Segment
P&C Companies
Newfoundland brokers to meet province on disclosure requirements
March 15, 2007 by Canadian UnderwriterNewfoundland brokers are meeting with the provinces superintendent of insurance to discuss the disclosure requirements contained in the provinces January 2007 consumer protection document entitled Principles for the Sale of Insurance.As far as the industry is concerned, especially the brokers…
Canada’s P&C premium growth rates “essentially flat” in 2006
March 15, 2007 by Canadian UnderwriterCanadian property and casualty direct premiums in 2006 were essentially flat, growing only an anemic 1%, according to a report on the preliminary year-end results posted online by MSA Research Inc.MSA Research noted that overall, in 2006, direct premiums written…
First risk management system for nano-technology developed
March 15, 2007 by Canadian UnderwriterThe Innovation Society Ltd. (St. Gallen, Switzerland), a nanotechnology consulting firm, and technology company TV SD (Munich, Germany) have developed the first certifiable nano-specific risk management and monitoring system, the Innovation Society announced in a press release. The system, called…
What’s New: In Brief (March 15, 2007)
March 15, 2007 by Canadian UnderwriterHub International Limited (NYSE:HBG) (TSX:HBG) has agreed to acquire substantially all of the assets of BNC Insurance Services, Inc., one of the largest Arizona-based insurance brokers.The brokerage, which does business as Milne & BNC Insurance Services, has approximately US$19 million…
Lloyd’s using Google Earth maps to plot exposures
March 14, 2007 by Canadian UnderwriterThe Lloyds insurance market has obtained a licence from Google to offer underwriters the means to see Lloyds data on Google Earth maps, allowing underwriters to plot their exposure to hurricanes, earthquakes, terrorist attacks and other catastrophes.In a press release…
What’s New: In Brief (March 14, 2007)
March 14, 2007 by Canadian UnderwriterCanAm Special Risk Agency Limited (CanAm Insurance) has acquired the travel insurance book of business from PrimeLink Management Services Inc., Broker Advantage Inc. and the Pentius Group. The travel medical insurance products, marketed under the brand names PrimeLink, Travel Protect…
Hannover Re generates best result in history in 2006
March 14, 2007 by Canadian UnderwriterHannover Re said it generated the best result in the company’s history in 2006.The Group reported a 2006 net income of EUR514.4 million [Cdn$799.8 million] and a return on equity of 18.7%. The companys combined ratio in 2006 stood at…
Standard & Poor’s downgrades Cunningham Lindsey’s credit rating
March 14, 2007 by Canadian UnderwriterStandard & Poor’s Ratings Services has lowered its counterparty credit rating on Cunningham Lindsey Group Inc. (LIN) to ‘B-‘ from ‘B’. The outlook is negative.“The downgrade reflects LIN’s weak earnings and cash flow, liquidity [that is] dependant on support from…
What’s New: In Brief (March 13, 2007)
March 13, 2007 by Canadian UnderwriterGore Mutual Insurance Company, along with its broker partners and business associates and the Canadian Blood Services (CBS), hosted their first clinic day in the BC/Yukon region. Twenty-one units of blood were donated as a result, and every unit of…
Guy Carpenter launches portfolio-based product
March 13, 2007 by Canadian UnderwriterGuy Carpenter & Company has launched SelectCat, an index-based product designed to provide reinsurers with capacity, flexibility and rational pricing for managing their property catastrophe risks. SelectCats pricing and loss index is developed from a synthetic layer, structured for a…
Benfield Group Limited boosts profit, revenues in 2006
March 13, 2007 by Canadian UnderwriterBenfield Group Limiteds profits in 2006 increased to 38.4 million [Cdn$87 million], compared with a 34.9 million [Cdn$79.1 million] profit in 2005.Overall, the Groups reinsurance broking revenue increased by 12.9% (to 299.4 million, or Cdn$678.5 million), up from 265.1 million…
ICBC 2008 rates to target higher-risk drivers
March 13, 2007 by Canadian UnderwriterICBC is structuring its rates over the next two years so that lower-risk drivers will be paying lower rates, while higher-risk customers will pay higher rates.“Higher rates for high-risk drivers means benefits for good drivers,” said Paul Taylor, ICBC’s president…