Segment
P&C Companies
Decreased reinsurance premium pool in 2007: Partner Re
April 18, 2007 by Canadian UnderwriterRenewals in January 2007 have demonstrated some negative trends in the market that are expected to intensify through 2007, according to Partner Res 2006 Annual Report, entitled The Value of Risk.Partner Re reported that Jan. 1, 2007 was a good…
Newport purchases majority of Baird MacGregor Insurance Brokers
April 18, 2007 by Canadian UnderwriterNewport Partners Income Fund (TSX: NPF.UN) announced it has invested $18.2 million cash for a 77.5% interest in the business of Toronto-based Baird MacGregor Insurance Brokers LP (BMI), an insurance broker specializing in the transportation and logistics industries in Ontario.Under…
Interest in stand-alone terrorism cover increases in Canada
April 18, 2007 by Canadian UnderwriterA combination of increased capacity, more predictable premium rates and innovative program design is creating steady growth in the take up of stand-alone terrorism insurance, according to Aons latest Stand-alone terrorism market update. Also, the ongoing bombardment of television images…
NAIC teams with SNL to publish insurance data
April 18, 2007 by Canadian UnderwriterSNL Financial, a provider of business information to financial institutions has reached an agreement with the National Association of Insurance Commissioners (NAIC) to acquire and publish statutory insurance data.Statutory insurance data consists of detailed financial and operating data filed quarterly…
AMF and RBC General Insurance reach agreement
April 17, 2007 by Canadian UnderwriterThe Autorit des marches financier (AMF) announced that it has reached an agreement with RBC General Insurance Company to close a file concerning the compliance of statistical data.The AMF recommended improvements to the procedure for the collection and transmission of…
Echelon opposes proposed Facility Association changes (April 17, 2007)
April 17, 2007 by Canadian UnderwriterEchelon is strongly opposed to the Ontario Facility Associations most recent proposal to redesign its residual market structures, according to a statement from the company.The proposed changes would revamp the current Risk Sharing Pool (RSP) which was originally designed to…
New Jersey tops list of U.S. states vulnerable to insured tornado damages
April 17, 2007 by Canadian UnderwriterWhen you think of U.S. states most vulnerable to huge insured tornado damage losses, think New Jersey.In its 2007 Special Report: U.S. Tornadoes, A.M. Best notes that New Jersey tops Connecticut, Massachusetts, Ohio and Rhode Island for the title of…
What’s New: In Brief (April 17, 2007)
April 17, 2007 by Canadian UnderwriterThe Women in Insurance Cancer Crusade (WICC) Ontario Chapter has issued a call for golfers to register for this years golf tournament to be held, rain or shine, on Monday, July 16th. Participants will be warming up the greens at…
MPI to invest Cdn$5 million in truck driver training
April 16, 2007 by Canadian UnderwriterManitoba Public Insurance [MPI] intends to invest Cdn$5 million over the next three years in a training partnership aimed at Manitobas commercial trucking business.Over the next three years, annual injections of Cdn$1.65 million will help up to 750 Manitobans become…
What’s New: In Brief (April 16, 2007)
April 16, 2007 by Canadian UnderwriterThe Insurance Corporation of British Columbia (ICBC) is crediting its anti-fraud programs with saving motorists more than $75 million. Savings are based on the estimated value of fraudulent claims that were denied, money recovered and savings generated through fraud prevention.…
Mortality rate of next pandemic will be lower than that of 1918 Spanish Flu
April 16, 2007 by Canadian UnderwriterPandemic risk is pretty much the same as always, even though it has disappeared from the medias radar, according to a report by Munich Re.Although the threat of a pandemic this winter had mainly disappeared from the media due to…
Integro appoints new chief financial officer
April 16, 2007 by Canadian UnderwriterIntegro Ltd. announced the appointment of Robert F. X. Feeney as chief financial officer.Feeney succeeds Joseph Salerno, a member of the initial leadership team, who is retiring, says an Integro press release.In his role as CFO he will have responsibility…