UnderwriterAXIS Capital Holdings Ltd. (NYSE: AXS) has entered into a $1.5 billion credit agreement with a syndicate of lenders. This renewal agreement is an unsecured five-year facility that allows the Company to issue letters of credit up to the full…
Allstate backs taxpayer insurance pool (August 26, 2005)
August 26, 2005 by Canadian UnderwriterA catastrophe insurance pool bolstered by taxpayers may be the best bet for US consumers, according to Allstate Corp.Natural and manmade disasters from hurricanes to flooding and explosions and even terrorism are inevitable yet the US private insurance system is…
New US trucker rules deemed unsafe
August 25, 2005 by Canadian UnderwriterThe Federal Motor Carrier Safety Administration recently issued new hours-of-service rules for commercial truck drivers to replace those that had been vacated by a U.S. Circuit Court of Appeals over a year ago and insurers claim these rules allow for…
Swiss Re appoints new CEO, reports profits
August 25, 2005 by Canadian UnderwriterSwiss Reinsurance Co. has appointed Jacques Aigrain, currently deputy CEO of the company, as the new chief executive officer.Aigrain will succeed John Coomber upon his retirement as CEO in December.Coomber will be nominated for the board of directors at Swiss…