Segment
P&C Companies
What’s New: In brief (May 24, 2006)
May 24, 2006 by Canadian UnderwriterTechnology and IT outsourcing solutions provider MFX is using its web-based WriteNow point-of-sale underwriting and issuance application as the platform behind Pan-American Life’s bancassurance newly released product, Simple Life. WriteNow was designed by MFX to qualify, rate, quote, bind and…
Lloyd’s outlines measures for promoting contract certainty
May 23, 2006 by Canadian UnderwriterLloyd’s chief executive Richard Ward has sent a letter to the market outlining proposals to promote contract certainty.The letter includes proposals that would streamline the way insurance contracts are checked, produced and issued.The changes outlined in Ward’s letter follow consultation…
The Co-operators helps promote seat belt safety
May 23, 2006 by Canadian UnderwriterTaking aim at statistics that show eight out of 10 child car seats are improperly installed, The Co-operators has partnered with the Infant & Toddler Safety Association (ITSA) to bring a series of free car seat clinics to a number…
Moody’s affirms Swiss Re’s financial strength; outlook negative
May 19, 2006 by Canadian UnderwriterMoody’s Investors Service has confirmed the Aa2 insurance financial strength and senior debt ratings of Swiss Reinsurance Company in anticipation of the closing of Swiss Re’s acquisition of GE Insurance Solutions.Moody’s also changed Swiss Re’s ratings outlook to negative.“The decision…
CNA Canada listed among ‘Top 20’ companies
May 19, 2006 by Canadian UnderwriterThe Globe and Mail has named CNA Canada among its Top 20 small/medium-sized companies to work for in Canada.In partnership with the Queen’s School of Business and Hewitt Associates, a global HR outsourcing and consulting firm, the Globe did a…
ACE elects new board member
May 19, 2006 by Canadian UnderwriterACE Ltd. (NYSE:ACE) recently elected Mary A. Cirillo to its Board of Directors. Cirillo has served as an advisor to Hudson Venture Partners, a New York venture capital firm, since 2003 and as chairman of OPCENTER, a network operations services…
Regulatory settlement in U.S. affects Zurich’s bottom line
May 18, 2006 by Canadian UnderwriterZurich Financial Services Group’s 2006 Q1 net income of US$785 million represented an increase of about 1% over the same period last year, notwithstanding a US$262-million settlement with U.S regulators, the company announced.Zurich General Insurance achieved a combined ratio of…
Paul Davis Systems Canada rolls out Xactimate 24
May 18, 2006 by Canadian UnderwriterPaul Davis Systems Canada, a mitigation, restoration and reconstruction network, has rolled out an international version of Xactimate 24, a software estimating program for replacement cost calculations, estimate tracking, and data trending in real time.“Xactimate allows us to provide uniform…
Sarbanes-Oxley audit rules eased
May 18, 2006 by Canadian UnderwriterThe U.S. Securities and Exchange Commission intends to enact a series of actions to improve the implementation of certain internal control requirements of the Sarbanes-Oxley (SOX) Act. These actions include issuing SEC guidance for companies and working with the Public…
ING reaches IBAC’s ‘Full Partner’ status
May 18, 2006 by Canadian UnderwriterReiterating its commitment to Canadian insurance brokers, ING Insurance Canada has increased its involvement in the Insurance Brokers Association of Canada (IBAC) Broker Identity Program to Full Partner status. Under the terms of this new status ING will provide more…
NB car insurers to see higher profits
May 17, 2006 by Canadian UnderwriterNew Brunswick-based car insurance companies are set to see higher profits than other Atlantic Canadian provinces that are exposed to rate regulations. The New Brunswick Insurance Board (NBIB) recently granted NB car insurers permission to earn these higher profits. This…
Look both ways for reinsurance side-cars (May 17, 2006)
May 17, 2006 by Canadian UnderwriterReinsurance “side-cars” special-purpose reinsurers are likely to become increasingly important to the business strategy of insurers and reinsurers, according to a recent Moody’s report.In its report, Reinsurance Side-Cars: Going Along for the Ride, Moody’s notes reinsurance side-cars are “a recent…