Segment
P&C Companies
Zurich settles with attorneys general
March 27, 2006 by Canadian UnderwriterZurich Financial Services Group recently agreed to pay US$153 million to settle investigations instigated by the attorneys general of New York, Connecticut and Illinois. The agreement calls for Zurich to pay approximately US$88 million in restitution to excess casualty US…
Land of the rising insurance ventures
March 24, 2006 by Canadian UnderwriterAllianz AG is following the lead of Manulife Financial Corp and American International Group (AIG) by expanding into China.As reported in Shanghai Daily, Allianz has opened a branch in Hangzhou, capital of Zhejiang Province, which means the German insurer now…
Aviva abandons Prudential merger
March 24, 2006 by Canadian UnderwriterAviva ppl in the United Kingdom has withdrawn its $17-billion (US$29.6-billion) proposal to merge with Prudential ppl, Aviva confirmed in a brief statement on its Web site. Aviva’s all-share proposal was rejected by the Prudential board last week, despite Aviva’s…
DKI founder Ed York Dies
March 24, 2006 by Canadian UnderwriterDisaster Kleenup International, Inc. founder, Edgar Perry “Ed” York, passed away on March 13, 2006 after a long illness near his home in Vancouver, Washington. York launched DKI in 1974 as an outgrowth of an academic research project and led…
IBC corrects reports on N.B. insurance premiums
March 24, 2006 by Canadian UnderwriterRecent misleading reports from the opposition Liberal party regarding New Brunswick auto insurance premiums has incited the Insurance Bureau of Canada (IBC) to release accurate information. The IBC is concerned about an insurance survey and subsequent correction from the opposition…
Overseas risks mapped out for filmmakers
March 23, 2006 by Canadian UnderwriterTerrorism, kidnap and ransom, as well as disease are all risks that filmmakers producing overseas should be concerned about, according a report recently released by Aon/Albert G. Ruben Insurance Services Inc.The report ‘2006 Risks in Global Filmmaking Map’ analyzes data…
Hannover Re takes US$1.2 billion hit from hurricanes
March 23, 2006 by Canadian UnderwriterHannover Re says “an unparalleled burden” of natural catastrophe losses in 2005 produced “historically unprecedented major loss expenditures in excess of EUR1 billion (US$1.2 billion).”Hurricanes Katrina, Rita and Wilma alone inflicted a net loss on the company of almost EUR800…
Captive formation diminishing, report finds
March 23, 2006 by Canadian UnderwriterFalling commercial insurance rate levels and expanding insurance capacity have led to a slowing of new captive insurance company formations, according to a recent study by Advisen, a company that provides data to the insurance industry. “Right on cue, the…
Fairfax speaks out about subpoena’s
March 22, 2006 by Canadian UnderwriterIn advance of its Annual Report Fairfax Financial Holdings Ltd. (TSX:FFH.SV) says it is releasing a disclosure excerpt in order to coincide with the 10-K filing by Crum & Forster Holdings Corp.The early release of the disclosure is a direct…
SCOR’s 2005 net income increases 75%
March 22, 2006 by Canadian UnderwriterAided by investment income, SCOR reported its net income for 2005 has increased 75% over 2004. “Net income after tax for 2005 amounted to EUR131 million ($US158.2 million), compared to EUR75 million (US$90.6 million) in 2004, representing an increase of…
What’s New: In brief (March 22, 2006)
March 22, 2006 by Canadian UnderwriterWillis Group Holdings Ltd. recently hired Phillip Ellis to lead its global energy practice in London. Ellis, is an expert on energy having spent six years with Boston-based Consulting Group Inc. as the head of its oil and gas practice.…
Anthony Clark International closes private placement
March 21, 2006 by Canadian UnderwriterAnthony Clark International Insurance Brokers Ltd. (TSX: ACL) has closed the CD$126,000.00 private placement of the Company at a price of CD$0.60 per unit. The private placement proceeds will be added to the Company’s working capital.Pursuant to the private placement,…