Underwriting income is down and claims costs are up, according to 2007 Q1 financial figures posted by the Office of the Superintendent of Financial Institutions (OSFI), which oversees federally regulated property and casualty insurers in Canada.The OSFI 2007 Q1 figures…
**CLARIFICATION: The following story is an amended and clarified version of a story posted on Canadian Underwriter on June 25** The Insurance Bureau of Canada (IBC) is urging Manitobans to check their homeowners policies, and contact their insurance representative, after…
Guy Carpenter & Company LLC, a global risk and reinsurance specialist, has appointed a new Head of Office and expanded its office capabilities and resources in the Bermuda reinsurance market. It has been a landmark year for Guy Carpenter, as…
Catastrophe modelers must do a better job of expecting the unexpected, according to speakers at a European conference, as reported by A.M. Best.I think we need to move to this new age the Age of Recognized Uncertainty, A.M. Best quotes…
Contrary to popular belief, the captive market remains underdeveloped and more than half of the world’s top 1,500 companies (G1500) do not currently own a captive, according to research by Aon Global Risk Consulting.This means that insurance buyers within the…
The Facility Association (FA)s proposed framework to make it easier to create risk sharing pools (RSPs) in a given jurisdiction has been shot down in a member mail vote. In order to pass, the Plan of Operation amendments, would require…
The widespread demolition and renovation activities still under way in New Orleans after Hurricane Katrina hit in 2005 may release asbestos fibers into the air, posing a potential additional health risk, the U.S. Government and Accountability Office (GAO) wrote in…
Signature Risk Partners (SRPI) Inc. has launched a property and casualty product designed for Canadian golf course owners, with coverage extending from property and equipment, business interruption, crime and commercial general liability.The Signature Golf insurance program was created after a…
Hub International Limited has entered into a definitive purchase agreement to acquire the assets of Unity Group Insurance (Unity), based in Windsor, Ontario. Unity Group is a general insurance brokerage that focuses on commercial and personal insurance products and services.…
The Insurance Bureau of Canada (IBC) is urging Manitobans to check their homeowners policies for tornado coverage, after a weekend in which at least eight tornadoes destroyed homes and buildings across southern Manitoba.Tornadoes packing winds in excess of 400 km-h…
A.M. Best Co. has affirmed the financial strength ratings (FSR) of 43 Canadian property/casualty companies, upgraded five FSRs, assigned three FSRs and downgraded one FSR. These ratings are based solely upon public information and present the most informed view A.M.…
The capital strength of the insurance industry is growing due to strong operating profitability, putting pressure on rates and resulting in a slow growth environment going forward, according to Thomas Holzheu, with Swiss Res Economic Research & Consulting Unit, in…